In the realm of insurance, consumer preferences are shifting significantly, with a major focus on technological advancements over cost.
According to a recent survey by Insurity, a pioneer in cloud-based insurance software and analytics, a noteworthy 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 deep insights into how severe weather events shape consumer decisions regarding their insurance coverage. The findings suggest that while a considerable portion of Americans, about 48%, 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, “Consumers are increasingly valuing the technological capabilities of their insurance providers, especially in the context of severe weather events.
“Our survey shows that policyholders are looking for insurers who are proactive in leveraging technology to improve the claims process, which can significantly enhance their experience during challenging times. Insurers should take note of this trend as they plan their future investments, as technologies such as AI and predictive analytics can play a crucial role in meeting consumer expectations and retaining a competitive edge.”
The survey, conducted in April 2024, involved over 1,000 adult participants across the United States to ensure a representative demographic spread. The participants responded to 18 questions, providing insights into their views on severe weather and its impacts on their property and casualty (P&C) insurance coverage.
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