Spanish-language and Digital Quoting Services on the Rise Among Leading Insurance Carriers
Wilmington, Del. June 21, 2023 – Keynova Group, the principal competitive intelligence source for digital financial services firms, today announced the results of the Q2 2023 edition of its semi-annual Online Insurance Scorecard, an evaluation of 12 of the largest U.S. auto and property insurance carriers’ website capabilities. Progressive once again earns first place for its online user experience with the highest overall score.
The key trends that Keynova Group identified in the Scorecard show insurance firms are focused on enhancing online Spanish-language content and digital quoting to boost site usability, while also exploring partner integrations to augment their usage-based telematics solutions.
“Insurance carriers are extending Spanish-language options throughout their online properties to accommodate the increasing number of Spanish-speaking consumers in the market,” said Beth Robertson, managing director, Keynova Group. “In addition, these firms are improving the prospect and policyholder experience by building new tools into digital quoting and policy change processes.”
Key Findings:
Carriers Expand Spanish-language Content
As the immigration of native Spanish-speaking populations to the U.S. continues to grow, carriers are optimizing digital channels to accommodate these consumers as both prospects and policyholders. GEICO is the first of the reviewed firms in Keynova’s Scorecard to provide Spanish content across the bulk of its authenticated site and is the only firm to translate auto policy quotes to Spanish. GEICO also offers a Spanish-language option for users communicating with its digital assistant. To help Spanish-speaking policyholders, nearly 60% of reviewed carriers explicitly list Spanish-language customer support numbers on their site. Online access to bilingual claims services are more nascent with just 25% of the carriers listing phone numbers for Spanish-language claims assistance. For prospects researching policies and coverage, 50% of reviewed carriers now offer public-site content about insurance products in Spanish.
Enhancements Streamline Digital Quoting
Digital quoting is also being improved as leading carriers add dynamic pricing tools that enrich the user experience and accelerate access to customized quote results. One-quarter of the reviewed firms enable on-the-fly updates to component pricing and one-third display pricing changes to the quoted premium as a user modifies desired coverages. In the auto quote flow, 25% of the carriers, including State Farm, Progressive and The Hartford, supply an estimated price to add renter’s coverage and link to that additional quoting flow to facilitate access to bundled coverage. Carriers are also extending the availability of easy-to-use online pricing tools to policy changes where two-thirds of insurers highlight revised component and premium prices for a proposed policy change, and 75% show the incremental cost of implementing these changes.
Usage Based Insurance Extending to Partners
While all of the reviewed insurers offer telematics solutions that monitor consumer driving behaviors and provide related guidance and pricing incentives, the value of these solutions is being extended with integrations to claims processes and to embedded insurance relationships with third parties. Nationwide and State Farm each have embedded insurance ventures underway incorporating their usage-based insurance solutions to drive enhanced benefits for their policyholders. Nationwide uses vehicles’ Amazon Alexa smart devices to interface with its SmartRide tool and to provide useful driving information such as the weather and road conditions. State Farm leverages the FordPass and Lincoln Way vehicle telematics systems in combination with its Drive Safe & Save program to provide and track usage-based driving information directly through the vehicle.
About the Online Insurance Scorecard
Keynova Group’s semi-annual, fact-based Online Insurance Scorecard, offered for more than two decades, evaluates digital user capabilities, customer experience elements, and best practices to identify evolving trends and insights that drive digital strategy in the auto and property insurance industry. The evaluation encompasses the websites of 12 of the largest P&C carriers in the U.S. market: Allstate, American Family, Erie, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, The Hartford, Travelers, and USAA. Erie Insurance is newly evaluated in the Q2 2023 Online Insurance Scorecard. For more information, please visit https://www.keynovagroup.com/scorecards/#insurance.
About Keynova Group
Keynova Group is the nation’s foremost competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending and insurance. Since 1999, Keynova Group’s Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights. The firm’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects.
For more information:
Meggan Manson
Young & Associates, for Keynova Group
301-371-6995
megganm@yapr.com