The majority of Americans (87%) are comfortable sharing personal and lifestyle-focused data for the benefit of lower insurance premiums, according to a new insurance study conducted by DXC Technology.
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“By embracing new technologies, infrastructure and partner solutions, insurers can transcend the traditional insurance proposition to be more proactive partners in helping customers manage risk and prevent losses”
As part of the study, detailed in the 2020 DXC Insurance Survey Report: The Voice of the U.S. Consumer, more than 2,000 U.S. consumers were surveyed on their views about insurance and how they interact with those providing coverage. The study highlights how shifting consumer expectations are presenting opportunities for insurers to adopt and strategically deploy digital technologies — not only to gain market share and boost lifetime customer value, but also to assert their brands as exemplars of a new, more collaborative concept of the insurer/policyholder relationship.
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Significantly, the study reveals Americans’ perspectives on the insurance industry and insurers’ offerings. Some highlights of the study’s findings include:
The insurance industry’s reputation is good, but more can be done to build trust.
- Eighty-one percent of Americans rate the insurance industry’s reputation as “average” or “above average,” while only 2 in 5 Americans trust providers to have their best interests at heart.
- Forty-three percent of consumers believe that half or fewer of claims are successfully paid, despite the actual figure being above 90%.
“By embracing new technologies, infrastructure and partner solutions, insurers can transcend the traditional insurance proposition to be more proactive partners in helping customers manage risk and prevent losses,” said Phil Ratcliff, vice president and general manager, Global Insurance, DXC Technology.
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