Poor digital experiences negatively impacting UK insurance customers
A new study reveals an overall unfavourable opinion of online services from UK-based insurers
PwC, in collaboration with DataEQ, conducted the latest UK Insurance Sentiment Index, which analysed over 335,000 public tweets about the UK’s major insurers.
During the period of analysis, each tweet received a sentiment rating of positive, neutral, or negative. These scores were then used to calculate a Net Sentiment score for each insurer. The overall industry Net Sentiment was negative, with a result of -19.2 per cent.
Of the 15 insurers included in this index, only two achieved a positive overall score, with Marmalade gaining the highest Net Sentiment of 15.5 per cent.
Alex Bertolotti, UK Insurance Leader for PwC, said: “We are facing an increased dependency on digital channels across the sector so the results should prove sobering news for some insurers.
“However, this insight can also be an opportunity for insurers to offer a point of differentiation in what is a complex and competitive market.
“By focusing on service delivery, digital transformation can be the very thing that can both move the dial in terms of customer service and performance, while offering up the opportunity to streamline costs.”
According to the results, the majority of negative tweets referred specifically to feedback about past, present and potential customers’ experience of how the insurer operated, such as website navigation, app and website downtime, and network speed.
However, insurers publicly responded to 71 per cent of priority tweets, with almost a third without a response. Hastings Direct performed the best in this regard, with a response rate of 90.9 per cent.
Response time was also varied across the insurers, with nine brands responding in under the industry average of 8.1 hours. Direct Line performed best in this category, with an average response time of just 2.2 hours, nearly six hours faster than the industry average and over 18 hours faster than the slowest brand.
Bertolotti further explained: “As expectations evolve and the industry transforms, insurers will need to choose their own path as they contribute to a bold new vision for the industry.
“Regardless of the path they choose, insurers that anchor their strategy around developing an agile, tech-powered organisation will create a distinct competitive advantage.”