New research shows digital tools drive loyalty, especially among younger insurance policy holders

New research shows digital tools drive loyalty, especially among younger insurance policy holders

Digital tools have become the new normal for everything from picking up food curbside to digital banking and everything in between. But how has the shift to digital impacted the insurance industry?

As more consumers move to digital tools to meet their needs, Mobiquity set out to understand how digital customer experiences impact loyalty and attrition. We surveyed more than 1,000 insurance customers in the US about their current habits, how they predict these habits will change in the future, and what will influence those changes. We learned that insurance carriers face a significant challenge in reducing attrition among younger policy holders and focusing on digital tools will be an important part in securing their loyalty into the future.

Other key insights include:

• Younger policy holders are less satisfied and less loyal - those under 55 are almost 3x more likely to switch policies in the next 12 months than older consumers 
• Younger policy holders are more likely to have increased their usage of digital tools to manage their policies in the past 12 months
• Younger consumers are less influenced by lower rates and significantly more likely to switch for better digital tools or to a carrier with positive online reviews 

Ready to unlock your insurance digital experience potential?