AI — Do You Trust it?

The insurance quote company, Policygenius took a look at AI and at who actually trusts this new, and controversial technological innovation. When it comes to AI and the insurance customer experience, people aged 18 to 34 are about three times more likely to trust AI than insureds 55 and up.

When it comes to specific insurance, 34% of auto and home and renter customers say they trust AI to do application, customer service and claims functions without human supervision. Those insureds who’ve purchased insurance online are more likely to trust AI than those that haven’t.

That leads to the 25% saying they won’t trust AI at any point and for ANY insurance function.

Breaking it down, most consumers are okay with AI reviewing applications. However, just 25% fully trust AI to do all the work without some sort of human oversight.

  • 24% fully trust AI to do all customer service tasks without human oversight
  • 43% do not trust AI with all of those functions

And just 21% trust AI to manage their claims and damage assessments and payouts.

While AI is somewhat controversial for consumers, McKinsey & Co. has done research that says the use of AI for pricing, customer service, underwriting and claims could cut expenses for an insurer by up to 40%. Source link: —

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