In preparation for our launch, we polled 1,000 insurance consumers to understand attitudes toward insurance. What we found confirms that PolicyGenius is on the right track to address the consumer problem in insurance. Specifically, we found that:
- The majority of respondents either don’t think they have the right level of insurance coverage (50%) or have no idea if they do (7%).
- One possible reason for this is that insurance is largely out of sight and out of mind. For most respondents, insurance was the lowest-ranked financial priority – behind saving for retirement, paying down debt and sticking to a budget.
- We also found that a recent negative insurance experience is strongly associated with perceived under-insurance. Of respondents who reported “I probably have less insurance than I need,” 48% reported that their last insurance experience was negative vs. 21% reported that their last insurance experience was positive.
- There is also an opportunity to improve the experience among insurance shoppers who end up not buying coverage. Among respondents who have shopped for long-term disability insurance or life insurance, and did not buy, the majority had negative feelings about their shopping experience.
- Most respondents take an online, do-it-yourself (DIY) approach to getting their insurance questions answered. When asked where’s the first place they go with an insurance question, 59% said, “I research it myself online.” Only 27% turn to an insurance agent or financial advisor and 10% ask a trusted friend or family member.
PolicyGenius is launching a digital insurance platform to deliver clear advice and an easy shopping experience for DIY consumers. Our Insurance Checkup delivers instant answers to the question, “What insurance do I actually need?” And we’re the first player in the US to bring life insurance, pet insurance and renters insurance all under one roof, with real-time quoting. We’ll soon add more products to the platform, so stay tuned. For more detailed analysis of the survey findings, please view the slideshare presentation.