“Thriving in an industry as dynamic as insurance requires a balanced approach of creating meaningful and lasting relationships, and embracing technology that adapts to the changing marketplace.”
That is the verdict of insurance technology firm Vertafore, which has released data from a recent survey that studied consumer attitudes toward the adoption of technology in the delivery and enablement of insurance processes and services.
“Technology investment is absolutely crucial to the success of the insurance industry,” Vertafore vice president of industry relations Bruce Winterburn. “However, it’s important to remember the vital role agents play in the process. When consumers are making decisions around protecting their most valuable assets, like their home, they want to know they have a trusted advisor for support and guidance when needed.”
Among the findings of the survey, 78% said they still prefer to work with a human agent when reporting an insurance claim, compared with online reporting.
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Furthermore, 72% said they would be uncomfortable purchasing insurance through a chatbot.
The adoption of artificial intelligence among insurers is also cause for concern among consumers as 60% indicated they worry that the technology could automatically deny coverage that would otherwise be approved by a human agent.
Less than a quarter (23%) of those surveyed is willing to trade personal privacy for cheaper premiums.
“While innovation is great for the industry at large, it must not come at the price of consumer privacy and trust,” Vertafore senior vice president and head of regulation Larry Hagerty added.
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