Digital insurance offers only receive satisfactory grades - Bitkom survey 2023.

Digital insurance offers only receive satisfactory grades - Bitkom survey 2023.

According to a report by www.versicherungsbote.de,

Digital transformation in the insurance industry is a crucial factor that is increasingly expected by customers. However, according to a study by the industry association Bitkom, the insurers' digital offerings only received a grade of 4, with a tendency towards "satisfactory". The complexity of the products is a particular problem.

In addition, the study shows that almost 80 percent of Germans have already taken out insurance online. However, many people find that getting an online degree is complicated. 43 percent of respondents said that purchasing insurance through online channels was either “very complicated” or “somewhat complicated.” A large majority are also skeptical about fully digital claims processing because they would prefer to have contact with a human representative.

These results signal that the insurance industry still has some challenges to overcome when it comes to its digital offerings. Given this data, it is critical that insurance companies continue to optimize their digital offerings to meet customer needs and expectations. Otherwise, they risk that new digital players such as Amazon or Tesla, which have already entered the market, will further establish themselves and challenge established insurers for market share.