Geico leads mobile and web as insurers focus on apps
Insurance companies have made improvements to websites and mobile apps in recent years, but many are now focusing more on improving app capabilities for the convenience of customers.
Keynova Group, a financial services intelligence firm specializing in benchmarking, released its Q3 2021 mobile insurance dashboard, which assesses the mobile website and mobile app offerings of the 12 largest U.S. companies in damage.
GEICO ranked first overall and leads the scoring in website and mobile app offerings. The report suggests that telematics may be the reason why GEICO has fully integrated all of its telematics solution into its GEICO Mobile application.
State Farm took second place overall and in web and mobile apps. Progressive was third overall and USAA third in apps with Nationwide and Progressive tied for third in mobile web offerings. Scoring is based on an assessment of approximately 200 objective criteria. The report includes compiled research, proven best practices, and observations.
Beth Robertson, chief executive of the Keynova group, said the pandemic has led to a realignment of services, including giving policyholders more self-service options through mobile apps.
âThe focus on harnessing mobile device technologies such as GPS, autofill, photo / scan and telematics helps to accelerate access to information and complete transactions faster, with less. errors and transparently, âsaid Robertson. âChatbot virtual assistants have also become more prevalent. , helping to deflect the need for on-line assistance while improving the ability of policyholders to locate information and perform tasks on their own. “
According to the report, around 10 in 12 insurers scored higher for mobile web services than for mobile apps, likely because resources were allocated to mobile web improvements over the past few years. Insurers are now focusing more on expanding the capabilities of mobile apps and adding technology-driven options, such as tracking vehicle registrations and using augmented reality for real estate valuations.
Additional findings of note include:
- All 12 insurers offer live chat support, around 50% of operator apps and 80% of operator websites include virtual assistants or chatbot support, which has doubled in the past two years.
- Six insurers now offer app-specific demos and videos to help policyholders and potential customers understand policy options or learn how to perform policy actions on their own.
- Eight insurers now support advanced GPS capabilities to improve app user experience by supporting roadside assistance, locating gas stations, filling out claim forms, creating quotes based on locating and finding local agents.