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7 Important Customer Experience Stats for Insurance Providers

November 17, 2022

KUBRA recently conducted a nationwide survey to analyze insured people’s current payment preferences and behaviors, and we’re sharing seven of the most important statistics that insurers need to pay attention to. 

46% say customer experience is a top factor when selecting an insurance provider.

According to the survey, predictable pricing, coverage, and policy options are top considerations when customers are assessing insurance agencies. What may be less obvious is the importance customers place on customer service and customer experience. 46% of respondents stated that customer experience is a top factor when selecting an insurance provider. Yet, only 18% said their experiences were excellent, and less than 50% said their online experiences were good, proving there is room for improvement.

34% prefer a mobile app for policy claims, payments, and disbursements. 

Recognizing that mobile is becoming a more “traditional” channel, we wanted to assess mobile expectations regarding policy claims and disbursements. While many insurance providers have been investing in their websites to allow insureds to manage policy claims, payments, and disbursements, more customers are actually looking for a mobile app experience. Download the full whitepaper to see the specific features insureds would like to see on their mobile app

When problems arise, and insureds need support, 47% will still pick up the phone to speak with a representative directly.

Because customer satisfaction is critical to customers looking for an insurance provider, there should be a high level of importance placed on customer interactions. When we asked how customers prefer to interact with their insurance carrier for these services, traditional channels like the telephone took the lead, with channels like email, online chat, and a mobile app falling further behind. 

Payment preferences for digital wallets are still low (less than 9%) in the insurance industry. 

PayPal, Venmo, and Apple Pay, among other payment options, have been circling the payment space for years. Increasing customer expectations to provide these payment options is placing pressure on insurers to expand their offering to include digital wallets. While these options offer some customers a more convenient way to pay, insureds and members still prefer credit cards and debit cards to pay for their insurance premiums.

43% prefer to receive statements for insurance policies or services by email.

Our research confirms that email should remain a key tool for communicating with insureds. 43% of insureds prefer to receive statements for insurance policies or services by email. Mail is also favored at 26%, followed by mobile apps at 15%.

42% state little or no communication was their top challenge when interacting with insurers.

We wanted to tackle the challenges insureds face when interacting with their insurers head-on, and “little or no communication from insurer” was revealed to be a top challenge. Numerous channels can be leveraged to increase communication between insurance agencies and their insureds. These platforms can even empower the customer to self-manage their preferred notification type, channel, and frequency. KUBRA’s various customer engagement solutions such as Notifi and KUBRA iMobile are an example of products dedicated to increasing customer communication and satisfaction.  

53% say that improving digital payments for their insurance services would increase their overall satisfaction with their insurer.

A clear path for insurers to improve their relationship with existing insureds or members and even gain more customers is going digital. Focusing on digital channels for statement delivery, payments, and communications will elevate the customer experience and offer the support that current and prospective customers seek. Download the full whitepaper to discover the three other benefits insurers would see from offering digital payments for their insureds.

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