Consumers' Attitude toward Insurance Companies: A Sentiment Analysis of Online Consumer Reviews

This study considers consumer online reviews for auto, home, and life insurance services to provide insights regarding understanding consumers’ attitude toward different insurance types. We apply the sentiment analysis technique to analyze the overall sentiment of each insurance type since 2012. Our findings show that since 2013 consumers had more negative attitudes toward insurance services. We also extracted consumers’ emotions for each insurance type and found that consumers generally have more negative emotions than positive ones toward insurance services. Moreover, the results show that consumer reviews sentiments could accurately predict consumer review ratings and there are significant differences in review ratings between positive, neutral, and negative consumer reviews sentiments for all insurance types. The results of this study highlight the importance of sentiment analysis in understanding consumers’ opinion toward different services that could help companies to reduce consumers negative attitudes and to attract more customers.