Personal-lines insurers are locked in a never-ending battle for market share—which has only intensified over the past few years as auto and homeowners’ carriers struggled for organic growth during a down economy and depressed housing market.
However, while the prospects for exposure growth are looking brighter with unemployment declining, auto sales beginning to rebound and some signs of recovery in the housing sector, insurers face more fundamental challenges beyond the ups and downs of the macro-economy.
These were some of the key questions explored by Deloitte Research in an online survey of 1,080 auto policyholders and an equal number of those with homeowners’ coverage. Among the critical takeaways from the surveys I’ll explore in a series of blogs over the next couple of months:
• While the vast majority of respondents appear to be satisfied with the price charged and service provided by their current carriers and agents (if they use one), there are demographic factors at work that make some prospects more viable than others in terms of taking them away from the competition.