UK consumers are already open to utilising chatbots within various aspects of the insurance value chain, despite the technology being at an early and experimental stage in insurance. Consumers are more open to receiving quotes for policies than they are resolving issues with policies, but neither have extremely high levels of opposition.

GlobalData’s 2023 UK Insurance Consumer Survey found that 35.5% of consumers would already be comfortable receiving a quote from an insurer via a chatbot, and 31.4% would be comfortable resolving an issue that way. In contrast, only 18% and 22% respectively felt very uncomfortable with the idea.

This suggests insurers can feel confident about introducing chatbots. As the technology improves (boosted by the emergence of generative AI) and consumers become more familiar with using them, then positive sentiment should increase. Current chatbots can be frustrating to use and tend to have little ability to react to information provided by customers. Therefore, around a third of consumers already being open to using chatbots is positive news for insurers looking to go in this direction. It is unsurprising than consumers were less open to resolving an issue via a chatbot, as humans are far better at resolving problems at the moment.

The more tasks an insurer can complete with workable chatbots, the more time its staff will have to concentrate on other areas. Meanwhile, chatbots can also offer 24/7 responses and a service that is both quicker and cheaper – ultimately benefitting both insurers and customers. The data shows that evolving and improving chatbots is something insurers should focus on, as there is already a significant proportion of potential customers who would benefit from this.

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By GlobalData