A recent survey by GlobalData reveals that while consumers acknowledge the benefits of artificial intelligence (AI) in the insurance industry, there remains significant skepticism regarding its widespread adoption, especially in decision-making processes.
The 2024 Emerging Trends Insurance Consumer Survey, which polled 5,520 respondents across 11 countries, highlights that 73.8% of participants believe AI can reduce waiting times when contacting agents. Additionally, 71.5% recognize the potential for AI to improve operational efficiencies, and 71.2% appreciate its advanced pattern recognition capabilities.
Despite these favorable perceptions, concerns over AI’s trustworthiness, transparency, and data privacy persist. Many consumers feel that AI is not yet sufficiently advanced for critical tasks such as claims approvals. Some worry about inherent biases in AI-driven decisions, while others simply prefer human interaction for such matters.
However, for those who have used AI tools, satisfaction is generally high. A notable 74.5% of chatbot users reported positive experiences, citing AI’s ability to provide 24/7 support and accelerate claims processing as key benefits. Additionally, AI’s role in fraud detection and its contributions to more accurate risk assessment and pricing are widely acknowledged.
Beatriz Benito, lead Insurance Analyst at GlobalData, stated that while AI holds great potential for enhancing customer satisfaction and operational efficiency, its full integration is hindered by a continued demand for human interaction. She suggests that clearer communication about AI’s capabilities and limitations could help build greater consumer confidence in the technology.
The survey underscores the balancing act the insurance industry faces as it works to incorporate AI while addressing consumer concerns over its role in decision-making.
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