Market First: Telematics Fully Integrated into Primary Mobile App to Inform Safe Driver Discounts; Advanced GPS Capabilities Improve Customer Experience—Raising Apps’ Importance
Keynova Group, the top competitive intelligence source for digital financial services firms, announced the results of its semi-annual Mobile Insurance Scorecard. The Q3 2021 Scorecard evaluates both the mobile web and mobile app offerings of the 12 largest U.S. property and casualty insurance firms. GEICO placed first for Overall Score and leads scoring in each of the mobile modes based on an extensive review of the mobile user experience of consumer prospects and policyholders.
The Q3 Mobile Insurance Scorecard highlights an increasing focus among carriers on mobile app development, enabling more complete support of policyholder needs and driving greater engagement between the customer and the insurance provider.
“While mobile web has traditionally been the key mobile channel for property and casualty firms and a focal point for policyholder acquisition, innovation is advancing mobile insurance apps and enabling comprehensive policyholder servicing,” said Beth Robertson, managing director, Keynova Group. “For example, a variety of device technologies and telematics are being integrated into insurers’ primary servicing apps to facilitate policyholder tasks, provide value-added services, and enable discounts based on safe driving behavior.”
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Key findings:
Insurers Shift to Improving Mobile App Capabilities
Although 10 of 12 insurers evaluated score higher for their mobile web services than for their mobile apps, industry leaders are actively investing in enhancing their apps with more sophisticated servicing capabilities. Half of the companies reviewed now offer tours and demos of their apps to help convert users and guide self-servicing. Insurers are also enabling app functionality that extends beyond traditional policy information and tasks, adding value with options such as tracking vehicle maintenance records, using augmented reality for property valuation, or promoting Siri shortcuts for common policyholder tasks.
GPS Capabilities Enhance Servicing and Promote Customer Discount Opportunities
GEICO has expanded the value of its primary servicing app by fully integrating usage-based telematics tools, which use a combination of GPS, telecommunications, and vehicular technologies to collect information about policyholder driving habits and offer savings for safe driving behavior. Advanced GPS capabilities are also improving the experience for app users by supporting roadside assistance, locating gas stations, filling out claims forms, enabling location-based quoting, and finding local agents.
Insurance Providers Upgrade Digital Servicing Capabilities and Support Tools
Insurance carriers are realigning customer support options to meet evolving consumer needs through elevated self-service tools and new customer assistance alternatives. Many insurers now offer demos and app-specific videos to help policyholders and prospects understand policy options or learn how to complete policy-related actions on their own. Virtual assistants have also advanced to enable predictive support based on a user’s recent screen views and actions, and the number of firms offering virtual assistant or chatbot support has doubled over the last two years to 50% of insurers’ apps and 80% of the mobile web modes.
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Keynova Group’s semi-annual, fact-based Mobile Insurance Scorecard objectively evaluates both the mobile web and mobile app modes of 12 of the leading U.S. property and casualty insurers. Measuring competitive mobile capabilities and policyholder experience elements, the Scorecard identifies evolving trends and actionable insights that influence digital insurance strategies. Scorecard assessments encompass compiled research, proven best practices, and expert observations with scoring based on evaluation of approximately 200 objective criteria.
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