Digital processes are firmly embedded throughout the insurance customer journey, including the use of chatbots as a core piece of technology.

This is amongst the findings of Altus Consulting’s Digital Bar research programme, analysing technology use amongst insurers over a ten-year period.

According to the data, over 98% of market-leading UK insurers offer the ability to purchase their products through digital channels; and more than half of leading UK insurers have implemented an AI chatbot to improve efficiency in customer operations functions.

However, the latest data also highlights the fact that since the jump in online support during Covid, there has been a lack of further evolution in customer journeys online.

Mark McDonald, general insurance practice director at Altus Consulting said: “Since we started this research nearly ten years ago, we have seen an increasing number of insurers embracing digital channels for more than just quote and buy, up from 75% in 2015 to over 98% now. Yet, there has not been a substantially noticeable difference in the digital experiences’ customers had 5 years ago compared to now.”

“Looking outside insurance into other verticals, such as retail, entertainment and banking, we are seeing increasingly digital-first experiences for the end consumer, tailored around the consumer's needs. But insurance customer journeys are still broadly the same.”

The challenge, McDonald added, is to embrace AI, use it as a tool across the insurance industry and reinvent the value chains that underpin organisations.

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