LexisNexis Risk Solutions Releases New Study on U.S. Homeowner Insurance Preferences and Behaviors
LexisNexis Risk Solutions has released its U.S. Home Insurance Consumer Insights report, revealing key findings about homeowner insurance preferences and behaviors. The study identifies two distinct policyholder groups: 'Set It & Forget It' (47%) and 'Insurance Involved' (37%). Key takeaways include:
- 72% of homeowners are willing to pay higher premiums for full coverage
- 70% rely on carriers or agents for coverage guidance
- 61% believe consumer-led mobile inspections are fair for determining rates
- 59% are highly concerned about using their home insurance
- Only 51% know their policy details, suggesting potential underinsurance
The report highlights opportunities for insurers to leverage emerging technologies like consumer-led mobile inspections to bridge knowledge gaps, improve risk assessments, and enhance customer engagement while addressing profitability challenges.
LexisNexis Risk Solutions ha pubblicato il suo rapporto U.S. Home Insurance Consumer Insights, rivelando importanti scoperte sulle preferenze e i comportamenti degli assicurati della casa. Lo studio identifica due gruppi distinti di assicurati: 'Set It & Forget It' (47%) e 'Insurance Involved' (37%). I punti chiave includono:
- Il 72% dei proprietari di casa è disposto a pagare premi più elevati per una copertura completa
- Il 70% si affida ai fornitori o agli agenti per orientamenti sulla copertura
- Il 61% ritiene che le ispezioni mobili condotte dai consumatori siano giuste per determinare le tariffe
- Il 59% è molto preoccupato per l'uso della propria assicurazione sulla casa
- Solo il 51% conosce i dettagli della propria polizza, suggerendo una potenziale sottocopertura
Il rapporto evidenzia opportunità per le assicurazioni di sfruttare tecnologie emergenti come le ispezioni mobili condotte dai consumatori per colmare le lacune di conoscenza, migliorare le valutazioni del rischio e aumentare il coinvolgimento dei clienti, affrontando nel contempo le sfide di redditività.
LexisNexis Risk Solutions ha lanzado su informe U.S. Home Insurance Consumer Insights, revelando hallazgos clave sobre las preferencias y comportamientos de los propietarios de viviendas en cuanto al seguro. El estudio identifica dos grupos distintos de asegurados: 'Set It & Forget It' (47%) y 'Insurance Involved' (37%). Los puntos más destacados incluyen:
- El 72% de los propietarios de viviendas están dispuestos a pagar primas más altas por una cobertura completa
- El 70% confía en los proveedores o agentes para obtener orientación sobre la cobertura
- El 61% cree que las inspecciones móviles lideradas por consumidores son justas para determinar tarifas
- El 59% está muy preocupado por el uso de su seguro de hogar
- Solo el 51% conoce los detalles de su póliza, lo que sugiere una posible subaseguración
El informe destaca las oportunidades para que las aseguradoras aprovechen tecnologías emergentes como las inspecciones móviles dirigidas por consumidores para cerrar las brechas de conocimiento, mejorar las evaluaciones de riesgo y aumentar el compromiso del cliente, abordando al mismo tiempo los desafíos de rentabilidad.
LexisNexis Risk Solutions는 U.S. Home Insurance Consumer Insights 보고서를 발표하여 주택 소유자의 보험 선호도와 행동에 대한 주요 발견을 밝혔습니다. 이 연구는 두 개의 뚜렷한 보험 가입자 그룹인 'Set It & Forget It' (47%)와 'Insurance Involved' (37%)를 식별합니다. 주요 내용은 다음과 같습니다:
- 72%의 주택 소유자가 전체 보장을 위해 더 높은 보험료를 지불할 의사가 있음
- 70%는 보장 지침을 위해 보험사나 에이전트에 의존
- 61%는 소비자 주도의 모바일 검사가 요금 결정에 공정하다고 믿음
- 59%는 자신의 주택 보험 사용에 대해 매우 걱정
- 오직 51%만이 자신의 정책 세부 사항을 알고 있어 잠재적인 보험 미흡이 우려됨
이 보고서는 보험사들이 소비자 주도의 모바일 검사와 같은 신기술을 활용하여 지식 격차를 해소하고, 리스크 평가를 개선하며, 고객 참여를 강화하면서 수익성 문제를 해결할 기회를 강조합니다.
LexisNexis Risk Solutions a publié son rapport U.S. Home Insurance Consumer Insights, révélant des conclusions clés sur les préférences et les comportements en matière d'assurance habitation. L'étude identifie deux groupes distincts de titulaires de police : 'Set It & Forget It' (47%) et 'Insurance Involved' (37%). Les points principaux incluent :
- 72% des propriétaires sont prêts à payer des primes plus élevées pour une couverture complète
- 70% se fient aux assureurs ou aux agents pour des conseils sur la couverture
- 61% pensent que les inspections mobiles dirigées par les consommateurs sont justes pour déterminer les tarifs
- 59% s'inquiètent beaucoup de l'utilisation de leur assurance habitation
- Seulement 51% connaissent les détails de leur police, suggérant un risque de sous-assurance
Le rapport souligne les opportunités pour les assureurs d'exploiter des technologies émergentes telles que les inspections mobiles dirigées par les consommateurs pour réduire les lacunes de connaissances, améliorer les évaluations des risques et renforcer l'engagement des clients tout en s'attaquant aux défis de rentabilité.
