62.8% of Americans are confused about their health cover
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.
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
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.
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.
Tribe and APOLLO announce national insurance campaign
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.