This is WOOW, the Mexican insurance market that signs an alliance with PayPal – Marketing 4 Ecommerce
Today’s consumers not only want secure and convenient payment methods, they also expect the stores they visit online to offer them their favorite payment method. In search of satisfying this demand and at the same time expanding its sales, WOOW, the Mexican insurance marketplace, has decided to expand its sales through an alliance with PayPal.
WOOW, a market where you can insure anything
WOOW was born in the year 2020 as the first marketplace in our country that offers a portfolio of segments and services in a 100% digital environment. It has the support of providers that contribute to generating the trust that users expect. Among the segment options offered by your application we find:
The company not only guarantees the protection of your car, motorcycle or truck in the event of a theft-accident, it also promises medical or legal assistance (in the hands of experts, clearly) for you and your companions. This insurance is divided into two:
- traditional insurancewhich payments can be monthly or annual.
- Auto insurance pay per km. Which is basically a traditional insurance, but you pay for the kilometers traveled.
Hospital Medical Expenses Insurance
It covers 100% the expenses generated by an illness (including the coronavirus) or accident, without paying a deductible or coinsurance.
The company will accompany you on the trip of your choice, whether for work, study or vacation. How? Well, offering you the medical services that they will require at a certain time or supporting you with the payment of the change of return plane ticket if necessary.
The firm provides protection against theft with violence for bicycles, cameras, video games, computers, sports equipment, tablets and more.
It covers accidents, illnesses, damages to third parties, vaccines against rabies or deworming, bathing and aesthetics for your dog or cat.
Road, home, medical, nutrition and psychological assistance
With your membership you will have access to doctors, locksmiths, electricians, tow trucks whenever and wherever you need it.
Cellular Protection Insurance
It covers you in case there is any accidental damage to your device, or you have experienced a violent robbery.
Share an offer of rental planes (with or without a smartphone), unlimited social networks and gigabytes of navigation.
It is worth noting that WOOW focused on the efforts of millennial consumerswhich constantly demand innovation in both contracting processes and payment methods.
WOOW goes to PayPal to satisfy our customers
WOOW leaders assured, through a statement, that the alliance with PayPal responds to knowing how to commit to avoid slow and outdated processes or procedures, adding support and confidence to its users (its main focus).
“We identify the requirements of our consumers and We transform the way of selling insurance in Mexico. At WOOW we want the user to have a frictionless and accessible experience at all times. Today PayPal allows us to offer this experience, and most importantly, within a security framework»assured Margarita Zepeda, CEO and co-founder of InsurTech WOOW.
Image: Capture – WOOW
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Beyond Christmas, New Year, Easter is the most important season for the chocolate industry in France. With a favorable calendar and a mild climate that prevents the chocolate from melting too quickly, the professionals are fighting to seize the market. Focus on this market more than attractive in this period.
The French, great consumers of chocolate
The amount absorbed by the French in 2013 amounts to several hundred thousand tons! This figure testifies to the gourmet attraction of the French for chocolate and the French retain sixth place… worldwide. In our country, chocolate in all its forms is inseparable from the festive moments of the New Year’s Eve and Easter: in this case, chocolate becomes synonymous with conviviality. It is also a sweetness that people offer each other on their work day. In short, it is a source of pleasure.
A weekend under the sign of chocolate
This year again, Easter Monday is still a tradition. Professionals in the sector make an important part of their billing during this period. New Year’s Eve celebrations account for 10% of annual chocolate consumption in France, but Easter brings in 5% or often more. Last year, 34,000 tons of chocolate were consumed at Easter. This year, 86% of French households plan to buy chocolate eggs, jingle bells and bunnies. The chocolate hunt launch season corresponds to 10% of the annual turnover.
Dark chocolate or milk chocolate?
As always, the eggs, the cocottes, the bunnies and the bells will be the favorites of the chocolate lovers. Widely consumed in France, dark chocolate still accounts for 30% of chocolate consumption, while our European neighbors only consume 5%. Despite its success, dark chocolate will give way to milk chocolate during the Easter celebration! Actually, this period is especially aimed at children. In fact, according to a study by the Syndicat du chocolat, children would prefer milk chocolate, which is less rich in cocoa and sweeter.
A Budget That Won’t Cause a Liver Attack
At the budget level, the French have not foreseen excesses. In France, a household spends no more than €20 on chocolate purchases at Easter, which represents approximately 22% of its total annual spending on chocolate. If the French have a reputation for being good gourmets, it is to the supermarkets that they will mainly go. According to the Syndicat du chocolat, 85% of the chocolate consumed in France is bought in supermarkets and only 15% in specialized stores. There is a wide range of products and prices that allows everyone to afford this little pleasure that remains affordable.
In an attempt to divert customers from supermarkets to their shops, chocolatiers are trying to tailor their offerings to suit all budgets. With starting prices of €13, it is now possible to tempt your palate with quality chocolate. And you, which option did you choose, dark chocolate or milk chocolate? Buy from the supermarket or from the main chocolate manufacturers?
How about celebrating it at work?
If many employees will not be present at the famous party, nothing prevents you from celebrating the event. You could even be called “my rabbit” by your collaborators (nothing sexual but a sign of friendship). Easter is still an opportunity to surprise your employees and organize fun events, so why do without it? It won’t cost you much (unless you have hundreds of thousands of employees), but you have a chance to stand out, if only for an egg hunt. A few months before the holidays, isn’t this the necessary break for your employees?
In the French and international long-term rental markets, the various players in the ecosystem have implemented many initiatives to retain their customers. Whether transactional, service-based, or even experiential, the benefits shown often refer to the tipping point that vehicle renewal represents.
