At the same time, the report found that despite this sentiment and in the face of insurance rates and the rising cost of living, only 13% of respondents would cut back on insurance, even if they were struggling to make ends meet, demonstrating the resilience of the age-old industry, according to wefox.
The insuretech surveyed more than 12,850 consumers in Germany, Italy, Poland, Switzerland, the UK and the US.
The Global Safety Report also found that 48% of respondents said the cost of their policies had increased in the last 12 months; 69% of them were worried about being able to afford their policies in the future; and 55% did not think they were getting a good deal from their insurance provider.
Julian Teicke, CEO and founder at wefox, said: “Our first Global Safety Report has shown exactly what we at wefox have known for a long time – the customer experience sucks – because the sector is not keeping up with the needs of today’s consumer.”
“The founding principle of our industry – to keep people safe – is as important today as it has always been. However, we believe that insurance can do more. It needs to go beyond protect and support. We have the power to help keep people safe and prevent risk. That’s the responsibility of our industry.”.
“People are now demanding a better customer experience that is simple, convenient and fast. We are already witnessing how technology is delivering a superior level of customer experience from ordering groceries, booking travel or simply paying for their coffee all at a click of a button. Insurance can do the same,” added Teicke.
The report shows that there is also a clear appetite for technological change, as well as an interest in personalised insurance with 57% of policyholders wanting insurers to use personal data to tailor premiums to their needs.
Additionally, 47% of them said that they feel their premiums penalise them for factors outside of their control, such as postcode or profession.
Teicke said: “Insurance is an ancient industry that continues to be crisis resistant. Now is the time for the industry to step up and take care of our customers. The words used by the thousands of consumers we spoke to in compiling this report were that insurance is ‘unfair’, ‘complicated’ and ‘a waste of money’. That’s a long way from ‘protect’, ‘support’ and ‘keep me safe’.”
“Technology is transforming industries. Yet the greater part of the insurance industry has ignored the advantages and opportunities that technology can bring. At wefox, we can see that by harnessing the power of technology to drive innovation we can revolutionise the way people not only think about insurance, but how they experience it.
