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J.D. Power: Top P&C insurers for digital experience in 2020
Slideshow July 07, 2020 at 12:00 AM
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Recent investments in digital self-service and other innovative consumer technologies have paid off for P&C insurers, J.D. Power confirmed in its 2020 U.S. Insurance Digital Experience Study released in June. "The COVID-19 pandemic has thrust digital shopping and customer self-service solutions into the spotlight," Tom Super, head of property and casualty insurance intelligence at J.D. Power, said in a press release about the study. "Even before the pandemic, P&C insurers were investing heavily in digital to capture the growing legions of customers and prospects who are experiencing their brands largely via web and mobile. Across the board, we've seen the fruits of those investments: overall satisfaction scores for both new insurance shopping and existing account servicing have risen sharply during the past year." J.D. Power researchers determined that insurers overall have made significant technological strides in the nine years since the firm began looking at digital user experiences, although many carriers still struggle with exactly how to present themselves and their product in the digital space. Here are three key findings from the study:
- P&C industry meeting customer digital expectations — for now: Overall customer satisfaction with the P&C insurance customer service experience improves 9 points year over year (on a 1,000-point scale) and overall satisfaction with the shopping experience improves 18 points, as the past several years of investment in digital start to pay off. However, customer expectations continue to rise, with shoppers consistently accessing more information than they have in the past, across more channels than ever before.
- TMI vs. minimalist mobile-first design: Finding the right balance when it comes to information density has been a challenge for insurers, with many providing too much complex and expansive information and others pushing heavily to a mobile-first approach. The ability to provide just the right amount of information is a key driver of customer satisfaction.
- Forming a clear digital identity becomes key: Facing growing competition from InsurTech start-ups and traditional carriers, P&C insurers need to be selective about the information they provide and how they present it digitally, with the objective being to create a corporate identity that flows from their overall brand strategies.
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