MJV helped Santander restructure its auto insurance services into a frictionless platform with a 100% digital contracting journey.
© MJV Technology & Innovation
70%
The first step towards a positive impact
Creating an Insurance Marketplace for Santander
of consumers expect companies to take an active stance on social, environmental, and political issues
According to a survey by "Social Sprout"
A Red Tape Industry
Bureaucracy, lack of customization and autonomy, difficulty understanding plans, and few options are all common issues surrounding insurance selection.
We found that most customers prefer taking risks before suffering the bureaucracy of contracting insurance. That’s why Santander reached out to MJV, in order to assist them with Auto Compara’s digital platform.
The Challenge
Transform the insurance contracting process into a 100% digital journey, delivering a service platform that intends to be "the place to go" to compare benefits and proposals.
The Challenge
What is Auto Compara?
Auto Compara is Santander’s Latam automotive insurance marketplace, which gives customers the ability to find the best auto insurer for them.
The Context
Implementing a profitable strategy in a different market
A High-Fidelity O2O Prototype
The Context
Case Study
MJV provided Pro-Natura with an app experience blueprint, containing the app’s value proposition, as well as feature prioritization for a minimum viable product.
We also provided our client with a complex document detailing the process, steps, and suggestions for prototyping and implementation of the MVP to be tested in the field before being adopted by local harvesting communities.
Innovation doesn't need to mean always coming up with something from scratch, but being aware of industry trends and adapting to changes before they become the norm.
If you need to deepen your company's digital capabilities, implement new processes and technologies, or manage internal cultural changes, reach out to us.
Book a Call
Related Content
The Financial Service Guide: Prepare Your Company To Incorporate Financial Services
Article
Ebook
About MJV
MJV Technology & Innovation is a global consulting firm that helps leverage business, foster innovation, and solve business challenges for some of the world’s largest companies.
Business
Innovation
Technology
& Data
Design &
Experience
Agile & Cultural Transformation
Sustainability &
ESG Transformation
25+ years of experience.
Our assets:
Presence in the U.S., Europe, and LatAm.
A global team with over 1,300 experts, including designers, engineers, anthropologists, data scientists, developers, and marketers.
Our five business pillars are:
Industry: Auto Insurance/Car Insurance
Client: Auto Compara/Santander
Industry: Auto Insurance/Car Insurance
Client: Auto Compara/Santander
The Outcomes:
Auto Compara aims to:
Offer an end-to-end service
Create a product without jargon
Increase the online entry funnel
Improve user experience
Our goal was to promote user autonomy so that customers can understand what they’re getting and what their insurance covers in a fully digital way.
Fly or Die:
Validating a New Revenue Model Through Testing-as-a-Service
A solution is only as good as what you can prove, and MJV did this through a testing-as-a-service framework.
While our client ran the stores (both digital & physical), we took it upon ourselves to craft, test, and validate the strategy to determine if it should be implemented nationwide.
Turning User Experience into Autonomy
Our Solution
Our Solution
Our biggest insight for the project was to enable a 100% digital journey so customers could receive a quote without direct contact with brokers.
Information should be accessible and clear, providing total user autonomy. As well as the option for online payments – something that was new to online insurance at the time.
Our Solution
We split this up into two distinct journeys:
01
A dashboard for performance control, quotes, and proposals made by insurance company managers.
Manager's Journey:
02
The contracting journey was mapped out. Where users get information on quotes, the insurer themselves, payment, and customer service.
Customer Journey:
Audacity to Innovate
When this project was conceptualized, 100% digital insurance quotation was only just emerging within the industry.
This innovative approach was accompanied by another bold innovation by Santander: Offering competitor comparisons.
This not only shows confidence in their offerings but cements them as the “place to go” for finding and contracting auto insurance.
Final Thoughts
Our Solution
Fly or Die:
Validating a New Revenue Model Through Testing-as-a-Service
A solution is only as good as what you can prove, and MJV did this through a testing-as-a-service framework.
While our client ran the stores (both digital & physical), we took it upon ourselves to craft, test, and validate the strategy to determine if it should be implemented nationwide.
Redesigning Processes for Digital Performance
The Outcomes
Our Solution
The project deliveries were centered around taking the processes that Santander already had and redesigning them for a 100% digital environment.
The Outcomes
The platform was fully updated for over-the-counter service by managers and for self-service via digital sales
BUSINESS MODEL ADAPTATION
All front, middle, and back office processes have been redesigned
PROCESS REDESIGN
Integrations with insurers are simple and easy to implement
STREAMLINED INTEGRATIONS
Systemic architecture and 100% digital, cloud, modular, and self-scaling solution
CUTTING-EDGE TECHNOLOGY
Digital-first drives a 50% increase in sales
Check out some of the key results achieved by Santander AutoCompara’s digital platform:
Results
Our Solution
50%
increase in sales
100%
routine structured
08
insurers participating in the marketplace
100%
of the processes restructured
"We had a big challenge in updating the way customers contract the insurance service and making it 100% digital. Understanding the needs of customers, partners and the various stakeholders involved was essential. MJV was excellent in making this innovation possible, providing solutions in Service Design, Analytics, and Complete Solution Development."
Rogerio Souza
CEO at Auto Compara, an Insurtech under Santander
Offer an end-to-end service
Create a product without jargon
Increase the online entry funnel
Improve user experience
Auto Compara aims to:
Results
Final Thoughts