Clearsurance survey finds that 50% of consumers would buy insurance online


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UPDATED: 2018-01-31T22:00:03.300Z
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The data shows 60.7% of consumers would search online for an insurance company's reputation to pay claims.

NEWBURYPORT, Mass., June 14, 2017 /PRNewswire/ -- Clearsurance, the first-to-market crowdsourced review and ratings platform exclusively for the insurance industry, today announced results of a consumer survey on insurance buying preferences.

A Clearsurance survey of more than 700 insurance consumers across the country found that 65 percent believe that buying insurance online will become the most common way, and will most likely happen within the next five years. Nearly 50 percent of surveyed Clearsurance respondents say they would purchase an insurance policy online.

While many consumers still want to buy insurance through an agent, findings showed that nearly 75 percent of consumers would trust independent online insurance reviews if they were on an independent website, such as Clearsurance. This demonstrates that the antiquated insurance industry is ripe for change. The types of information respondents would seek online is an insurance company's reputation to pay claims, types of coverage available, and the quality of an insurance company's customer service.

"Consumers still buy based on the recommendations of people within their network—family, friends, trusted co-workers and those we see every week at our kids' game," says Michael Crowe, Clearsurance co-founder and CEO. "People trust their insurance agent but this doesn't mean that innovation won't change this trusted relationship," says Crowe.

Often hailed as "Trip Advisor for insurance," Clearsurance deploys an algorithm to analyze a range of inputs, including crowdsourced reviews, poll results, net promoter scores and claim satisfaction scores from real customers. Independent rating agencies, including AM Best and Demotech (financial solvency and strength) and the Better Business Bureau accreditation are also factored in to create the most comprehensive metric in the market.

"How we find and buy our insurance is already changing, which opens up more options for us to research, compare and decide on our own best fit," says Todd Kozikowski, Clearsurance co-founder and Chief Revenue Officer. "Consumers want a truly unbiased analysis of how insurers compare to one another on service and other factors, to help narrow down all the options to our one well-matched choice."

For more information on the survey, visit the company's LinkedIn page.

About Clearsurance

Clearsurance is the first-to-market crowdsourced review and ratings platform exclusively for the insurance industry. Its mission is to elevate the insurance experience by making it clear and simple. Clearsurance provides the most objective, trustworthy and comprehensive rating metric, reviews and consumer advocacy tools. For more information visit www.clearsurance.com.

Contact: Stacy Varney Tel. +1 978.255.7316
stacy.varney@clearsurance.com

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