CyberPolicy and CoverHound, like many businesses around the world, experienced a lot of change in 2020, including an acquisition this past November! While the year certainly felt different, some exciting trends emerged in Net Promoter Score and digital transformation. Take a look at some of those highlights along with a few key facts you might not know about us.
We’ve maintained a high Net Promoter Score (NPS) for over 6 years. The bar was raised even higher in 2020, closing out with an overall NPS of 82, up 2% since 2019. While that doesn’t seem like a big deal, it actually is. A Net Promoter Score is our primary measure of customer satisfaction and brand loyalty, and we continuously use this feedback to improve our processes and website. Take a look at how we compare to some of the most trusted companies out there.
Here’s another interesting trend - when customers spoke with an insurance advisor over the phone (vs strictly shopping online), NPS was a full 6 points higher at 88! We love this trend because it supports our passion and theory about Customer Experience (CX): Customers are most happy when they can comparison shop online and speak directly with one of our trusted advisors. Offering the ability to sell online and offline is key.
2020 was a year unlike any other. The pandemic rapidly accelerated digital transformation across a variety of industries. CyberPolicy and CoverHound’s unique digital marketplaces reflect this transformation with a 142% increase in online sales (online binds) in 2020 compared with 2019. We expect this margin to grow even more in 2021 as we continue to bring insurance products to customers online when and where they need it most.
Now that you’ve gotten the scoop on key trends, here are 5 facts you might not know about us.
Did you know that we are still the only company out there doing personal, commercial AND cyber insurance? It’s true, and a big point of pride!
When you shop with us, you can purchase 3 to 4 insurance products from 3 or more insurance companies in a single shopping cart. In insurance jargon, that’s the ability to quote and bind policies from multiple insurance carriers into a single transaction. This fact might not seem very interesting, but with the complexities of the insurance industry, it’s pretty significant. We simplified a very challenging obstacle within the space.
CoverHound and CyberPolicy partner with an array of well-known brands in multiple industries, such as mortgage, real estate and banking, to name a few. We strongly value these digital partnerships, as they offer new avenues to connect with customers that may not know about us. Plus, we are always recruiting new partners who are looking to improve or add value to their customer experience, when insurance is contextually relevant.
We do not “spreadsheet.” Well, what in the world does that mean? This means we do not overwhelm you with too many options (unlike some of our competitors) during the insurance purchasing process. We provide a concise, curated list of options that best fit your needs based on the information you provide.
We are one of the original InsurTechs that has emerged over the past decade. During that time, we’ve remained true to our vision (unlike many other companies in our space) of being a trusted advisor for curated choice while meeting the complex demands of today’s modern shopper.
Needless to say, we’re excited for what 2021 holds and look forward to a successful year ahead.