There is an increasingly wide gap in variation for small business digital capabilities based on a review of the 10 largest U.S. carriers.
The Hartford placed first overall for its comprehensive digital offerings including telematic tools like small business fleet vehicle management and promoting safe driving behaviors. The Hartford also offers injured workers online recovery support and educational videos including virtual exercises and return-to-work programs.
Progressive scored second overall, followed by Nationwide in third.
There were a variety of differences in digital capabilities for the 10 carriers that were evaluated. Five out of 10 offer outdated interfaces that support only limited self-servicing options. However, seven out of 10 now support digital quoting for policy types like business owners’ policies or general business liability.
Beth Robertson, managing director, Keynova Group, said that the variation is noticeable in the user experience for small business policyholders.
“In a lot of cases an insurance company may be strong in one area like online quoting and binding but they don’t offer online servicing or much in the way of tools,” Robertson said.
Robertson added that while consumers and large, enterprise firms are offered a more sophisticated digital experience, small businesses see more antiquated servicing.
“There is a really big spread in the type of actions that one can complete using a digital channel,” Robertson said. “Small commercial clients aren’t offered as many digital capabilities and policyholder services versus consumer options.”
For example, The Hartford and Travelers have a much more sophisticated claims handling system for small business policyholders while other firms have limited options, Robertson said.
While several firms have telematics programs, several don’t have the option for small businesses. The Hartford, Travelers, Nationwide and Progressive offer telematics for small businesses.
Additional findings to note include:
- Three carriers provide customer support in the form of virtual assistants on their websites.
- Four out of 10 carriers allow for digital reporting and tracking of commercial auto claims and traditional small business policy claims.
- Eight carriers provide education information in a video format for companies interested in insurance products.
- Customer service is offered in Spanish by four carriers--Allstate, Hiscox, Nationwide and Progressive. Seven of the firms also offer insurance educational resources in Spanish.
