Streamlining and modifying the onboarding process through the use of technology can dramatically improve the overall customer experience by up to 43% and increase customer retention by over a third (37%). (Photo: terovesalainen/Adobestock)
With 81% of consumers wanting more self-service options for doing business, it's no wonder insurance companies are throwing money at improving their digital online offerings.
The idea that you can use your phone or tablet to enroll for a new policy within minutes seems ideal — but the problem is, it's not. A new survey by ABBYY has revealed that a staggering 90% of insurance companies are struggling with customer abandonment — resulting in millions of dollars in lost revenue. Their onboarding service just isn't up to par.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
