71% report receiving personalized insurance policy recommendations – but is it truly personalised?

A new survey from Zelros of over 1,000 people spanning the US, UK, Canada and parts of Europe shows that 71% of people have received personalised policy recommendations from their insurance company. When breaking it down by sex, 74% of men and 67.6% of women said yes, that their agent had reached out to them to make personalised recommendations. Compared to 26% of men and 32.4% of women who said that their agent had not reached out. 

It is important to note that just because your insurance gives you three policies to pick from when picking coverage, doesn’t mean that it’s actually personalized to you. These policies are predetermined but not based on your specific data, but the data overall from policyholders. What we need and should be looking for, are policies directly tailored to our family and area needs.

Linh C. Ho, Chief Marketing Officer at Zelros says, “Artificial intelligence (AI) is more than Siri in your iPhone or the Google Home that’s sitting in your living room. It can actually be used to provide insurance policy recommendations that make sure the consumer gets the coverage they specifically need, without spending more on unnecessary add ons. Consumers should be asking their providers if they utilize such technology when it comes to their own policies.”

If your Insurance company uses AI, this is how it contributes to the personalized insurance experience:

• Automatic, virtually in real-time recommendations based on the specific needs of your family.
• Adjustments to risk assessments without you having to contact your insurance provider. 
• Less time and energy spent worrying about if you’re covered sufficiently in the event of disaster.