More than a claim: All signs point to digital for insurers.

By: Brian Levine, VP of Strategy and Analytics, Mobiquity

As companies navigate the changing landscape of the last 18 months, everyone seems to be asking the same question: “which changes are purely circumstantial, and which are here to stay?”

Based on a recent Mobiquity survey about digital adoption and its impact on brand loyalty, the answer for P&C insurance companies is clear — the move to digital is irreversible and, more importantly, so are the elevated expectations customers have regarding their digital experiences.

Overall, banking, healthcare, and retail all saw customers embrace the shift to digital at a faster rate than insurance, but the experience of those who increased their engagement with providers’ websites and mobile apps (nearly 25%) revealed important insight, especially among younger consumers. Our research indicates that only 28% of those 56 or over indicated digital insurance fit their lifestyle, compared to 64% in the 18–55 demographic. This was the largest gap we saw among industries. In banking, for example, there was only a difference of 10% between the younger and older demographics surveyed.

While age created discrepancy around “lifestyle fit,” general satisfaction among those who use digital insurance tools was more consistent and promising. When it comes to auto insurance, 77% of those using digital tools indicated satisfaction. Banking was the only industry whose customers reported higher satisfaction.

Satisfaction does, however, drop when it comes to homeowners, renters, toys, and business insurance, indicating an opportunity for continued improvement around these offerings.

Across demographics, consumers made it very clear that providing value through digital tools led to a tangible increase in loyalty to their insurance provider. This may seem to be a universal driver, but it was not the highest ranking answer in the other areas we tested. When it came to restaurants, customers were more concerned with order accuracy. In healthcare, communication was most highly prized.

When it comes to digital tools in the insurance space, 86% of customers cited the company’s website as important in their decision to stay with their current insurer; 76% said the same about the company’s mobile app. As customer preferences trend from face-to-face interactions to digital experiences, the importance of digital tools in communicating value cannot be underestimated.

More than any other finding in our study, it’s compelling that 40% of consumers told us they’re more likely to switch insurance providers now than ever before. The same percentage can be swayed by positive reviews about another insurance provider. And about a third (30%) said they would make a move to gain access to better digital features.

So, now that we understand which consumer behaviors are here to stay, the question companies should ask themselves is, “how can we improve our service and increase brand loyalty?”

And for P&C insurance companies, the answer is clear — create a better digital experience.

Ready to explore digital tools for insurance? Let’s talk.

Originally published at https://www.mobiquity.com.