NEW YORK--(BUSINESS WIRE)--
PolicyGenius, a digital insurance broker and multi-product shopping platform, conducted an online survey of more than 1,000 Americans last month to understand consumer attitudes towards insurance coverage. The company is launching its Insurance Checkup tool today to solve many of the long-standing problems the survey highlighted.
PolicyGenius’ Insurance Checkup guides users to develop a personalized, in-depth review of all their insurance needs based on their finances and family situation through a simple Q&A – like a digital insurance advisor.
The tailored findings arm consumers with the information needed to use PolicyGenius’ online platform to comparison shop and purchase the right insurance policy. Consumers can browse multiple insurance types on one platform, initially including pet, life and renters insurance.
The consumer survey, conducted by Onepoll from June 24 to 30, revealed that most Americans (50%) don’t think they have the right level of insurance, and don’t rank it as a high financial priority, which can be a big mistake. An additional 7% of Americans have no idea what level of insurance they have. Survey highlights include:
Women are less comfortable than men about their protection against financial risks, with 41% of women “not too confident” and 61% of men “pretty confident.”
Most respondents take an online, DIY approach to getting their insurance questions answered and associate a negative shopping experience to feeling underinsured.
- Nearly two-thirds (59%) conduct online research as their first step when shopping for insurance
- Almost half (48%) of respondents who felt they had less insurance than they needed reported that their last experience dealing with insurance was a negative one
25-34 year olds are the least confident in their insurance decisions (54% reported either too much or not enough insurance) and turn to online sources the most.
- 25-34 year olds are six times more likely to turn to online sources for insurance information than consulting family or friends
“PolicyGenius is providing an easy, honest, informative source for all consumers seeking insurance information and coverage help,” said Jennifer Fitzgerald, PolicyGenius Co-founder and CEO. “By launching with our Insurance Checkup tool, we’re looking to help consumers understand their current coverage, and get a solid grasp on what level and types of insurance they truly need – no pitches, or long policies to read through.”
PolicyGenius will initially be offering users access to plans from the country’s top pet, life and renters insurance providers – the first player in the US to bring these lines of insurance under one roof, with real-time quoting. As an independent insurance broker the company works with the consumer, offering insurance policies for the same state-regulated rates as insurance companies across the nation. PolicyGenius is now available to residents in: NY, CA, DC, NJ, PA, TX, FL, IA, IL, VA, MA.
“There’s a very serious gap in insurance understanding, protection and access in the US, which additional studies have show lead to financial hardships including bankruptcy,” said Fitzgerald. “We hope to digitalize the insurance industry and bring the nation closer to the help it needs to avoid these financial hardships and the disasters that underinsurance causes.”
PolicyGenius was founded in 2014 by two former McKinsey veterans who saw a gap in the insurance industry and dedicated themselves to shifting the industry online, and into the hands of the consumer. Through its highly tailored Insurance Checkup, users can discover their coverage gaps and read about solutions for their exact needs. The company also provides the only place online to shop for pet, life, and renters insurance under one roof.
Andrea Collins, 646-450-6477