Insurity’s survey finds that consumers prioritize comprehensive coverage and technological capabilities over cost, and are willing to switch providers or pay higher premiums for better claims experiences during severe weather events
Despite 48% of Americans expressing confidence that their current insurance adequately prepares them for the potential financial impacts of severe weather events, 36% of Americans would consider switching to an insurance provider that offers more comprehensive coverage for severe weather events, even if it means paying a higher premium.
Moreover, 52% of respondents indicated they were more likely to buy a policy from an insurance provider that actively invests in new technology to improve the insurance claims process after severe weather events. This underscores that the right coverage, rather than cost, is the primary concern for many consumers. With severe weather on the rise, insurers looking to retain and grow their customer base in a competitive marketplace should consider investing in new technology that enhances the claims process and improves overall customer experience.
“Consumers are increasingly valuing the technological capabilities of their insurance providers, especially in the context of severe weather events,” said Chris Lafond, Chief Executive Officer at Insurity. “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.”
