One in ten adults (10%) of UK adults might now be utilizing Android insurance coverage apps to handle their insurance policies.
As well as, Android insurance coverage app downloads elevated by 40% in 2022 to hit 6.9 million lifetime UK downloads.
That is in response to App Radar, which appeared into motor, journey, life, and residential insurance coverage. The insurance coverage apps analysed had 2.2 million downloads in 2022 in comparison with simply 1.6 million in 2021.
Greatest insurance coverage apps within the UK?
The most well-liked insurance coverage app, when it comes to lifetime Google Play Retailer downloads, was Hastings Direct Insurance coverage with 1.2 million downloads, adopted by Cuvva with 1.1 million, Vacation Extras with a million and MyAviva with 652,000.
Nonetheless, Submit Workplace Journey (256%), Journey Mate – Cedar Tree (249%), Vacation Extras (190%), Dayinsure (100%), and in addition Rooster Automobile Insurance coverage (91%) skilled the largest share obtain progress in 2022 when in comparison with 2021.
Silvio Peruci, managing director, App Radar, stated: “Experiences are claiming that the worldwide insurtech sector is anticipated to be price virtually $30bn by 2026 from $8bn in 2021. For the UK particularly, the market is ripe for progress with an estimated £50bn potential income alternative from disruption.
“This could function a warning signal for the incumbents that dominate the market with legacy expertise. Begin-ups on this space are hungry to disrupt and make insurance coverage simple for his or her clients with new tech. Cuvva, for instance, is the second most downloaded insurance coverage app within the Google Play Retailer, in response to our evaluation, with DriveScore, Caura, Dayinsure and Rooster becoming a member of the race for app customers.
“As the price of dwelling disaster continues all year long, competitors amongst insurance coverage corporations for brand new app customers will solely improve. What’s tougher is that customers are used to purchasing round for one of the best quote relating to insurance coverage insurance policies. One option to retain and achieve clients is to supply one of the best consumer expertise and options that they want, along with aggressive coverage pricing. Because the insurtech sector continues to develop in unsure financial instances, app builders and entrepreneurs might want to undertake thorough market analysis to know their clients’ wants to have the ability to minimize by the noise.”
