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Exploring the InsurTech-Consumer Disconnect

Posted on March 21, 2017 by Robert Philips in Digital Insurer

Despite recent hype around the growing InsurTech industry, a new survey from Vertafore reveals consumers don’t want to share their personal data with InsurTech startups that replace human agents with technology, even if it means they get a cheaper rate.

The survey, which polled more than 1,200 consumers about insurance purchasing preferences and technology adoption, found only 23 percent would be comfortable sharing their personal data with an InsurTech startup, even it was in exchange for a cheaper rate. In fact, the majority of consumers (78%) said they would prefer to work with a real person when reporting an insurance claim vs. submitting one digitally.

 

InsurTech companies are creating solutions that remove humans from the purchasing process, using technologies like chatbots, artificial intelligence, machine learning and peer-to-peer models, but consumers aren’t necessarily on board with the new technologies.

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With billions of dollars pouring into the burgeoning InsurTech market from global investors, this new data reveals an apparent disconnect between startup models and consumer preferences.

Technology investment is absolutely crucial to the success of the insurance industry, 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. This most recent data reveals that even at the most basic consumer-level, fundamental change to the insurance industry will come through the agent, and not necessarily from new entrants relying solely on technology to disrupt or innovate.


Robert Philips Official

Robert Phillips, VP of Marketing

 


 

 
 

 

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