A recent poll by Insurity, a pioneer in cloud-based insurance software and analytics, found that 52% of consumers favor insurers that invest in innovative technology to improve claims experience during severe weather occurrences. This is a change from the typical cost-driven approach to selecting insurance products.
The 2024 Severe Weather Consumer Pulse Survey, sponsored by Insurity, provides detailed insights into how severe weather occurrences influence consumer insurance decisions. The findings indicate that, while over 48% of Americans believe their existing insurance plans properly protect them from the financial consequences of severe weather, a significant 36% are willing to switch carriers for more comprehensive coverage, even if it costs more.
Chris Lafond, CEO of Insurity, stressed the significance of this development, saying, “Consumers are increasingly valuing their insurance providers’ technological capabilities, particularly in the context of severe weather events.”
“Our poll reveals that consumers prefer insurers who are proactive in harnessing technology to streamline the claims process, which can considerably improve their experience during difficult times. Insurers should keep this trend in mind as they plan future investments, since technologies like AI and predictive analytics can help them meet consumer expectations and maintain a competitive edge.”
The survey, performed in April 2024, had over 1,000 adult participants from around the United States to achieve a realistic demographic distribution. The participants answered 18 questions, revealing their perspectives on severe weather and its effects on their property and casualty (P&C) insurance coverage.