Using mobile apps for insurance means a lot of very valuable information ends up concentrated in them: medical information, account numbers, addresses and more. This kind of information is far more valuable on the black market than credit card numbers, because credit cards can be canceled. (Photo: terovesalainen/Adobe Stock)
Consumers are increasingly moving toward digital channels to handle daily tasks, shop for goods and enjoy entertainment. These trends also extend to insurance. Consumers increased their use of insurance and insurtech mobile apps by 26% in 2021 year over year, according to J.D. Power. And for those who used mobile apps for insurance, their customer satisfaction scores were significantly higher across all measures than those who used traditional channels.
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