Xpand IT launches report on insurance industry

Automation, points of contact with the customer and bet on digital channels: these are the three essential elements of action for an effective change in the insurance industry, one of the largest in the world.

This is one of the main conclusions of the report “Insurance Industry: The Future of Insurance Companies in Mobile Experiences”, launched by Xpand IT, a Portuguese technology company specialized in Big Data, BI & Analytics, Data Science, Middleware, Digital Xperience and Collaboration Solutions.

According to this report, the main current challenges in the insurance industry are consumer behavior, which is increasingly demanding; the lack of confidence in the sector; the importance of taking advantage of advanced analytics in order to understand the data collected and cyber attacks and threats. The main trends in the sector are hyperpersonalization, connectivity with devices, automation and betting on blockchain.

Increasingly, people turn to mobile devices in their daily lives, and it turns out that there is still a lot of room for improvement in the industry, not offering, in many cases, a completely digital experience to their customers.

Based on usability and value for the user, Xpand IT evaluated, in this report, 10 mobile insurance apps worldwide, among the best rated by users, in order to understand the main current trends: Lemonade, Metromile, Cuvva , Oscar, Geico, Alan, Zego, State Farm, Root and Cover.

The report points out that health insurers are most impacted by the pandemic and those offering auto insurance will have the least impact, as a result of changes in people’s lifestyles, with insurers that still depended on traditional business models being particularly affected . For this reason, digital channels must be assumed to be a necessity rather than “just” a priority.

Sérgio Viana, Partner & Digital Xperience Lead at Xpand IT, says: “Brands are increasingly reinventing the way they approach their customers, and this pandemic has further reinforced this aspect. The Insurance Industry, despite the movement of some players, still has enough opportunities to improve the experience that is offered – both internally and externally. We hope that this Study of ours will help in the analysis of how much it is possible to do ”.

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