Global insurance consumers are ready for AI

Global insurance consumers are ready for AI

GlobalData: Technology is becoming increasingly indispensable to the insurance industry, whether it is using artificial Intelligence (AI) and Internet of Things (IoT) to bolster user experience or offering tech-related products such as cyber and parametric insurance. Against this backdrop, a significant proportion of global consumers are open to interacting with AI for their insurance policy, even in the often-stressful situation of making a claim, reveals GlobalData, a leading data and analytics company.

GlobalData’s upcoming conference, “Fostering Innovation in Insurance,” on 10 October 2024, will discuss the results of “2024 Emerging Trends Insurance Consumer Survey (Q3)*, which found that well over a third (39%) of all respondents will be quite or very comfortable having an AI tool decide the outcome of their insurance claim.

Ben Carey-Evans, Senior Insurance Analyst at GlobalData, comments: “AI is the leading technology theme within the insurance industry at the moment and will feature heavily in our upcoming conference. The survey data highlights that a significant proportion of consumers in leading countries around the world are prepared to interact with AI tools. Well over a third (39%) were comfortable with using AI in the claims process, which emphasizes that insurers, which successfully introduce it will see strong usage from customers and standout from their competition.”

Carey-Evans continues: “The data clearly varies from country to country, which is something insurers must be aware of when launching new products and features in different geographies. However, the findings show that enough consumers are already open to interacting with AI to make it worthwhile to invest in. The technology is at a nascent stage in the insurance industry and many chatbots do frustrate customers. Yet even in Australia (the least receptive of the countries shown in the chart) over one in five customers are open to the technology.”

*The survey was conducted across 11 countries and had a total of 5,520 respondents.

GlobalData