Mobile apps help drive satisfaction with insurance and investment services

Every year we take stock of customer satisfaction in the financial and insurance sector. In recent years, we’ve noted digitalization is driving the success of retail banks, and technological advancements are improving satisfaction across the sector. Our latest report supports those points.

In particular, mobile apps – which we measured for the first time this year — are improving customer satisfaction even as other online resources, like websites, dip within the sector.

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Based on our 2018 finance and insurance report, here are a few ways mobile apps are already contributing to the finance and insurance sector’s success.

Nationwide most improved among insurers, thanks to cutting-edge mobile app

In early 2018, Nationwide became the first company to enhance its mobile capabilities with a new blockchain framework. Designed specifically for the risk management and insurance industry, the framework enables Nationwide to offer customers real-time policy verification and eliminates the need for hard-copy documentation—streamlining a historically cumbersome process.

The app, which also allows consumers to start and process claims from their mobile devices, scored exceptionally high marks in customer satisfaction in 2018 and propelled Nationwide’s 5 percent gain in overall satisfaction, which is the largest improvement by any property and casualty insurer this year.

Industry-wide, the quality and reliability of mobile apps, which can be used to pull up policies, document accidents, and easily reference claims, rank near the top of all benchmarks measured. Customers give mobile app quality an ACSI score of 87 and the reliability of mobile apps, defined by minimal downtime, crashes, and lags, an 85.

Life insurance leads in mobile app satisfaction

Life insurers are getting creative with mobile options, too. For instance, John Hancock has developed a program, available via its app, that encourages policyholders to be more proactive with their health. For every 10 workouts they record, policyholders earn the chance to spin a wheel of fortune in their mobile app and accrue points they can redeem for gift cards. These incentives are improving customer engagement, experience, and satisfaction.

Across all insurance industries ACSI measures, life insurance scores highest for both quality (90) and reliability (89) of mobile apps. Driven in part by these scores, satisfaction for the industry rises 2.6 percent to an ACSI score of 80.

The flip side: Technical glitches hurt satisfaction

While some companies are satisfying customers with mobile options, other companies can’t seem to master the basics. Vanguard, the previous customer satisfaction leader in the investment services industry, is one example. The company drops 4 percent to a score of 79 following system issues like phone and website connection problems that left customers fuming, as well as automated texts that incorrectly stated loans were being processed.

Vanguard’s technological hiccups weren’t enough to bring down the industry as a whole however. Reliability and quality of mobile apps (both 82) top the charts and life insurers continue to hold steady at a score of 79.

Digital technologies make strides

Mobile is high on customers’ priority lists, and with a few exceptions, insurance and investment companies are delivering. As our data shows, those companies investing in their customers’ digital experience and expectations are reaping the rewards in terms of customer satisfaction.

It’s a digital world, and whether policyholders are looking to file insurance claims or make changes to their investments, companies would do well to meet the demands of the on-the-go customer.

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