An analysis of insurance apps on the Google Play Store revealed that one in ten (10%) adults in the UK could now use Android apps to manage their insurance policies.
The survey, conducted by app marketing analytics platform App Radar, looked at four different insurance sectors, including auto, travel, life, and home insurance. Overall, the analyzed insurance apps recorded 40% more downloads in 2022 (2.2 million) compared to 2021 (1.6 million).
Total lifetime Google Play downloads reached an estimated 6.9 million at the end of 2022. Taking into account Apple App Store downloads, the total could have been as high as 13.8 million in 2022.
The most popular insurance app, measured by lifetime downloads on the Google Play Store, 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.
Post Office Travel (256%), Travel Mate – Cedar Tree (249%), Holiday Extras (190%), Dayinsure (100%), Rooster Car Insurance (91%) saw the largest download percentage in 2022 compared to 2021 -growth .
Looking at downloads in 2022, the top five apps were Hastings Direct Insurance (392,000), Holiday Extras (373,000), Admiral Insurance (246,000), MyRAC (201,000) and Cuvva (170,000).
Silvio Peruci, Managing Director of App Radar, said: “The global insurtech sector is reported to be worth almost $30 billion by 2026 compared to $8 billion in 2021. For the UK in particular, the market is estimated ripe for growth Potential £50bn revenue opportunity through disruption.
“This should serve as a red flag for the incumbents who are dominating the market with outdated technology. Startups in this space are eager to revolutionize their customers through new technologies and make it easier for them to insure. For example, according to our analysis, Cuvva is the second most downloaded insurance app in the Google Play Store, followed by DriveScore, Caura, Dayinsure and Rooster in the race for app users.
“As the cost-of-living crisis continues throughout the year, competition between insurance companies for new app users will only increase. A bigger challenge is that consumers are used to looking for the best deal on insurance policies. One way to retain and attract customers is by offering the best user experience and features they need, in addition to competitive policy pricing. As the insurtech sector continues to grow during uncertain economic times, app developers and marketers must conduct thorough market research to understand their customers’ needs and cut through the noise.”
Estimated downloads in Google Play Store
Estimated lifetime downloads (12/31/22)
Estimated downloads 2022
Estimated Downloads 2021
Hastings direct insurance
Holiday Extras – UK Airports
DriveScore – Save on insurance
N / A
Rooster Car Insurance
Caura: make car management easy
N / A
Sainsbury’s Bank – Insurance
Veygo by Admiral
SmartHealth by AIG
SURE. win-win insurance
Tempcover: car and van insurance
Honcho – Car and van insurance
HSBC Life Benefits Plus
Travel Mate – Cedar
sterling in the short term
N / A
Wapp travel insurance
N / A