Oct 23, 2020

62.8% of Americans are confused about their health cover

Policygenius
McKinsey
Affordable Care Act
Health Insurance
William Girling
2 min
US comparison website Policygenius’ new annual survey has found that the majority (62.8%) of Americans find health insurance confusing
US comparison website Policygenius’ new annual survey has found that the majority (62.8%) of Americans find health insurance confusing...

US comparison website Policygenius’ new annual survey has found that the majority (62.8%) of Americans find health insurance confusing.

Despite an overall increase in public awareness because of the COVID-19 pandemic, the company found that most citizens were not fully informed about healthcare-related insurance terms. 

This is significant as the Affordable Care Act, wherein plans are configured to cover those with pre-existing conditions, has so far been a strong point of contention during the 2020 presidential election.

Among Policygenius’ findings from a representative poll of 1,501 US adults were the following:

  • 87% did not know the correct enrollment window for Healthcare.gov (1 November to 15 December 2020)
  • 44% did not consider pediatric care a required benefit of Healthcare.gov policies
  • 25.5% actually avoided healthcare because they were unsure what their insurance covers

Hanna Horvath, healthcare expert at Policygenius, commented that the general comprehension of the US’ health insurance remained as low as 2019’s; a surprising conclusion following a year fraught with concern over healthcare.

"The persistent confusion speaks to the complexity of the health care system in our country, as well as the effects of conflicting information during debates in the news and in court cases," she stated.

Navigating the next decade

McKinsey & Co recently published its article ‘Navigating the next decade of US insurance claims’, wherein it advised that the industry must address two significant factors: 1) shifting customer expectations, and 2) technological evolution.

While millennials are generally associated with a preference for omnichannel service experiences, the company also suggested that baby boomers and generation-x, usually assumed to prefer person-to-person, may also have shifted towards diverse interactions.

“Some of the biggest changes have occurred in the adoption of digital claims capabilities, such as a significant increase in the use of virtual estimates in auto and property claims and a major uptick in the use of telemedicine for injury claims.

“According to a recent McKinsey survey, more than 65% of consumers intend to continue habits they adopted during the crisis, such as new shopping methods,” said the report.

Therefore, with customers seemingly more willing to take insurance matters ‘into their own hands’, as opposed to simply relying on an agent, it is conceivable that Policygenius’ discovered high rate of confusion may drop as consumers become more engaged with their insurance.

Furthermore, as insurtechs continue to differentiate themselves from incumbents based on transparency and ease of service, the onus will be on high-street firms to revise their operating model to make insurance more comprehensible for everyone.

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Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

Tribe
Apollo
campaign
Insurance
2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.

 

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