PriyaPatel
TLDR:
- Consumer preferences in insurance are shifting towards technological advancements over cost.
- 52% of consumers prefer insurers investing in new technologies for claims processing.
In the realm of insurance, consumer preferences are shifting significantly, with a major focus on technological advancements over cost. A recent survey by Insurity revealed that 52% of consumers expressed a preference for insurers who invest in new technologies to enhance the claims experience following severe weather incidents. This marks a departure from the traditional cost-centric approach to choosing insurance policies.
The 2024 Severe Weather Consumer Pulse Survey conducted by Insurity offers insights into how severe weather events shape consumer decisions regarding insurance coverage. While 48% of Americans believe their current insurance plans adequately shield them from the financial repercussions of severe weather, a significant 36% are open to switching providers for more comprehensive coverage, even if it costs more.
Chris Lafond, CEO of Insurity, emphasized the importance of this trend, stating that consumers value technological capabilities in insurance providers, especially during severe weather events. The survey, conducted in April 2024, involved over 1,000 adult participants across the United States, providing insights into their views on severe weather and its impacts on their property and casualty (P&C) insurance coverage.
Insurers are encouraged to take note of this trend and invest in technologies like AI and predictive analytics to meet consumer expectations and maintain a competitive edge in the market.
