Every step of an organization’s customer journey plays a role in overall customer satisfaction. But for insurers facing increased competition from emerging insurtechs, the digital claims experience is perhaps the most crucial to get right. According to EY Global’s Consumer Insurance Survey, 87% of policyholders say the claims experience directly impacts their decision to remain with their insurance provider. To up the ante even further, insurtech funding has been increasing exponentially.

2021 was a busy year for insurers. Beyond supporting customers through an ongoing global health crisis, they’ve also faced increased competition from a growing number of insurtechs and pressure from customers to deliver a seamless, digital-first experience—all in addition to ensuring the overall customer experience is positive. All of these changes in the industry call for insurers to be more agile and open to change and innovation. 2022 is sure to continue to disrupt the status quo.

Insurance companies—like companies in many other industries—are under increasing pressure to adopt ESG-friendly practices. The COVID-19 pandemic, a growing spotlight on climate change, and emerging social movements have all given rise to more socially and environmentally responsible consumers.

Insurtech funding hit a record high of $7.4 billion in the first half of 2021—already surpassing funding in 2020. With more and more emerging players entering the field, consumer demands for a more digital, connected insurance experience have grown to new heights. For many insurance customers, the claims process is a critical moment of truth, making it essential that insurers deliver a hassle-free, seamless experience.