NEW YORK, August 24, 2021 / PRNewswire / – A recent survey commissioned by Policygenius examined consumer sentiment towards the new technologies used by home and auto insurance companies.
The survey found that most consumers prefer to speak to a real person and are skeptical about fully automated decision-making in insurance. More than two in three consumers (72%) said they would be uncomfortable taking out insurance without speaking to a human, and 64% would be uncomfortable making claims on a website or app without human interaction .
Artificial intelligence claims reviews have been a sticking point for many: only 17% of people agreed to have their home, tenant, or auto insurance claims checked solely by artificial intelligence, and nearly 60% said they would rather switch insurance companies than artificial intelligence to have their claims verified.
The survey also found that consumers value privacy more than potential savings. More than half of the drivers (58%) said that it is not worth using an insurance discount to use an app that collects data about their driving behavior and their location. Among the 43% of drivers willing to use this type of app, 74% said they would only use it if it cut their tariffs by more than half.
Data protection concerns also extend to the savings potential of home and tenant insurance. Only one in three (32%) of respondents said they would be willing to install a smart home device that collects personal data, z more than half. More than half (57%) of the respondents thought that using these devices and ultimately foregoing privacy is not worth a discount.
“We see home and auto insurers incorporate various data collection and analysis technologies into policy distribution, pricing and claims, but it is clear that consumers are unwilling to trade personal data or give up the human touch for small savings . ” Pat Howard, Property and casualty insurance expert at Policygenius, said. “Some companies use technologies like usage-based auto insurance and artificial intelligence in their pricing and withdrawal processes, but consumer safety cannot be easily quantified.”
The survey also found that consumers are cautious when it comes to data-rich big tech companies expanding into home and auto insurance. Two in three (67%) respondents said they would not feel comfortable having a big tech company like Amazon insuring their home or car, and 40% said they would be very uncomfortable.
Further results of the Policygenius Home & Auto Insurance Technology Survey 2021 are:
- Less than half (43%) of policyholders would agree for a drone to value their property under storm damage to a home insurance policy, even if it resulted in an expedited insurance payout.
- 67% said that installing a smart doorbell camera that shares facial recognition data with third parties is not worth a discount on home or tenant insurance. Only a quarter (24%) of respondents said they would agree even if it cut their insurance bills in half.
- Two in three (66%) consumers between the ages of 25 and 54 said they were uncomfortable buying insurance online without speaking to a person, and more than three in four (78%) consumers were over 55 of opinion.
The Policygenius survey is based on the responses of a nationwide representative sample of 1,500 Americans aged 25 and over, from Google Surveys by June 4th to July 2nd, 2021. Further results of the survey can be found here.
Policygenius is transforming the insurance pathway for today’s consumer, providing a single platform where customers can compare options from top carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, home and auto insurance carriers, providing an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools and experts have served as a resource for millions of people on their insurance journey, and we have more than. sold $ 120 billion in the coverage area.
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Deputy Director for Media Relations