State Farm, Allstate and GEICO provide best digital experiences among P&C insurers, Corporate Insight research finds
NEW YORK, Sept. 24, 2024 /PRNewswire/ -- New P&C insurance research from Corporate Insight (CI) identifies State Farm, Allstate and GEICO as the leaders in digital experience. The 2024 P&C Insurance Experience Benchmark evaluates 20 carriers across over 170 attributes to provide a detailed comparison in functionality, design and usability. The report identifies industry leaders, examining firms across seven key categories on desktop and mobile app, for a comprehensive look at the digital P&C landscape. The 2024 edition of the report found that, as in 2023, the average P&C digital experience remains ripe for improvement as firms look for new areas to add value.
"The 2024 P&C Insurance Experience Benchmark builds on the research of the 2023 edition," says Justin Suter, Insurance Research Manager at Corporate Insight. "State Farm maintained its first-place ranking, but we saw firms make big jumps in this year's report by finding ways to provide value to policyholders outside of the traditional insurance model. Allstate's mobile app revamp, for example, added new features like a gas finder tool and a data breach checker that propelled it to second place."
State Farm finished first as it did in 2023, offering the top mobile app and excellent design & navigation. Allstate's mobile revamp and strong overall performance across all categories earned the firm second place, while GEICO took third with its strong self-service offerings. As in 2023, no insurer finished in the highest Leading tier, with 13 of the 20 firms in the report earning scores in the Achieving tier, indicating that the industry has reached table-stakes parity and is searching for areas of digital innovation.
As part of the competitive benchmarking study, CI surveyed over 1,400 digitally active policyholders to better understand the preferences and usage of today's insurance customers.
"Our survey found that while users are generally satisfied with their insurer's digital experience, few view their carrier's digital offerings as 'extremely modern,'" Suter notes. "Some areas are stronger than others. Auto insurance mobile app users reported the highest satisfaction and were most likely to think of their insurer's app as 'extremely modern.' But desktop users in home and auto were slightly less satisfied and less likely to think of platforms as modern. The industry still has work to do if it wants to meet the digital expectations of today's users."
The survey revealed a range of policyholder priorities on digital insurance platforms. Coverage details overtook premium payment this year as the most common reason that policyholders engage with their insurer on desktop, with account details and insurance cards also now ranking ahead of payment. Accessing insurance cards was the most common activity performed on mobile.
"With historically high premiums, policyholders may be logging in to check their coverage details to see what they can tweak to save money," Suter explains. "People may also be looking at their policy to make apples-to-apples comparisons with competitor quotes. Either way, a top mobile experience is key for attracting and retaining customers."
Categories analyzed in the P&C Insurance Experience Benchmark study include:
- Account Information
- Mobile
- Account Servicing
- Design & Navigation
- Profile & Settings
- Support
- Prospect Experience
Insurers featured in the P&C Insurance Experience Benchmark are:
- Allstate
- American Family
- Amica
- Automobile Club of Southern California
- Auto-Owners Insurance
- Branch
- Chubb
- COUNTRY Financial
- Erie Insurance
- Farmers
- GEICO
- Liberty Mutual
- Mercury Insurance
- Nationwide
- Progressive
- Pure
- State Farm
- The Hartford
- Travelers
- USAA
About Corporate Insight
Corporate Insight (CI) delivers competitive intelligence, user experience research and consulting services to the nation's leading financial services, insurance and healthcare institutions. As the recognized industry leader in customer experience research for over 30 years, we have been the trusted partner to corporations seeking to improve their digital capabilities and user experience. Our best-in-class research platform and unique approach of analyzing the actual customer experience helps corporations advance their competitive position in the marketplace.
For media inquiries or to schedule an interview with an analyst, contact:
Patrick Flood
646-876-7535
pflood@corporateinsight.com
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SOURCE Corporate Insight
