From migrating to our new Blaze Platform to launching our first AI-powered chatbot, we are proud to announce that we have been named a 5-Star Insurance Innovator by Insurance Business Australia.
Chosen by a panel of esteemed judges, the award recognises BizCover’s innovations in technology achieved throughout the year that are shaping the insurance industry.
“This wonderful achievement recognises the incredible work done across our team to continue to innovate and keep us at the forefront of the insurance industry in the SME space,” says Brad Miller, Co-Founder and General Manager of BizCover.
“Innovation has always been part of our DNA and has been a particular focus for us throughout the year, which is why we have allocated close to 15% of our budget towards investing in the latest technology.”
BizCover has solved a variety of problems through innovative initiatives that have been equal parts unique and creative. Here are three highlights throughout the year:
Implementing Frankie – our AI-powered chatbot
This year we have also implemented AI-powered chatbots to reduce the need for clients to call for questions.
This improves the experience for customers who like to self-serve and also allows them to do this at the time that suits them best, without waiting for standard opening hours.
Our first AI chatbot, Frankie, is already connected with our CRM system, allowing us to deepen and personalise the customer experience.
““We want our chatbot channel to feel like you’re chatting with a human and over time our customers will help Frankie learn and improve,” says Brad Hoyle, BizCover’s Operational Excellence Manager.
Frankie, BizCover’s resident AI chatbot and best friend to BizCustomers
Developing the Blaze platform with microservice architecture
Over the past year, we have started the migration of our transactional platform from an older monolithic style architecture to a more flexible microservice architecture. Developed over the past 2.5 years, we call it the Blaze platform and it covers the full quote, bind, and issue lifecycle, enabling our engineering team to quickly add new products with more flexibility than before.
The scope currently includes the ability for certain occupations to buy Professional Indemnity insurance and Public Liability insurance with more slices of functionality to be added in the coming months.
Justin Goldberg, BizCover’s Head of Engineering, says his team can deliver changes on Blaze very quickly to production multiple times a day instead of every two weeks with the other platform.
“It’s vastly improved our customer experience and at the same time has made onboarding new products and partners a lot easier.”
Justin Goldberg, BizCover’s Head of Engineering and the brains behind the new Blaze platform
Using Salesforce to optimise efficiency and deliver results through customer journeys
We have used Salesforce Marketing Cloud to monitor success metrics and build customer journeys to get more people to use our broker and partner portals.
For both partners and brokers, we built an end-to-end flow that is driven by data in Salesforce. We collected all this data on how people are progressing through the journey and based off that insight, Marketing Cloud is picking it up and moving people through to receive the information they need at their stage.
This allowed us to engage customers with the right messages at the right times. These include twice-yearly emails to educate customers on the types of insurance available as well as seasonal reminders to apply for flood cover.
These journeys have helped more than 1200 new brokers join the broker portal and prompted a 100% increase in the number of active partners to refer a seven-fold increase in the number of leads through our BizCover Referral Portal.
We have also used Salesforce to automate a number of processes, including failed payments.
We experience more than 1,000 failed payments per month and more than 90% are now handled automatically through Salesforce. These kinds of efficiencies are one of the reasons we’re able to support 200,000 customers worldwide with just 20 full-time customer service employees.
BizCover’s Salesforce team at the Salesforce World Tour Sydney event
Methodology
Insurance Business’ 5-Star Insurance Innovators report recognises the companies that are moving the insurance industry forward, whether by introducing new technology or rolling out a ground-breaking product or distribution channel strategy.
IB invited insurers, brokerages and service providers from around Australia to submit a nomination, detailing the steps they’ve taken to introduce new innovations to the insurance industry. Companies were encouraged to focus on initiatives introduced and results achieved in the calendar year 2021.
