6 developments in mobile applications impacting the insurance industry

October 24, 2022 1:58 PM

Enjoy complimentary access to top ideas and insights — selected by our editors.

Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.

Among the new solutions that insurers are implementing are telematics data in usage-based auto insurance programs, pet insurance customer education via mobile app, and photo capture technology and AI-powered mobile estimation to streamline auto insurance claims.

Read our roundup for more about these developments and how mobile apps are making a mark in the industry.

LexisNexis Risk Solutions smart phone app with feedback

Hand-out/LexisNexis Risk Solutions

Insurers perceive telematics app data as incomplete, LexisNexis

Telematics are set to become a major element in the industry, although insurers feel there's plenty of room for improvement with app data, according to LexisNexis' 2022 report on auto insurance trends.

Roughly 60% of respondents to the survey say they receive insufficient information from telematics apps, but they still feel positive about the technology. "Despite these perceived shortcomings with apps, insurers are generally optimistic about the future of telematics data," the report states.

Indeed, insurers acknowledge that telematics are the future, with the majority saying they intend to make telematics a part of their core business and 96% saying they need to invest in telematics now or risk being left behind.

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Insurers perceive telematics app data as incomplete, LexisNexis

USAA overhauls mobile app after 10 years

Bank and insurance company for the military and early adopter of app-based technology, USAA has revamped its mobile app with a number of new features for the first time in a decade.

Unusually, the USAA app combines banking and insurance services in one app. "Having [banking and insurance] in one place is core to us," said Ameesh Vakharia, chief strategy and brand officer at USAA.

As banking is a more high-frequency need for members, this section is at the top of the homepage. The insurance component resides further down because members log in less frequently for those needs, but when members are filing a claim, that activity will rise to the top.

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USAA overhauls mobile app after 10 years

Geico scores first overall in mobile, Keynova

Claims capabilities, virtual assistants and telematics are the key products that insurers are focused on improving, according to Keynova Group's Mobile Insurance Scorecard evaluation of the mobile website and mobile app offerings provided by the 12 largest firms in the industry.

"Mobile delivery is continuing to become more important," said Keynova managing director Beth Robertson. "Among the 12 leading firms reviewed, eight introduced a significant number of new enhancements to their mobile web and/or mobile apps between Q3 2021 and Q1 2022."

Analyzing user capabilities and customer experience to identify mobile app trends and strategies, and scoring firms based on approximately 200 objective criteria, the report named Geico as the overall winner as well as leader in mobile web and app.

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Geico scores first overall in mobile, Keynova

The best pet insurance apps? Check the ratings

Having a pet is extremely popular — even before the pandemic increased pet ownership — with an animal companion in 70% of U.S. households or more than 90 million homes.

The availability of insurance for all these animals is nothing new, but despite the large number of pets, the market has only started to grow recently, and mobile apps are playing a part.

But what makes a good pet insurance app? Digital Insurance reviewed the top pure-play insurers with mobile apps to see what pet owners think. Here's how they rank the different options.

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The best pet insurance apps? Check the ratings

Claim payout delay frustration, app interest rises, study

Filing an insurance claim for a motor vehicle accident comes with many challenges for policyholders, including delays in receiving a payout, a smaller payout than anticipated when it finally arrives, and even the denial of the claim itself, according to a Publicis Sapient survey.

One thing that would ease the frustrations of consumers would be the ability to file claims using apps. "There's an increasing demand for tech-enablement of claims," said Jason Paau, senior director of program management at Publicis Sapient. "Handling these claims efficiently and at scale is important."

Among other findings, the report highlights the demand for apps in the filing process, which make submitting a claim easier by allowing photos, videos and voice transcription to be uploaded as supporting data.

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Claim payout delay frustration, app interest rises, study

Nationwide accelerates claims process with CCC app

Nationwide has broken new ground in the use of mobile technology in auto insurance claims by providing its field appraisers with CCC Mobile Appraiser Pro, an app which delivers nearly real-time information related to auto accidents.

Utilizing photo capture technology and AI-powered mobile estimation, the app leads the user through the collection of incident photos to help streamline and simplify the claims assessment process.

"With this tool, our team can enhance speed to claim resolution, improving the overall policyholder experience," said Martha Frye, Nationwide's senior vice president of personal lines claims. "We are excited to be first-to-market with Mobile Appraiser Pro."

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Nationwide accelerates claims process with CCC app