How does VouchForMe work in Slovenia?
A little less than a month ago we kicked off the second pilot project. This time the concept of social proof is featured in the service branded JAZ in Slovenia delivered in a partnership with the insurance company Adriatic Slovenica (a member of Generali Group) and affinity group AMZS (Slovenian national automobile association).
We described the VouchForMe implementation in Romania our blog post from last week. The essence of the product offered by Euroins is the immediate discount for insurance clients at the point of sales when opting for the insurance policy with a deductible. It is up to each individual for how much of the opted deductible they want to ask and receive guarantees. In Slovenia, we decided to reverse the logic.
Let us take you on the client’s journey with Peter, our VouchForMe most committed tester. :)
Peter buys his car insurance policy underwritten by the Adriatic Slovenica insurance company at the AMZS business unit. At the same time, he is offered the JAZ service, which can bring him up to 45% discount on the casco insurance premium. Out of the total discount, 30% comes from Peter’s family and friends vouching for him, an additional 10% from him being an AMZS member and 5% can be added on top if Peter took the safe driving course in the last two years.
When Peter opts for JAZ, he receives an email and a short message on his mobile with the invitation to create a user account on the VouchForMe platform. After registering Peter lands on the policy page where all the data about his policy and options on how much he can save by collecting guarantees. He uses a simple process of inviting his friends and family to vouch for him in the form of a financial guarantee.
Peter’s pot is filling up with guarantees to a maximum amount of 1000 EUR for the next seven days. When the pot is full or when the deadline of seven days expires, the guarantees become active. At this point, a legal contract is formed between the policyholder and each guarantor and information about the amount of obtained guarantees is sent to the insurance company. Each guarantor is exposed to the amount which he or she agreed upon.
The insurance company sends an amendment of an insurance policy to Peter and returns a part of an insurance premium (discounts) to his bank account. Guarantees become a deductible. In the case Peter files a claim, he first needs to report it to the approved and settled by Adriatic Slovenica insurance company. After the claim is approved and settled, Peter can claim the guarantees on the VouchForMe platform, while the insurance company pays out the amount of the claim lowered for the amount of the guarantees.
In Slovenia, VouchForMe is exclusively offered and sold at the AMZS centers, and therefore the use of the app is possible only with the invitation by AMZS based on sign-up to the service JAZ.
For a detailed description of VouchForMe implementation please visit our web page or go directly to the JAZ website. Mind that both sites are in Slovene. :)
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