Lumivo Report Highlights Finest Practices for Digital Claims
United States customers are typically extra happy with insurers’ digital claims channels than their counterparts in the UK, Australia, New Zealand and Hong Kong, however extra work might be finished to reinforce the claims expertise, in response to a brand new report by market analysis agency Lumivo.
Lumivo analyzed information from 4,200 on-line clients of 30 main insurance coverage corporations and surveyed 2,334 customers 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,” said Malcom Otter, analysis director for Lumivo. “The consequences are higher costs in servicing claims and lower renewal likelihoods.”
Lumivo mentioned long-established US insurance coverage corporations Allstate, Vacationers, and Progressive plus digital newcomer Lemonade have been repeatedly within the prime 4 of the 30 companies analyzed within the report. The survey of customers who filed claims discovered that USAA, State Farm, Liberty Mutual and Geico have been the highest performers and constantly higher than the business common.
Lumivo mentioned the COVID-19 pandemic has elevated demand for efficient “my account” areas on insurer web sites. The corporate mentioned 48% of shoppers mentioned the disaster would cause them to use on-line self-service choices extra typically.
The buyer survey reveals that a number of US insurers are getting it proper. USAA, State Farm, Liberty Mutual, Geico and Progressive ranked within the prime six among the many 30 international insurers for buyer satisfaction, starting from USAA’s 82% ranking to Progressive’s 34%.
Australia’s NRMA was the top-performing service exterior the US, with a 74% customer-satisfaction ranking. Most carriers ranked between 55% and 71%. Three Hong Kong insurers — Bank of China, AXA and AIA — crammed out the underside with satisfaction rankings at 38% or under.
Customers mentioned the flexibility to submit photographs was the highest function requested by customers. Tips about the best way to submit claims, a system that doesn’t require repeat information entries, the flexibility to schedule appointments with repairers and immediate selections on protection have been fascinating options cited by greater than 20% of respondents.
The report consists of a number of examples of “best practices” for my account pages. Allstate, for instance, supplies hyperlinks to insurance policies and a declare submitting web page with good secondary navigation hyperlinks. A button to view energetic claims is proven prominently, and a reside chat function is obtainable.
Lemonade supplies a digital assistant with a pleasant tone of voice to information declare submissions. There’s even a digital kind that lets you signal your title and click on a button that guarantees, “I’ll be honest.”
Vacationers offered useful guides to cowl a variety of claims eventualities and a really seen declare hyperlink when the shopper logs in.
The survey additionally revealed widespread irritants: For first notices of loss, 7% of shoppers mentioned there have been too many questions, 6% needed to re-enter some info, 6% have been unclear the place to begin, 6% mentioned the subsequent steps have been unclear and 6% mentioned there was an excessive amount of textual content.
Declare monitoring is a significant good thing about digital channels, however the survey revealed key points: 11% mentioned there no details about their declare accessible, 10% mentioned they needed to name the insurer, 10% mentioned there have been too many clicks and 9% complained that no previous communications have been seen.
“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 analysis from workplaces in New York and London. The corporate’s full report is obtainable for buy.
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