Carriers Offer Digital Resources for Business Preparedness and Recovery from Disasters; Opportunity to Expand Mobile App Servicing
The Hartford Remains No. 1 in
The Scorecard's findings reveal the importance of natural disaster preparedness and how small commercial insurance carriers can assist policyholders by sharing content and actions that businesses can use to prepare for and recover from catastrophic events. Additionally, the Scorecard results highlight the mobile channel as an area of key opportunity for carriers to advance digital services for small businesses.
"With the current increase in natural disasters, it's more important than ever for insurance carriers to offer small businesses easy digital access to servicing their policies, filing and tracking claims and working with their insurance providers as partners in supporting business preparedness and recovery," said
Key Findings:
Digital Resources are Crucial to Disaster Preparedness and Recovery
Recent hurricane and wildfire activity highlights digital channels as critical to supporting small businesses, in addition to consumers, during catastrophes. Carrier websites, mobile apps and browsers can provide key alternative access routes to servicing and claims handling during a disaster. Currently, 80% of carriers' websites highlight actions that companies can take to better prepare for possible catastrophic damage and loss. This includes 30% offering weather-specific content addressing key areas of preparation prior to a disaster, evacuation planning, and providing tools such as business resumption checklists.
Several carriers also offer videos or webinars to assist business planning. One-third of carriers offer digital access to the dates and locations to reach mobile recovery units, while 20% support digital inspection tools to speed the assessment of property damages and 40% support remote evaluation of losses to commercial vehicles. Further, half of carriers enable online or mobile claims filing for business owners' policies and business property policies, and 70% support digital submission of commercial auto claims.
Opportunity to Service Small Commercial Policies via Mobile Apps
While 90% of the carriers benchmarked by
Today, half of carriers enable single sign-on for both personal and business policies, and many insurance providers are focusing on their mobile apps as the primary digital interface for servicing. This indicates an opportunity to actively focus on building a mobile app's value for business, as well as consumer, policyholders since small business owners are often sole proprietors.
Additional policyholder value can be created by integrating other business-specific features into an app. Half of carriers offer small commercial auto policyholders a safe-driving telematics app, and many offer mobile damage inspection tools for commercial auto and business property. Business-specific educational content that could be ported to an app is offered by 90% of carriers, and coupling business policies with a personal lines interface can also extend new digital capabilities to business accounts—engendering recurring app use to build further engagement with the carrier.
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