In the insurance sector, consumer preferences are changing dramatically, with a focus on technological advancements over cost.
A recent survey from Insurity, a pioneer in cloud-based insurance software and analytics, found that 52% of consumers would prefer insurers investing in new technology to improve the claims experience after a severe weather event, signaling a departure from the traditional cost-centric approach to selecting insurance policies.
Insurity's 2024 Severe Weather Consumer Pulse Survey offers deep insight into how severe weather impacts consumer decisions regarding insurance coverage. Survey results show that while a significant percentage of Americans (about 48%) believe their current insurance plan adequately protects them from the financial impacts of severe weather, a significant number (36%) would be willing to switch insurers for more comprehensive coverage, even if it means a higher cost.
Insurity CEO Chris Lafond highlighted the importance of this trend, saying: “Consumers are increasingly placing importance on their insurer's technological capabilities, particularly in severe weather situations.”
“Our research shows that policyholders are looking for insurers that are proactively using technology to improve the claims process, which could significantly enhance policyholder experience during challenging times. Insurers should keep this trend in mind when planning future investments, as technologies such as AI and predictive analytics can play a key role in meeting consumer expectations and staying competitive.”
The survey, conducted in April 2024, involved more than 1,000 adults across the U.S. to ensure demographic representativeness. Participants answered 18 questions, providing insight into their views on severe weather and its impact on property and casualty (P&C) insurance coverage.
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