While digitalization is entering every single industry, customers expect insurance companies to provide digital tools for managing policies. Adoption of customer-centric digital strategies has been recognized as one of the major trends among insurers. Strategy Meets Action names digital transformation among the top game-changers in the industry, explaining that challenges in customer experience force insurers to invest in new technologies.
People want to communicate their insurance issues largely through mobile channels and seek more personalized offerings. A 2019 Deloitte industry outlook shows the rise in expectations for convenience and customization, as well as the undeniable need for more flexible policies and services.
While most companies admit the benefit of insurance mobile app development, very few are in the game. In the US, less than one-third of the top insurers offer mobile apps. And existing applications mostly fail to engage users and fulfil their function of a universal channel for communication and management of insurance plans.
Reports reveal that less than one-third of customers are satisfied with their insurance providers and even fewer are satisfied with their insurers’ digital strategies. Since inconvenience causes the decrease in loyalty and billions-worth losses for insurance companies, making a helpful app can be a chance for them to boost loyalty.