Altus have refreshed and extended their 2015 research into digital capabilities for leading personal lines insurers. Focus of digital investment for insurers is still in customer acquisition rather than customer retention.
Customer Engagement (or lack of) is one of the most talked about topics in the Insurance industry today. While other industries are forging ahead with one-click purchases, engaging smart phone apps and personalised recommendations, insurance is still lagging behind.
Altus have followed up on research first carried out in 2015, looking at the digital services of 18 of the leading UK personal lines insurance companies (across 31 brands). The research covers the lifecycle of the policy from Quote & Buy, Mid-Term-Amendment, Renewal through to Claim to discover what digital services are available to the customer at each stage of the policy.
While there has been investment across the board in mobile responsive websites, the focus is still on customer acquisition, with seemingly little investment being made since 2015 on self-serve MTA, Renewals and improving the Claims experience.