Progressive scores first in online, insurers prioritize digital privacy

As the insurance marketplace moves digital, consumers will look toward insurance companies to improve upon their digital experiences. Over the years, companies have adapted to the needs of consumers by implementing tools that make transactions safer and more efficient. Keynova Group, a financial services intelligence firm, recently released its Online Insurance Scorecard for Q2, which examined the online user experience of the top 12 property and casualty service providers in the U.S. 

The scorecard looked at several parameters, taking into account facets such as digital privacy and security, online self-service tools, and data entry. The scorecard uses a weighted matrix of nearly 400 objective criteria grouped and weighted by category and task. These categories include: 

• Functionality: Does the website make it easier for customers and prospects to perform tasks and acquire services?
• Ease of Use: What elements enhance usability and efficient access to information?
• Privacy & Security: How well are the customer-facing privacy and security features implemented? 
• Support & Access: How are the customer support capabilities?

Progressive beat out industry rivals Geico and State Farm to claim the top spot in Keynova’s Online Insurance Score Card. Progressive owes its success to its commitment to investing in its desktop user interface which includes easy-to-use menus and forms, virtual assistants backed by Microsoft Azure’s AI capabilities, and secondary authentication practices. 

This quarter’s report suggests that insurers are going all-in on investing in privacy and security, with 11 out of the 12 companies surveyed now conforming to NIST (National Institute of Standards and Technology) standards for password security. 

With that being said, Keynova noted in the report, that there is still room for improvement regarding personal security: “Just four of the reviewed carriers, American Family, Geico, Nationwide, and State Farm supply last login date and time information on the secure site landing page, and none of the carriers report the last login device used. [These are] security practices that are expanding across other financial services providers to help customers readily detect unauthorized access. In comparison, Keynova’s Q2 2022 Online Banker Scorecard found more than four fifths of leading banks provide last login date and time and one-fifth highlight last device access.”

According to Beth Robertson, Managing Director of Keynova, this year’s study showcases the industry is beginning to invest in improving digital channels. Customers are no longer interested in transacting with insurance companies exclusively in person, instead, consumers are looking toward insurance companies to offer the same services that they would get in person, online. This shift has put pressure on insurers to bolster their online security apparatus so that hybrid consumers feel as comfortable doing transactions online as they would in person.

"The recent increase in digital transacting has heightened awareness about the need to improve both behind-the-scenes and customer-facing privacy and security measures. As a result, the insurance industry is adopting some of the digital safeguards used by other financial services sectors," says Robertson. "Insurers house a significant amount of confidential information making it paramount for them to enhance the digital protections afforded their policyholders.”