A recent whitepaper by Scanbot SDK has studied how North American insurances perform on digital customer experience.
To gauge sentiment on this topic, the company examined whether the insurances had adopted two particular technologies – online customer portals and smartphone apps. Furthermore, Scanbot SDK investigated whether those portals or apps offer the opportunity to scan and upload documents via smartphones.
In this regard, Scanbot SDK analysed the online presence of insurances with more than $75m in annual revenue in the US and Canada. The InsurTech focused on the areas of property and casualty insurance, life insurance, and workers’ compensation insurance.
The firm found that there are ‘marked differences’ between the major insurance industry sectors and much-unused potential to increase customer satisfaction, heighten efficiency and decrease costs.
Scanbot found that nearly 40% of insurers surveyed in North America do not offer an online customer portal. Less than 20% of insurance companies even provided a smartphone application to their customers. Even more remarkable, only about 3% of insurance companies allow their customers to submit documents via a smartphone app.
In the area of property and casualty insurance, 61.1% of insurers had a customer portal, 61.2% for life insurance, and 60.5% for workers’ compensation insurance. For the adoption of smartphone apps, only 16.4% of property and casualty insurance firms had apps, 23% in life insurance, and a measly 12.5% in workers’ compensation insurance.
In 2021, most North American insurers were still found to be incapable of automatically processing claims-related documents.
Scanbot identified the key online needs for insurers in North America were chatbot, digital guidance, ability to submit documents digitally and 24/7 access to relevant information. Meanwhile, the offline needs included the availability of an insurance agent, solid personal consultations, ability to submit documents via post and physical documentation of insurance policies.
To read the full whitepaper click here.
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