Oct 27, 2020

Customer satisfaction climbs with digital adoption

Digital strategy
Insurtech
AI
Lemonade
Rhys Thomas
2 min
Claimants who use digital channels during the process are on average happier with their insurer, finds recent report
Claimants who use digital channels during the process are on average happier with their insurer, finds recent report...

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".

Share article

Jul 23, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Where innovation meets implementation, coming to you live from London

Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career. 

By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do. 

Order your tickets now to take advantage of our limited-time Early Bird offer. 

 

How can you attend?

 

In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock. 

 

In-person

 

FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here

 

Virtually

There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform. 

There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.

 

What’s on the agenda? 

 

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. 

Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed. 

 

  • Tuesday 14 October - Diversity and Inclusion
  • Racial equality (11:30 am)
  • Supplier diversity (12:00 pm)
  • Sustainability (12:30 pm)
  • Women in fintech (14:30 pm) 
  • Wednesday 15 October - Challenger and neobanks 
  • Cashless society (14:00 pm) 
  • SMEs (14:30 pm) 
  • Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)


Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important. 

If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.

Share article