Filed Under:Markets, Personal Lines

Survey Says Personal-Lines Insurers Keeping Customers Satisfied

High satisfaction levels and renewal inertia pose stiff challenges to auto and home carriers looking to grow organically, Deloitte found in its recent survey project, "The Voice of the Personal Lines Insurance Consumer.”

Indeed, nearly one-quarter of the 1,080 auto policyholders responding to a Deloitte Research survey said they never shop for alternatives to their current insurance at renewal, while another third rarely do so. Only 16 percent shop every few years, while one in 10 shops every other year, and fewer than one in five do so annually.

both sets of respondents expected to renew with their current carriers. About 90 percent of auto policyholders said they anticipated staying put (including 61 percent who said they were very likely to renew). Only 5 percent said they were unlikely or very unlikely to renew, while another 5 percent did not know. The numbers were similar on the homeowner side.

At first blush, their customers’ high satisfaction levels with their current carriers and a general lack of initiative when it comes to seeking out alternative sources of coverage might make it difficult for personal-lines insurers to take business away from their rivals, at least among those in these two survey samples.

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