United States consumers are generally more satisfied with insurers’ digital claims channels than their counterparts in the United Kingdom, Australia, New Zealand and Hong Kong, but more work can be done to enhance the claims experience, according to a new report by market research firm Lumivo.
Lumivo analyzed data from 4,200 online customers of 30 major insurance companies and surveyed 2,334 consumers who filed claims.
“While a few insurers in the US are delivering a good experience for customers at the point of claim, most are underperforming,” stated Malcom Otter, research director for Lumivo. “The consequences are higher costs in servicing claims and lower renewal likelihoods.”
Lumivo said long-established US insurance companies Allstate, Travelers, and Progressive plus digital newcomer Lemonade were repeatedly in the top four of the 30 businesses analyzed in the report. The survey of consumers who filed claims found that USAA, State Farm, Liberty Mutual and Geico were the top performers and consistently better than the industry average.
Lumivo said the COVID-19 pandemic has increased demand for effective “my account” areas on insurer websites. The company said 48% of customers said the crisis would lead them to use online self-service options more often.
The consumer survey shows that several US insurers are getting it right. USAA, State Farm, Liberty Mutual, Geico and Progressive ranked in the top six among the 30 global insurers for customer satisfaction, ranging from USAA’s 82% rating to Progressive’s 34%.
Australia’s NRMA was the top-performing carrier outside the US, with a 74% customer-satisfaction rating. Most carriers ranked between 55% and 71%. Three Hong Kong insurers — Bank of China, AXA and AIA — filled out the bottom with satisfaction ratings at 38% or below.
Consumers said the ability to submit photos was the top feature requested by consumers. Tips on how to submit claims, a system that doesn’t require repeat data entries, the ability to schedule appointments with repairers and instant decisions on coverage were desirable features cited by more than 20% of respondents.
The report includes several examples of “best practices” for my account pages. Allstate, for example, provides links to policies and a claim filing page with good secondary navigation links. A button to view active claims is shown prominently, and a live chat feature is available.
Lemonade provides a virtual assistant with a friendly tone of voice to guide claim submissions. There’s even a digital form that allows you to sign your name and click a button that promises, “I’ll be honest.”
Travelers provided helpful guides to cover a range of claims scenarios and a very visible claim link when the customer logs in.
The survey also revealed common irritants: For first notices of loss, 7% of customers said there were too many questions, 6% had to re-enter some information, 6% were unclear where to start, 6% said the next steps were unclear and 6% said there was too much text.
Claim tracking is a major benefit of digital channels, but the survey revealed key issues: 11% said there no information about their claim available, 10% said they had to call the insurer, 10% said there were too many clicks and 9% complained that no past communications were visible.
“On average the biggest website issue globally was that the sites were slow and that too many clicks were needed,” the report says. “On the apps, issues were more common with inadequate instructions being the most common.”
Lumivo conducts market research from offices in New York and London. The company’s full report is available for purchase. A summary of the major findings can be found here.
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