66% individuals are not comfortable purchasing health or term insurance digitally, through a website or mobile application without dealing with a real person or agent. Similarly, over 67% individuals declined claim proceedings without a middlemen. Health and Term technology survey by PolicyX.com, an insurance web aggregator, shows that only 29% individuals seemed absolutely comfortable buying insurance through a website or mobile app. The remaining were indifferent.

73% individuals are wary of if complete insurance process is reviewed by artificial intelligence without involvement of any human agent. However, 24% individual respondents are fine with a 100% AI process.

Health and Term insurance companies are pivoting towards new technology to sell their insurance plans and offer seamless customers service to their clients. But the customers seem to be taking time in adopting these new technologies that remove any human intervention and invade their privacy, shows a PolicyX.com survey.

Insurance has always been a push product, says Naval Goel, founder and CEO, where agents and advisors have played an instrumental role in bridging the gap between insurance industry and customers. "Human touch will be important from customers' standpoint as it is an essential commodity for them. Human intervention is necessary for them to ensure that they are investing in the right product plan and for convenience in following the process," he says.

Privacy concerns over discounts

The latest health monitoring gadgets like fitness bands are in trend that collect complete health related data and help in assessing their habits with regards to their movements. It becomes a great way for insurance companies to monitor and continuously assess the health of policyholders. 22% individual policy buyers expressed their comfort over connecting their smartwatch with an insurance website or app to collect their personal data if promised a lesser health insurance premium for the following year but, 58% individuals showcased their concern on sharing any such data. Even 20% of respondents expressed that it depends on the affordability of the premium.

The survey respondents included PolicyX health insurance customers and term insurance customers.

The survey was conducted by PolicyX.com. The respondents included their existing health insurance customers and term insurance customers.

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