The Tipping Point: How Digital Capacity Impacts Insurance Loyalty

The Tipping Point How Digital Capacity Impacts Insurance Loyalty

In today’s insurance landscape, customers eagerly anticipate all services to be available digitally without delay. Gone are the days when tedious paper-based protocols were tolerable. Such approaches, besides being costly and inefficient, play a significant role in shaping customer satisfaction and loyalty.

Scanbot SDK, a provider of barcode scanning, document scanning and data extraction, has released a report exploring why customer satisfaction is the key to success. 

An insightful study by Accenture delineated this trend, revealing that a staggering 69% of claimants who are left displeased are prone to transition to an alternative insurance provider.

This sentiment was further echoed by a survey from PWC, where findings showed that a sizeable 44% of policyholders are mulling over the option of switching insurers if their existing provider falls short in terms of its digital capabilities.

Focusing on the younger generation, a survey from Statista highlights the evolving consumer expectations, with approximately 52% of Gen Y insurance clientele emphasising the significance of mobile app services offered by insurance firms.

Consolidating these insights, it becomes evident that efficient, speedy, and user-friendly digital services are indispensable to sustain customer satisfaction and loyalty. In the intricate world of insurance, the claims submission process often serves as the first real touchpoint where insureds appraise their provider’s services. And if this process is anything less than impeccable, the odds of them looking elsewhere for insurance services are considerably high.

So, what’s the cornerstone of this digital evolution in claims management? The answer lies with Scanbot’s Document Scanner SDK. For claims management to be truly automated and effective, it necessitates impeccable digital copies.

The Document Scanner SDK by Scanbot offers this precision, paving the way for optimal OCR processing in the backend systems. By coupling intuitive features with swift claims submission processes and reduced processing times, it’s a solution that guarantees heightened customer satisfaction.

Read the full report here.

Scanbot SDK has also released a report on how insurance companies can improve the customer experience with document scanning. Read the report here.

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.