Customer satisfaction climbs with digital adoption
Adoption of digital tools during the property and casualty (P&C) claims process has risen by around a fifth in the past three years, according to new findings.
The J.D. Power U.S. Claims Digital Experience Study found adoption of digital channels is up 18% during the period, spurred by a new wave of digital-first insurtech challengers and the realities of COVID-19.
Interestingly, those who use websites and mobile apps for their insurance also reported greater customer satisfaction.
While admitting that personal interaction was still critical, Tom Super, Head of Property and Casualty Insurance Intelligence at J.D. Power, revealed 84% of customers said they pursued a claim through digital channels at some point during the process, “placing insurers on notice of the evolving expectations of today’s insurance customers".
“The most important battleground”
Serving customers through hands-off digital channels - particularly mobile apps - is fast becoming “the new battleground for the insurance customer experience”, according to Michael Ellison, president of Corporate Insight, which partnered on the study.
As individuals access cash, shop for groceries and run more day-to-day tasks from their mobile devices, contactless services have become expected in all areas of life, even insurance. Trust in apps has led to a rise even in reporting new claims, says Ellis, meaning insurers “need to be able to convey their values and their unique brand attributes through those digital interactions”.
Insurtech tops renters’ survey
The importance of digital competency was proved out in J.D. Power’s own home insurance study, released in September, which saw Lemonade rank highest in the renters insurance segment with a score of 866 (out of 1000). It’s placing is first time an insurtech has climbed to the number one spot in the annual poll, yet unsurprising given how closely Lemonade’s service relates to the general habits of the now mature Millennial market.
The majority (71%) of Lemonade customers said they were most influenced by price when selecting a carrier, while millenials in general were more likely than older generations to select an insurance provider based on how slick the customer service experience is. Lemonade hits the mark on both accounts: its AI bot Maya walks customers through tailored coverage selection, and its app offers almost instant coverage and payouts “in minutes".
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.