Insurance Carriers Optimize Digital Quoting and Expand Services to Address Evolving Climate Changes, Multilingual Communications

Wilmington, Del. (Jan. 23, 2024) – Keynova Group, the principal competitive intelligence source for digital financial services firms, is pleased to announce the results of the Q2 2024 edition of its semi-annual Online Insurance Scorecard, an evaluation of 12 of the largest U.S. auto and property insurance carriers’ website capabilities. Progressive remains in first place for its online user experience.

The key trends in this edition of Keynova’s Online Insurance Scorecard include advances in digital quoting, capabilities to accommodate evolving weather patterns and expanded Spanish-language resources.

“Many leading carriers are reworking their digital quoting experiences to help insurance prospects efficiently acquire the most optimal pricing and coverage for their needs,” said Beth Robertson, managing director, Keynova Group. “In addition, factors like the rise in destructive weather events and the evolving U.S. population are generating new dynamics that carriers must accommodate within ongoing product planning and digital strategy.”

Key Findings:

Advances in Digital Quoting and Binding Optimize Process

To foster long-term policyholder relationships by helping consumers select optimal insurance coverage, two-thirds of Scorecard carriers have made recent updates to their online quoting interfaces. Nearly 70% of carriers build coverage advisory information into their quotes, and close to 60% deliver multiple quote results at different price points to prospects. A quarter of firms now provide an estimated price to bundle either homeowner’s or renter’s coverage with an auto policy, and all of the carriers enable prospective customers to edit and view updated coverage pricing. Online purchasing and binding – which is offered by two-thirds of carriers – make it easy for consumers to secure coverage, and one-third of insurers provide an anchored price and purchase link to facilitate access to the purchase and binding process. Just over 40% of carriers offer a discount for paying a new policy premium in full, and Progressive offers alternative payment options, such as PayPal, to purchase a policy online.

Rising Number of Weather Events Accommodated in Digital Purchasing and Servicing 

With an increasing number of natural disasters such as tornadoes, hurricanes, wildfires and floods, policy pricing and claims rates are surging as consumers’ need to acquire appropriate coverage is also expanding. Digital quoting and claims capabilities can streamline these activities for consumers and carriers alike. For example, instant online flood insurance quoting is now offered by 67% of carriers—up from just 42% at the end of 2023, while 25% of carriers now offer online filing and 17% offer online tracking for flood claims. Claims inspection processes are also being streamlined. Keynova’s Q1 2024 Mobile Insurance Scorecard revealed that close to 60% of carriers now enable policyholders to use a mobile device to conduct and submit information about property damage, and nearly 70% accelerate claims processing by offering similar mobile capabilities for vehicle damage inspections.

Carriers Expand Spanish-Language Capabilities

Many carriers are extending the Spanish-language options available via their digital channels to assist the growing native Spanish-speaking population. Half of carriers now offer a Spanish translation of public site content, and GEICO further offers both a Spanish quote flow and a translation of its authenticated site for policy servicing. Two-thirds of carriers list Spanish-language options for customer support and 25% highlight access to Spanish-speaking claims representatives on their websites. Digital assistants are also being expanded to offer customer assistance in Spanish, and close to 20% of carrier sites now offer a Spanish feedback option.

About the Online Insurance Scorecard

Keynova Group’s semi-annual, fact-based Online Insurance Scorecard, offered for more than two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that drive digital strategy in the auto and property insurance industry. The evaluation encompasses the websites of 12 of the largest P&C carriers in the U.S. market: Allstate, American Family, Erie, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, The Hartford, Travelers, and USAA. A separate semi-annual Mobile Insurance Scorecard reviews the mobile app and mobile web experience. For more information, please visit www.keynovagroup.com/scorecards/#insurance.

About Keynova Group

Keynova Group is the nation’s foremost competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending and insurance. Since 1999, Keynova Group’s Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights. The firm’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects. For more information, please visit www.keynovagroup.com.

SOURCE: Keynova Group

Tags: climate change, Keynova, Progressive Insurance, Quote and Bind, rankings, trends, United States (USA)