UK Broker Awards 2022: Digital Broker Award

The entirely digital business has proven the benefits of going totally online by growing to more than 50,000 policyholders as of April.

Sustaining a hyper efficient and lean customer support base with just five staff, and maximising profitability through flexible pricing mechanisms around key performance indicators have been integral to this success.

Mission

Yoga Insure set out to provide customers with the best possible fully digital service at the best possible price. It said that most motor brokers, in spite of claiming to offer self-service, did not allow full control of policies, meaning they did not allow online cancellations, amendments to renewals or changes to direct debits.

The result for the customer? High administration costs and poorer service.

Yoga aimed to solve these problems with a customised Ignite PAS platform and high degree of data enrichment.

The solution from Yoga and Ignite allowed customers to easily manage their direct debit or see claims in one place.

To give high-quality advice to customers 24/7, Yoga and Ignite also created a chatbot that would field all first-line enquiries from policyholders and prospects. This began with a human-based live chat facility, where key themes and questions were noted over a period of weeks.

Since launch, Yoga said the function had been constantly tweaked and re-taught so it answers more than 60% of all enquiries before they are referred to a human-based live chat facility.

Clear impact

New business take-up reached more than 300 quotes a day, with a more than half quote-to-policy take-up rate. Yoga achieved a mid-term adjustment rate of more than 70%, underscoring customers’ value of the low fee structure.

Its renewal rate stands at more than 75% – impressive for purely aggregator-generated business and which Yoga said was made possible by considered messaging at renewal, keen pricing and an excellent customer experience during the policy lifetime.

Yoga’s rapid growth has attracted the attention of other insurers, with Markerstudy, Ageas, and Premier all joining its panel in 2022 in spite of needing to accommodate integrations with a new software house.

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