Study on insurers’ online presence: size is not the decisive factor

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HSLU study on insurers’ online presence: size is not the decisive factor

 (Image: Pixabay CC0)
(Image: Pixabay CC0)

Anyone who thinks "the bigger the insurer, the better the online presence" is wrong, as a new study by the Lucerne University of Applied Sciences and Arts shows. In fact, the size of the insurer, measured in terms of the respective balance sheet total, does not play a role - although larger insurers would tend to have a competitive advantage due to higher financial resources.

’The larger insurers still want to address their potential new customers through classic channels as well - especially those that have a nationwide agency network,’ explains project manager Florian Schreiber. The more complex organizational structure with longer decision-making paths could also come into play as another reason, according to the expert. Regardless of these arguments, however, the large insurers do not perform worse than their smaller competitors across the board.

Dormant potential in the area of sustainability and innovation

The study also examined the extent to which insurers are pursuing initiatives in the area of innovation and sustainability. These two topics are becoming increasingly important, especially among younger customers, and can influence the decision to take out a policy. It is therefore crucial for insurers to be appropriately transparent and prominent about their activities in these areas. Since investments in the area of innovation require human and financial resources, the larger insurers perform significantly better here," adds Schreiber. According to the insurance expert, the larger the insurer, the better its ranking in the area of innovation and social responsibility.

Ranking: Overall winners receive Digital Insurance Experience Award 2022

In the overall ranking of the study, two insurers achieved the best results: Generali Switzerland and Mobiliar. ’Generali Switzerland stands out for its strong positioning in the area of sustainability with a variety of initiatives pursued,’ notes study author Sophie Hundertmark. Furthermore, a transparent and easy-to-find presentation of activities in the areas of innovation and sustainability lead to a positive assessment by customers. To further emphasize the area of innovation, the insurance company operates its own innovation garage, House of InsurTech Switzerland (HITS), from which several startups have already sprung. Mobiliar also scored in the area of sustainability. Hundertmark: ’In addition, its online presence is not only diverse, but also interlinked through omnichannel management. For example, customer inquiries could be answered exceptionally quickly and with high quality.’

The Institute of Financial Services Zug (IFZ) at the Lucerne University of Applied Sciences and Arts (HSLU) has published the ’Digital Insurance Experience’ study for the first time. The study provides insights into the quality of the online presences of Swiss insurers. For this purpose, the HSLU evaluated more than 300 different criteria. Based on a representative survey, the team led by Florian Schreiber and Sophie Hundertmark also analyzed how relevant these criteria actually are from a customer perspective and what potential new customers want from an insurer.

The study was conducted in cooperation with partners Finnoconsult and Adnovum.