Blog: Is tech really the solution for underinsurance?

As we move into an even more digital world, with some insurance quotes and policies being completed strictly online, which would better help address underinsurance: re-introducing human contact or using even more new tech? Rosie Simms weighs up the arguments.

In June 2023, Ecclesiastical revealed that 77% of brokers believe there is a problem with underinsurance in the high-net-worth market – up five percentage points from 2022.

The insurer noted the top three reasons why brokers think HNW clients are underinsured: lack of awareness of the huge rise of rebuild/repair costs, out-of-date valuations, and lack of awareness of the value of buildings/contents.

The top five were rounded out by inflation and clients not wanting to pay higher premiums.



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