{"id":569372,"date":"2025-07-29T08:05:44","date_gmt":"2025-07-29T07:05:44","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=569372"},"modified":"2025-07-29T08:05:44","modified_gmt":"2025-07-29T07:05:44","slug":"ai-powered-personalisation-reshapes-consumer-expectations-in-life-insurance-study-shows","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/ai-powered-personalisation-reshapes-consumer-expectations-in-life-insurance-study-shows\/","title":{"rendered":"AI-Powered personalisation reshapes consumer expectations in life insurance, study shows"},"content":{"rendered":"

\"\"New data highlights demand for AI-driven speed, simplicity, and tailored digital experiences in the life insurance market<\/em><\/strong><\/p>\n

iCover Direct<\/a>, a consumer-facing life insurance platform powered by a proprietary AI underwriting engine, announced results from a nationwide consumer survey revealing a growing consumer demand for artificial intelligence (AI) to streamline and simplify the life insurance experience. The findings show that 65.3% of consumers say AI-driven personalisation would \u201cgreatly\u201d or \u201cmoderately\u201d increase their interest in purchasing life insurance. In comparison, 65.1% said they are \u201cextremely\u201d or \u201cvery interested\u201d in faster, AI-enabled processes.<\/p>\n

The survey, presented to more than 2,000 U.S. adults in July 2025, found that 65.1% of respondents would be \u201cmuch\u201d or \u201csomewhat more likely\u201d to buy life insurance if the application process were shorter and simpler \u2014 a strong indication that digital modernisation is not only welcome, but expected. Minimal concerns about AI were reported, with only 0.9% expressing hesitation over privacy and data usage.<\/p>\n

Despite just over half of respondents (50.7%) already owning life insurance, many indicated ongoing frustrations with the traditional experience.\u00a0 Among those without a policy, the most common barriers included a lack of perceived need (16.4%), limited understanding of policy benefits (16.9%), and the belief that the application process is too difficult (8.2%). Notably, only 16.7% of respondents with a policy found it \u201cvery easy\u201d to understand, while nearly a third said the language ranged from \u201cneutral\u201d to \u201cdifficult.\u201d<\/p>\n

These findings paint a picture of an industry that continues to struggle with complexity and a lack of clarity. Policy jargon was cited as the top frustration by 32.5% of respondents, followed by high premiums (16.5%), poor customer service (16.5%), and the frustrating claims process itself (16%). Even among current policyholders, confidence in the claims process was mixed. While 62.1% said they had never filed a\u00a0claim, among those who had, 32.7% received their payout in full, 3.8% reported that it was denied or partially paid, and 0.9% indicated that it was still pending. Key reasons for denied or delayed claims included administrative delays (8.3%), excluded causes of death (5.1%), and misrepresentation on the original application (3.6%).<\/p>\n

\u201cThese findings serve as a wake-up call for an industry that has been slow to evolve,\u201d said\u00a0Hari Srinivasan, Founder and CEO of iCover Direct<\/strong>. \u201cAI has the potential to eliminate the pain points consumers associate with buying life insurance, from confusing policy language to slow underwriting and claims. People want coverage that is simple, fast, and tailored to their lives. That\u2019s exactly what iCover Direct can deliver with the power of AI.\u201d<\/p>\n

iCover Direct enables life insurers to accelerate decisions from weeks to minutes while reducing the friction that often deters consumers from completing the application process. These survey insights demonstrate that digital innovation, especially when powered by AI, is not a nice-to-have, but a necessity for meeting consumer expectations in today\u2019s competitive market.<\/p>\n","protected":false},"author":35621,"featured_media":553160,"parent":0,"template":"","categories":[11395],"tags":[12663,11668,11649,11409,11769,21391,11891,11955],"class_list":["post-569372","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-analytics","tag-ai","tag-cross-border-payments","tag-digital-banking","tag-digital-transformation","tag-financial-institutions","tag-fintech-news","tag-insurance","tag-personalisation"],"acf":[],"yoast_head":"\nAI-Powered personalisation reshapes consumer expectations in life insurance, study shows<\/title>\n<meta name=\"description\" content=\"iCover Direct, a consumer-facing life insurance platform powered by a proprietary AI underwriting engine, announced today results from\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/ai-powered-personalisation-reshapes-consumer-expectations-in-life-insurance-study-shows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI-Powered personalisation reshapes consumer expectations in life insurance, study shows\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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