After a tentative recovery in 2021, the insurance industry is part of an investment dynamic in 2022. There are many initiatives to develop customer experience, especially in mobile applications.
Columbus Consulting publishes the 5e Edition of his study on the digitization of the customer experience in the insurance industry in Switzerland. After a tentative recovery in 2021, the insurance industry is part of an investment dynamic in 2022. There are many initiatives to develop customer experience, especially in mobile applications. Innovation also includes the development of InsurTech and the creation of new ecosystems.
Tight trio at the top of the 2022 ranking
Digitization is accelerating and Helsana, TCS and Groupe Mutuel, which dominate the ranking, are making faster progress on average than the other market participants. Overall, health insurers are making better progress than other market participants on average. In fact, there the customer relationship is more developed and interactions more frequent with more digital services (scanning and sending invoices, switching franchises, requesting new add-on products, questions about product coverage, etc.).
Budgets allocated to digital media have increased sharply (+31%), driven by health insurers investing more than property and casualty insurers (10 point difference in digital media budget growth between the two types of insurance) .
Insurers are developing their target groups and services for more omnichannel
The trend in the industry is to develop differentiated interaction services with the return of instant messaging and chatbot capabilities and better integration of social networks into customer service. “The aim of insurers today is to optimize customer relationships on digital channels, without forgetting that agencies and consultants remain the main points of contact for customers. We are talking about a consultant augmented by digital technology,” specifies Jean Meneveau, deputy director of Colombus Consulting.
Mobile apps drive innovation in the industry
While mobile applications traditionally offered functionalities that cover basic needs (claims management, invoice scanning, contact with insurance companies), the offer is evolving: SWICA, CSS, Sanitas, Helsana now offer digital health coaching on more advanced mobile applications.
The new service Twint+, in partnership with Würth Financial Services, offers travel or everyday insurance on the “App Only” player market, while Revolut travel insurance remains only available in Europe and not in Switzerland.
InsurTech’s continued growth is fueling the industry
Despite a slowdown in fundraising, InsurTech players show continuous development in 2022. At the European level, the industry is split into two families: on the one hand players who position themselves as front-end competitors of traditional insurers (e.g. the German Wefox, French Alan and +Simple), on the other hand providers of specialized services and solutions (eg: French Shift Technology specialist in fraud detection, English Envelop Risk specialist in reinsurance). Like AXA Switzerland, which acquired the start-up Kinastic in 2022, the acquisitions or partnerships between insurers and InsurTech continue.
The emergence of new ecosystems is taking shape
The dynamism of InsurTech players has pushed insurers to innovate, sparking a new trend: ecosystems that allow players in the same sector to join forces to develop new services. We note the arrival of Well, which brings together insurance companies CSS, Visana, telemedicine provider Medi24 and online pharmacy Zur Rose, offering new integrated services between players. With the same dynamic, Compensana unites the insurers Groupe Mutuel, Helsana and Swica as well as the healthcare groups Medbase and Hirslanden and is soon to launch services that will also be examined by the market. “In fact, customer expectations are high in the insurance industry, where the digital customer experience often lags behind other industries,” specifies Jean Meneveau.
Should digitization go through “Open Insurance”?
Between the integration of new services, partnerships and the creation of ecosystems, the insurance market wants to become more open. In the past, cooperation between players had the goal of expanding the range of services, but today Open Insurance must make it possible to offer new end-to-end services or even involve players from outside the industry. “Excellent customer and employee experience remains a strong driver of innovation in a market that is constantly exploring new avenues,” concludes Jean Meneveau.
Colombus Consulting presents below the world rankings of the digital index that measures the digital performance of insurance companies based on 50 indicators divided into four areas: web, mobile, marketing and social.
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