According to an analysis by App Radar of insurance apps in the Google Play Store has revealed that one in ten (10%) adults in the UK now use Android apps to manage their insurance policies.
The most popular app was Hastings Direct Insurance with 1.2 million downloads, followed by Cuvva with 1.1 million, Holiday Extras with 1 million and MyAviva with 652,000. The largest percentage app download growth in 2022 was seen in Post Office Travel (256%), Travel Mate – Cedar Tree (249%), Holiday Extras (190%), Dayinsure (100%) and Rooster Car Insurance (91%).
By 2026, the insurtech market is predicted to be worth $30 billion, with the UK’s potential revenue opportunity from disruption estimated at £50 billion. Startups are eager to disrupt the insurance industry and make insurance easy for clients as they compete for app users.
To retain and gain customers App Radar’s managing director, Silvio Peruci, stated: “As the cost of living crisis continues throughout the year, competition among insurance companies for new app users will only increase. What’s more challenging is that consumers are used to shopping around for the best quote when it comes to insurance policies. One way to retain and gain customers is to offer the best user experience and features that they need, in addition to competitive policy pricing.”
To learn more about how IMS One App SDK can help insurers provide more engaging experiences that will truly engage policyholders and modify their driving behaviour to lower risk on the insurers’ book of business, please visit: https://ims.tech/sdk/