One in ten adults (10%) of UK adults may 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 based on App Radar, which seemed 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.
Largest insurance coverage apps within the UK?
The most well-liked insurance coverage app, by way of 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, Publish Workplace Journey (256%), Journey Mate – Cedar Tree (249%), Vacation Extras (190%), Dayinsure (100%), and in addition Rooster Automobile Insurance coverage (91%) skilled the most important proportion obtain development in 2022 when in comparison with 2021.
Silvio Peruci, managing director, App Radar, mentioned: “Experiences are claiming that the worldwide insurtech sector is predicted to be value nearly $30bn by 2026 from $8bn in 2021. For the UK particularly, the market is ripe for development 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 straightforward for his or her clients with new tech. Cuvva, for instance, is the second most downloaded insurance coverage app within the Google Play Retailer, based on 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 procuring round for the most effective quote with regards to insurance coverage insurance policies. One approach to retain and acquire clients is to supply the most effective 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 grasp their clients’ wants to have the ability to minimize by the noise.”
