52% of Consumers Would Buy from Insurers that Actively Invest in New Technologies to Improve Claims Experience Following Severe Weather, According to Insurity Survey

August 22, 2024 at 10:18 AM EDT

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

Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, today announced findings from its 2024 Severe Weather Consumer Pulse Survey, revealing deeper insights into consumer opinions on how severe weather events influence their insurance coverage decisions. Insurity’s survey uncovered a shift in consumer priorities, emphasizing that cost is no longer the greatest driver for policy selection. The survey highlights the value consumers place on the technology their insurance providers use to offer a better experience 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.”

This survey was conducted in April 2024, and more than 1,000 adult participants were randomly selected across the United States to ensure a representative sample. Respondents were asked a series of 18 questions to gauge their opinions on severe weather and its impact on their P&C insurance coverage.

To learn more about Insurity’s 2024 Severe Weather P&C Consumer Pulse survey, please reach out to Elizabeth.Hutchinson@insurity.com.

About Insurity

Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.