The 2024 Severe Weather Consumer Pulse Survey found that 52% of consumers are more inclined to purchase insurance from companies that actively invest in new technologies designed to improve the claims process after severe weather incidents. This shift underscores a growing consumer preference for advanced technological capabilities and comprehensive coverage over traditional cost considerations.
Conducted in April 2024, the survey involved a nationally representative sample of over 1,000 adults across the United States. Participants answered 18 questions aimed at understanding their views on severe weather and its impact on their property and casualty insurance coverage.
The survey results show that while nearly half of Americans (48%) feel confident that their current insurance adequately protects them from the financial impacts of severe weather, 36% are open to switching providers for more comprehensive coverage, even if it means paying higher premiums. This trend highlights the increasing importance consumers place on a superior claims experience, particularly as severe weather events become more frequent and intense.
For insurers, the findings present a crucial opportunity to innovate. Those who invest in technology to enhance the claims process stand to gain a competitive advantage in retaining and attracting customers in an increasingly tech-driven market.
“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.
He added: “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.”
Source: Insurity
