Insurers investing in tech attract consumers post-severe weather: Insurity survey.

September 1, 2024
1 min read

TLDR:

  • 52% of consumers would buy from insurers that invest in new technologies to improve claims experience after severe weather.
  • Consumer priorities are shifting towards technology rather than cost when selecting insurance policies.

The 2024 Severe Weather Consumer Pulse Survey conducted by Insurity highlighted the importance consumers place on the technology used by insurance providers to improve the claims process following severe weather events. While cost was once the primary driver for policy selection, the survey showed that consumers are now more focused on the technology used by their insurers. The survey revealed that despite confidence in their current insurance coverage, a significant number of consumers would consider switching to providers offering more comprehensive coverage for severe weather events, even if it meant paying a higher premium. Additionally, the survey found that over half of respondents were more likely to purchase a policy from insurers actively investing in new technology to enhance the claims process after severe weather events.

As severe weather events become more frequent, insurers are urged to invest in new technologies such as AI and predictive analytics to improve the overall customer experience and retain their competitive edge in the marketplace. The CEO of Insurity, Chris Lafond, emphasized the importance of leveraging technology to meet consumer expectations during challenging times. The survey, conducted in April 2024 with over 1,000 adult participants across the United States, highlighted the evolving preferences of consumers when it comes to insurance coverage and the role of technology in enhancing their experience.

Overall, the survey underscores the importance for insurers to prioritize technology investment in order to meet consumer demands for improved claims experience following severe weather events and to remain competitive in the market.

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