Together with IFZ (Institut für Finanzdienstleistungen Zug) and Finnoconsult, Adnovum conducted the study «Digital Insurance Experience» in 2022. The study focuses on the degree of digitalization among Swiss insurers and shows which digital solutions and processes the industry is currently working on. The term «Digital Insurance Experience» includes all digitally offered information and services of an insurance company that are accessible to a potential new customer.
With the study, IFZ, Finnoconsult and Adnovum wanted to find out how Swiss insurers perform in terms of their online presence. To achieve this, we first visited all websites and collected more than 300 criteria, which can be categorized into ten dimensions and which we then evaluated. In addition, we conducted an online survey among 1,001 decision makers with insurance companies. Based on the results, we analyzed which insurers are digital pioneers in the individual dimensions and how important these aspects are from the perspective of a potential new customer. So much to start with: Certain results are surprising – even to us.
The more than 300 criteria and subcriteria were categorized into the following ten dimensions:
Of all the dimensions analyzed, the website takes the leading position with an average score of 6.25 points. In particular, barrier-free access from all end devices is already an established industry standard. Overall, this result is hardly surprising. The website is typically the first point of contact for online-savvy customers, which makes a high-quality web presence a must. At ∅ 5.26 points, online distribution is also on a decent digital expansion level. For a potential new customer, the transparent and easy-to-understand presentation of the insurance conditions and premium is particularly important during this process. Nevertheless, there is still room for improvement in many areas if insurers want to offer customers a smooth digital contract conclusion. For example, often the product wizard for individual needs assessment is missing, with with customers feel well advised also in the digital context.
Interestingly, the size of an insurer – in terms of balance sheet total – plays no role in the performance in the individual dimensions or in the overall ranking. The hypothesis that the larger insurers have a competitive advantage due to their greater financial resources does not support our results statistically. A possible explanation: The larger insurers want to primarily address or win their potential new customers via other (sales) channels, especially those who have a nationwide network of agencies. The more complex organizational structure with longer decision-making paths could also be a reason. Despite these arguments, it should be emphasized that, across the board, the large insurers are not doing worse than their smaller competitors.
Finally, we looked at the extent to which insurers are pursuing initiatives in the dimension of innovation and social responsibility. From the point of view of a potential new customer, however, it is much more important whether the insurer reports on this transparently or prominently. Because these two topics are becoming increasingly important and influence the final decision, especially among younger customers. Since investments in innovation require high human and financial resources, it is not surprising that the scores achieved in this dimension – as the only ones in our analysis – depend on the size of the insurer. As a rule: the larger the insurer, the better the performance in the dimension of innovation and social responsibility.
Interested in knowing who ranks how in which dimension?
Download the complete study (in German only) here.