But more and more market players are trying to retain customers throughout their life cycle, with increasingly varied mechanics. In this article, VERTONE deciphers the latest loyalty practices in the LLD market.
Mainly transactional profits, but with a tendency to diversify
Many of the benefits offered to customers take the form Financial benefits. Since the time of vehicle renewal is especially focused, many players offer discounts to customers if they decide to renew their vehicle with them. These discounts take a wide variety of forms:
- Deductibles on repair costs (for example, Porsche Financial Services, Lexus Financial, etc.);
- Reduction in financing rates for the next vehicle (for example, Audi Finance in the United States, Volkswagen Plus program in Canada, etc.);
- Cash reimbursement or first rental(s) offered on the new vehicle, offered by numerous manufacturers or their financial captives in the North American market;
- Some players combine the above approaches and offer the client a choice of several financial advantages. This is particularly the case for Infiniti in Canada, which offers, through its captive, the choice between a discount of up to 1% on the financing rate of the next vehicle or a cash discount of up to $2,500.
Beyond the financial benefits associated with renewal, some loyalty programs also offer various discounts, in the form of coupons on associated brands or discounts for any purchase of goods or services. These programs are common among dealers, both in the French market (eg SJ Automobiles, Hamon Automobiles) and internationally (eg Fred Beans in the United States).
But more and more players are branching out and now offer both relational and experiential benefitswith the aim of improving the customer experience by addressing a series of its bread points or committing it more strongly around the brand. These are some of the benefits offered in the market, in particular by manufacturers and distributors:
- Implementation of customer service dedicated to program members, with availability 24/7 (programs jeep wave Where My GM Rewards);
- Free provision of premium services such as concierge services or vehicle maintenance;
- Access to personalized advice about the car or financing methods existing in the market;
- Access to events organized by the company around the engine, bringing customers together around a common passion and thus creating a brand community. Jeep thus offers each year to the members of the program jeep wave to participate in the Jeep camps, which bring together thousands of drivers to practice off-road driving.
- Access to sporting or cultural events and meeting with brand ambassadors (eg Audi).
Loyalty initiatives are rarely integrated into comprehensive programs
Among the various benefits offered by automotive market players, many are displayed as part of specific initiativestargeting a particular moment of the life cycle, generally the moment of renewal of the vehicle.
Some manufacturers and distributors, meanwhile, take a more holistic approach and take advantage of multiple customer contact opportunities to try to retain customers throughout their life cycle. To do this, they offer loyalty programs by points or in the form of a benefits club, and show both economic and relational benefits, advocating for a customer first. Several programs stand out in the market:
- Program Volkswagen More in Canada: benefit programs accessible to all owners or lessees of Volkswagen vehicles, and giving access to reductions in financing rates, preferential rates in partner offers, but also advice on financing methods offered by the company or in events around the brand.
- Program My GM Rewards in the United States: regulatory points program (Silver, Gold and Platinum status, based on a combination of different criteria, such as billing per customer for 3 years or the level of spending on the purchase of optional services). The statuses give access to transactional benefits of different value and the Gold status allows you to benefit from service and experience advantages, such as access to a dedicated customer service.
It is interesting to note that some players, like GM, reserve high-end benefits for the best customers : the objective is therefore, based on the value of the client, to identify the clients to whom the generosity should be assigned in priority.
An approach that can also be found in the American bank Hartford Firefighters Federal Credit Union, which grants greater generosity on the income of conventional loans to older clients: the generosity offered increases constantly each year, until the twentieth year of seniority (0.05pts/ year on the rate of the credit taken).
The arrival of gamification in the automotive market
The automotive market is no exception to the new trend of introducing gamification mechanics in loyalty programs. Some manufacturers have recently introduced fun reward systems to build brand engagement and gamify the customer experience.
The initiatives implemented in the market refer mainly to responsible driving with rewards based on the behavior of customers behind the wheel. Thus, Fiat and BMW reward drivers based on their sustainable behavior:
- Fiat has partnered with Kiri and offers, based on the number of kilometers traveled with an electric Fiat 500, a virtual currency that allows purchases on a platform that offers a wide variety of eco-responsible products.
- BMW has launched the points program BMW Points : Customers who drive a BMW plug-in hybrid vehicle have a points counter in which one point is credited for each kilometer traveled in electric mode. The points are doubled when the driver drives in electric mode in an area with low CO2 emissions, in order to help reduce noise pollution. These points are then converted into credits that can be used to recharge your vehicle at public terminals using the card. BMW loading.
The mise en place des nouvelles mécaniques a été rendue possible par les derniers progresses en matière de connectique embarquée: les points sont comptabilisés thanks to the mise en place de boitiers connected dans le véhicule, permettant de collecter les informations relatives au behavior du conducteur derrière the steering wheel.
Interestingly, beyond the LLD ecosystem, other players revolving around the automotive market are also adopting gamification approaches in their loyalty program, such as Circle K in Ireland.
While some players in the long-term rental market are increasingly pulling levers to retain their customers, disparities exist and many companies only focus on the renewal phase with transactional approaches, or even take no loyalty action at all. in front of.
This is particularly true for bank subsidiaries in the LLD market, as opposed to manufacturers and their captives, which today seem better equipped to meet the challenge of building loyalty, but remain subject to rapid changes in behavior and expectations. of customers.
VERTONE, a consulting firm specializing in loyalty, can help you define and implement the loyalty mechanisms and the most relevant benefits for your development challenges.
An article written by Thomas Brezault and Julien Lévrier