The Insurance Sector is Rated Highly on Digital Inclusion

It’s a digital world now and for most of us that’s fine. But for some it’s too difficult to navigate the online world so brands need to reach out and offer help. Here’s the word on how the sector as a whole is performing;

Insurance and risk management is the third most accessible and digitally inclusive financial sub-sector in the UK, after a new report revealed significant barriers in online accessibility across the industry.

The ‘Accessibility in Financial Services Report’, by compliance training provider Skillcast, analysed over 270 leading UK companies in nine financially regulated sub-sectors, considering key factors directly related to accessibility and digital inclusion – including page speed, best practices and number of errors.

Each sub-sector was then assigned a weighted index score out of 80 to gauge the accessibility of its websites.

Insurance and risk management ranks third in accessibility and digital inclusion, with an overall index score of 52.8 out of 80, closely following banking (60.4) and pensions and retirement planning (53.4).

With an average performance score of 57.6 out of 100 in the report’s Google PageSpeed Analysis, the sub-sector demonstrates a solid approach to website speed and optimisation, placing it just below pensions and retirement planning (59.8) and banking (57.2) sub-sectors on this factor.

Meanwhile, in the report’s ARC Toolkit Analysis, insurance and risk management firms experienced the lowest number of accessibility errors, with an average of 9.0, indicating fewer barriers to accessibility compared to sub-sectors like fintech and technology (68.3) and banking (49.7).

The sub-sector also performed well in adopting best practices, with an average of 27.3, reflecting its focus on maintaining compliance and enhancing the user experience. However, it was still outperformed by financial transaction processing (35.3) and banking (34.3), highlighting the need for continued refinement to ensure a fully inclusive and seamless digital experience.

Banking emerged as the leading sub-sector for digital inclusion and accessibility, with an index score of 60.4 out of 80.

The sub-sector excelled in accessibility with an impressive score of 92.7 in the report’s Google PageSpeed analysis – the highest across all sub-sectors – reflecting strong usability and adherence to industry standards. It also achieved the fewest number of WAVE accessibility alerts (8.0) when compared to the other sub-sectors.

At the other end of the rankings, capital markets and trading scored the lowest in accessibility and digital inclusion, with an index score of 18.2 out of 80 indicating a weaker approach to website speed and optimisation.

The sub-sector’s average performance score of 53.5 out of 100 in the report’s Google PageSpeed analysis indicates a weaker approach to website speed and optimisation. Only 4 out of 30 capital markets and trading businesses analysed passed Core Web Vitals, Google’s benchmark for good user experience, demonstrating that the sub-sector lags in fully adopting best practices and optimising the user experience.

This comes as globally, only 12% of websites met accessibility standards in 2024, continuing a broader trend of accessibility issues in digital spaces. Previous research found that all 20 of the UK’s leading financial institutions had accessibility errors on their website homepages when tested, underscoring a need for improved compliance.

While digital innovation has transformed the financial sector, inadequate accessibility measures continue to exclude millions of users, exposing businesses to financial, legal, and reputational risks.

Skillcast’s Accessibility in Financial Services Index

Vivek Dodd, CEO at Skillcast, commented:

“Insurance and risk management’s strong performance in accessibility highlights its commitment to providing a seamless and inclusive user experience. With an index score of 52.8 out of 80, the sub-sector ranks third in digital inclusion, making significant strides in improving accessibility. Digital inclusion is especially important in insurance, ensuring that all individuals, including those with disabilities and older adults, can access vital services affecting their health and finances.

“Our ‘Accessibility in Financial Services Report’ shows that while the sub-sector is performing well, there is still room for improvement. With a diverse customer base that includes vulnerable groups, the sub-sector must continue refining its platforms to ensure no one is excluded from accessing essential services.

“The sub-sector’s focus on accessibility is a positive step, but as accessibility moves higher up on the regulatory agenda, ongoing investment in digital enhancements and compliance training is crucial. As standards and regulations evolve, prioritising inclusivity will create a more accessible financial ecosystem and foster stronger customer trust and loyalty.”