Banks outperforming insurance providers across digital apps

• UK study of mobile app reviews of Property and Casualty (P&C) insurance providers shows that banks are receiving better reviews across their digital apps
• Largest frictions for P&C insurance providers around login, authentication, notifications and alerts
• Mobiquity’s “Benchmark report for UK P&C Insurance industry” analysed over 3,000 customer reviews of leading UK P&C insurance providers including Admiral, Hastings Direct, AXA, Veygo and Aviva

Today a study shows that UK retail banks are outperforming Property and Casualty (P&C) insurance providers in their digital banking app experiences.

The research entitled ‘Benchmark report for UK P&C Insurance industry,’ was conducted by Mobiquity, a full-service digital transformation enabler, analysing over 3,000 UK customer insurance app reviews within the Google Play Store and the App store. These reviews were compared with app reviews of leading UK retail banks.

The data shows that UK banks are outperforming P&C insurance providers across customer reviews, feature ratings, design and user experience, performance, payments, login and notifications.

One of the key frictions highlighted by customers using UK P&C insurance apps was login and authentication. This feature is the first interaction between the customer and the insurance app, and recorded the worst average customer rating for all features with a score of 1.5 out of 5.

Another key concern was notifications and alerts, which had another low average customer rating for insurance customers of 1.7 out of 5. Some insurance providers didn’t provide the option to customise app notifications.

However, one area that UK P&C insurance providers did receive better app reviews was in customer services.

Commenting on the report, Lionell Schuring, VP of Creative, Mobiquity, said: “There is no doubt that the use of digital mobile applications has increased during the pandemic across all industries. However, levels of digital maturity and the quality of the user experience are very different.

“Our research shows that the banking sector is further ahead in the process of digital transformation compared to the P&C insurance industry. Insurance providers need to address the frictions that have been identified if they are to keep up with evolving customer expectations, and to seize the opportunity of additional revenue generation once optimised. The companies that will stay ahead of the competition are those that take a human centric approach to digital innovation.”