Just over one year ago, GEICO took a major step in their digital transformation initiative, selecting best-in-class core systems to power their already strong business and increase the satisfaction of their customers – which was already in industry-leading territory.
A little background: GEICO is the second-largest private passenger auto insurer in the U.S., and one of the leading Property & Casualty companies in the nation overall. To maintain its competitive edge and high customer satisfaction ratings, the insurer knew it needed the ability to get new products, features, and capabilities to market with unprecedented speed. This understanding was the primary driver behind GEICO’s decision to transition all of its personal lines of business to a flexible, configurable, and evolution-ready platform that would allow the carrier to maintain its own unique front-end design through headless implementation – the ability to build totally custom user experiences on top of best-in-class core systems.
In the words of Steve Smith, Vice President of IT at GEICO, “Customer satisfaction continues to be a key driver of our business, and advanced technology will help us deliver the exceptional service our customers expect. Every company knows that the future will continue to present more technology risks. Through this recent modernization, we’re better prepared to take advantage of the latest innovations and digital disrupters.”
The results: GEICO’s Umbrella line was fully deployed in all 50 states in just over 12 months – well under the typical implementation time of three years or more – and more GEICO policies were sold during the first month in production with their new core systems than in the prior 12 months combined using the company’s old products.
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