Factors affecting user trust and intention in adopting chatbots: the moderating role of technology anxiety in insurtech

By 2030, the global chatbot market in the fintech industry is expected to reach 6.83 billion USD (Vailshery 2022), and while using chatbots, consumers might be unable to tell whether they are interacting with a human. As chatbots are increasingly being used to provide a more human-like service experience, understanding the factors affecting trust, adoption, and how chatbots drive consumer experience in insurtech is important. This study investigates key factors that encourage (practicity, enjoyment and personalization) and inhibit (privacy concerns, creepiness) trust in and intention to adopt a chatbot and the moderating role of technology anxiety. To do so, 430 respondents applied a simulated auto insurance quote involving a textual-based chatbot and responded to a questionnaire. The results highlight practicity and enjoyment as the key drivers of trust and adoption intention, while the positive impact of personalization is marginal. Creepiness decreases trust in chatbots and their adoption intention, whereas privacy concerns have little effect. Almost half of these relationships are moderated by technological anxiety; for instance, trust does not translate into stronger adoption intention for technology-anxious users, but positively impacts less anxious users. Managerial implications are provided for the successful implementation of chatbots.