Consumers prioritize comprehensive coverage and technological capabilities over cost, so much so, that they are willing to switch providers or pay higher premiums for better claims experiences during severe weather events, according to a new survey by Insurity, a provider of cloud-based software and analytics for the insurance industry.

Its 2024 Severe Weather Consumer Pulse Survey reveals deeper insights into consumer opinions on how severe weather events influence insurance coverage decisions.

The survey revealed a shift in consumer priorities – cost is no longer the greatest driver for policy selection.

Despite 48 percent of Americans expressing confidence that their current insurance adequately prepares them for the potential financial impacts of severe weather events, the survey found 36 percent of Americans would consider switching to an insurance provider that offers more comprehensive coverage for severe weather events, even if it means paying a higher premium.

And 52 percent of respondents indicated they were more likely to buy a policy from an insurance provider that actively invests in new technology to improve the insurance claims process after severe weather events.

With severe weather on the rise, insurers looking to retain and grow their customer base in a competitive marketplace should consider investing in new technology that enhances the claims process and improves overall customer experience, Insurity stated.

“Consumers are increasingly valuing the technological capabilities of their insurance providers, especially in the context of severe weather events,” said Chris Lafond, chief Executive officer at Insurity. “Our survey shows that policyholders are looking for insurers who are proactive in leveraging technology to improve the claims process, which can significantly enhance their experience during challenging times. Insurers should take note of this trend as they plan their future investments, as technologies such as AI and predictive analytics can play a crucial role in meeting consumer expectations and retaining a competitive edge.”

The survey, conducted in April 2024, included more than 1,000 adult participants randomly selected across the United States to ensure a representative sample. Respondents were asked a series of 18 questions to gauge their opinions on severe weather and its impact on their P&C insurance coverage.