A significant proportion of consumers across the world are open to interacting with AI for their insurance policy, even in the often stressful situation of making a claim, according to a GlobalData survey. This suggests insurers should look to integrate AI into their operations going forward. Even if not all customers want to use it, the technology will appeal to new customers and reduce the strain on staff and phone lines.
GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that well over a third (39%) of all respondents would be quite or very comfortable having an AI tool decide the outcome of an insurance claim. The survey was conducted across 11 leading countries across different regions. A similar amount (38%) were uncomfortable with this, while the rest were undecided. From the selected countries shown in the chart above, Brazilian consumers were the most open to AI in this scenario, with 51% being comfortable with it. In contrast, Australians were the least open to engaging with an AI tool for this purpose, with just 23% quite or very comfortable with the idea.
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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.
With this in mind, AI could reduce the strain on insurer’s phone lines and staff having to deal with such issues. On the other end of the spectrum, insurers in countries with consumers more receptive to using AI should be reacting to consumer sentiment and investing strongly in the technology to stand out from their competitors.
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By GlobalData
