P&C | May 30, 2022
Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year.
Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.”
Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power.
The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project.
Key findings of the 2022 studies are as follows:
Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction.
Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools.
The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527.
Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.
Inszone Insurance Services | February 14, 2022
Inszone Insurance Services, a rapidly growing national provider of benefits, personal, and commercial lines insurance, announced today the acquisition of Keck Insurance Agency, expanding its presence in the Temecula area.
Keck Insurance, a family-owned independent agency, has served the needs of residents and businesses of the Temecula Valley since 1992. The agency was originally started in September of 1972 by Dan Keck’s father in the San Bernardino area. Dan started working with his father in the agency in 1989 before ultimately taking it on as an owner in October of 1992 when he moved the agency to Temecula.
Keck Insurance Agency strives to provide quality protection for hundreds of individuals, families, and businesses throughout Southern California. The team at Keck Insurance has worked hard at identifying the needs of clients, putting together a customized plan that’s simple and easy to understand, ultimately taking the mystery out of insurance. Keck Insurance Agency customers will continue to receive the service they are accustomed to, under the Inszone Insurance brand.
“We are excited to bring Keck Insurance Agency into the Inszone Insurance family, The acquisition of Keck Insurance makes for our third in the Temecula Valley, expanding our services throughout Southern California.”
-Norm Hudson, CEO of Inszone Insurance Services.
Inszone Insurance plans to continue to broaden its national footprint in 2022, and pursue a steady growth trajectory, with a number of important transactions to be completed and announced in the upcoming months.
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 26 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.
Spot | March 14, 2022
Today Spot (www.lifebyspot.com), the on-demand injury insurance company protecting everyone from athletes and adventurers to families at home; along with Ikon Pass, the world's premier season pass, announced a partnership to bring a new level of protection to pass holders who live an active lifestyle.
As part of the partnership, Spot provides 22/23 Ikon Pass holders with access to a unique, affordable insurance policy that covers injury-related medical bills anytime they're using their pass. Spot's policy for pass holders will provide up to $25,000 toward any Ikon Pass holder's medical bills with absolutely zero deductible.
Spot is fundamentally changing how people purchase health coverage across their lives. We built Spot to address the needs of an active community who lives life to the fullest, We have a passion for being outdoors and, while we'd rather be on the hill than at the office, we understand the peace of mind that comes from knowing you're protected no matter what you're doing."
Matt Randall, co-founder and CEO of Spot.
In addition to the personal injury coverage, Spot will also offer a pass protection policy that will refund all or part of an Ikon Pass holder's price if they are injured or unable to take advantage of their full season on the mountain.
We are pleased to now offer pass holders both pass and injury coverage with Spot Insurance for the 22/23 winter season. We are always looking for ways to add benefits for pass holders, and Spot's options offer additional financial protection and peace of mind."
Erik Forsell, CMO, Alterra Mountain Company.
Spot partners with businesses and organizations across the active lifestyle space to cover their customers' out-of-pocket medical bills, regardless of health insurance status. Launched by a team with experience at both insurance industry giants and groundbreaking tech startups, the company provides affordable accidental injury coverage, which can be used with or without traditional health insurance. Spot is fully digital, conveniently allowing customers to sign up in just one minute for immediate coverage at any time. Partners including Telluride, USA Cycling, Chicago Triathlon (via LifeTime), USA BMX, Powder Mountain, National Collegiate Rugby, and athleteReg trust Spot to protect their communities. The company is headquartered in Austin, Texas, and has raised $17.5 million from GreatPoint Ventures, Montage Ventures, Mutual of Omaha, Silverton Partners, and MS&AD Ventures.
About Ikon Pass
Ikon Pass welcomes skiers and riders to a community of inspiring mountain destinations and the people who live and play among them across the Americas, Europe, Australia, New Zealand, and Japan. Brought to you by Alterra Mountain Company, the Ikon Pass unlocks adventure at iconic and unique destinations worldwide. Special offers are available at CMH Heli-Skiing & Summer Adventures, the world's largest heli-skiing and heli-accessed hiking operation.