At renewal time, a third of consumers actively search for a better insurance deal. Data also shows that policyholders looking for a new plan are more likely to turn to friends and family for advice than price comparison websites.
New data from YouGov finds that 70% of U.S. adults who’ve made an insurance claim in the past are generally satisfied with the resolution.
But not every policyholder shows the same degree of contentment with their plan. In total, about a third of consumers say they intend to actively search for a better insurance policy when their current one is up for renewal, while a slightly larger percentage indicate that they probably wouldn’t make a switch.
Insurance agents need to pounce on the ones who DO want to make the switch! The most current AudienceSCAN study found 4% of homeowners would like to switch to a different home insurance provider in the next 12 months.
A look at specific types of policyholders reveals that those with auto, home, health, or life insurance are more likely to keep the same plan than try something new. Consumers with mobile phone insurance, however, are more likely to hunt for a better deal.
The survey indicates that between 30% (auto insurance) and 33% (home insurance) of policyholders actively search for a better deal when their policy comes up for renewal. That excludes mobile phone insurance policyholders, who seem much more active in their searches: 44% report actively looking for a better policy at renewal time, compared to 32% who are inactive. That’s likely due to more frequent turnover in mobile phone ownership necessitating more changes on the insurance side.
Insurance agencies can target Potential Home Insurance Switchers with newspaper advertising campaigns. According to the most recent AudienceSCAN research, 37.4% of switchers took action after reading newspaper (print, online, mobile or tablet) ads in the past month.
When searching for a new insurance policy, nearly a third of U.S. adults say they either always or normally rely on friends and family as a source of information. Other places people turn to for advice include price comparison websites (28%) and the websites of known insurance companies or brokers (24%). Just 7% said they typically search for policies by looking through ads or newsletters received in the mail. Only 5% say they look into advertisements or newsletters sent via email.