LexisNexis Risk Solutions hat seinen Bericht U.S. Home Insurance Consumer Insights veröffentlicht, der wichtige Erkenntnisse über die Präferenzen und Verhaltensweisen von Hausbesitzern in Bezug auf Versicherungen offenbart. Die Studie identifiziert zwei verschiedene Gruppen von Versicherungspoliceninhabern: 'Set It & Forget It' (47%) und 'Insurance Involved' (37%). Wichtige Erkenntnisse sind:
- 72% der Hausbesitzer sind bereit, höhere Prämien für eine umfassende Deckung zu zahlen
- 70% verlassen sich auf Anbieter oder Agenten für Deckungsrichtlinien
- 61% glauben, dass von Verbrauchern durchgeführte mobile Inspektionen fair zur Bestimmung der Tarife sind
- 59% sind sehr besorgt über die Nutzung ihrer Wohngebäudeversicherung
- Nur 51% kennen die Einzelheiten ihrer Police, was auf eine mögliche Unterversicherung hindeutet
Der Bericht hebt die Chancen für Versicherer hervor, emerging technologies wie verbrauchergeleitete mobile Inspektionen zu nutzen, um Wissenslücken zu schließen, Risikobewertungen zu verbessern und die Kundenbindung zu stärken, während gleichzeitig Herausforderungen in der Rentabilität angegangen werden.
- 72% of homeowners are willing to pay higher premiums for full coverage
- 70% of homeowners rely on carriers or agents for coverage guidance
- 61% of homeowners favor consumer-led mobile inspections for risk assessment
- 71% of homeowners are aware of consumer-led mobile inspections
- Carriers offering mobile inspections are perceived as innovative (69%), customer-focused (62%), and proactive (67%)
- Only 51% of homeowners know the specific details of their policy and coverage
- 47% of homeowners have a 'Set It & Forget It' mindset, being less engaged with their policies
- Increased engagement from 'Insurance Involved' homeowners can lead to higher service costs for carriers
- One-third of homeowners shop for home insurance regularly, potentially increasing customer churn
Insights
This study reveals important insights for the home insurance industry, highlighting a significant opportunity for insurers to enhance customer engagement and improve risk assessment. The key findings include:
- 72% of homeowners are willing to pay higher premiums for full coverage
- Two distinct consumer segments: "Set It & Forget It" (47%) and "Insurance Involved" (37%)
- 70% of homeowners rely on carriers or agents for coverage guidance
- 61% favor consumer-led mobile inspections for risk assessment
These insights present opportunities for insurers to tailor their strategies, potentially increasing premium revenue while addressing the industry's profitability challenges. The adoption of mobile inspection technology could lead to more accurate risk assessments and improved customer satisfaction, potentially reducing operational costs for carriers.
This research underscores a critical gap in the home insurance market that carriers can leverage to improve profitability and customer satisfaction. The willingness of 72% of homeowners to pay higher premiums for full coverage indicates untapped revenue potential. However, the industry must address the disconnect between perceived and actual coverage understanding.
The emergence of consumer-led mobile inspections is particularly noteworthy. With 61% of homeowners viewing this as a fair method for risk assessment, it presents a
For RELX's LexisNexis Risk Solutions, this study positions them as a thought leader in the industry, potentially driving demand for their risk assessment and data analytics solutions among insurance carriers looking to implement these insights.
New research reveals Seven out of 10 homeowners rely on insurers for coverage guidance, highlighting opportunities for carriers to leverage emerging technologies to meet consumer needs.
By gaining a deeper understanding of each group's motivations to develop more effective engagement strategies and by leveraging emerging technologies to better assist with risk assessment, home insurers can bridge these gaps with consumers and address profitability challenges faced by the industry.
Key takeaways
- Homeowners value insurance and are willing to pay more:
72% of homeowners are willing to pay higher premiums to help ensure they are fully covered. - Renewals drive shopping behavior: One-third of homeowners shop for home insurance regularly and most often at renewal. If they do not shop regularly, price and competitive offers can move consumers to act.
- Two distinct consumer segments emerged, Set It & Forget It and Insurance Involved: Homeowners with the Set It & Forget It mindset (
47% ) are less engaged with their policies. In contrast, Insurance Involved homeowners (37% ) are more engaged but can drive higher operational costs for carriers. - Over half of respondents (
59% ) are highly concerned about using their home insurance but only half (51% ) know the specific details of their policy and the coverage. Industry analysis suggests many may be underinsured[1]. - Nearly eight out of 10 homeowners assume some or all responsibility for collecting or providing information about their home at application and renewal, however
70% of homeowners rely on a carrier or agent to make sure they have the right type and amount of coverage. - Emerging technologies like consumer-led methods for visual home inspections using a mobile device can bridge the gap between consumer knowledge and insurer profitability:
61% of homeowners believe assessing risk through their actual home's condition via a consumer-led inspection is a fair and accurate way to determine insurance rates—almost double the number who find it acceptable to use similar homes, such as neighbors' properties, to compare risk.
"Our new home insurance research underscores a growing expectation among homeowners for insurers to help provide adequate coverage while also helping these insureds address their own knowledge gaps about their homes' potential risks," said Cole Winans, vice president and general manager, home insurance, LexisNexis Risk Solutions. "Insurance carriers have an opportunity to proactively engage with homeowners, especially those with the Set It & Forget It mentality, to ensure they are adequately covered and informed of the ever-evolving risks that are present in the home insurance market. It is becoming more necessary than ever for carriers to adopt a consultative mindset with consumers who might be looking to shop based simply on higher premiums. Our research indicates that consumers in both cohorts studied are often willing to pay more to cover unforeseen risks."
Opposing Mindsets Require Tailored Approaches
Set It & Forget It homeowners self-identify as being less knowledgeable about policy specifics, which can result in homeowners being surprised when additional hidden risks are uncovered, particularly at renewal. Conversely, Insurance Involved homeowners say they are more proactive, often engaging with separate home and auto insurance providers and having a better understanding of their policy.
Carriers that understand the different attitudes and behaviors of these two customer segments can better address the challenges related to their unique needs such as:
- Homeowners with the Insurance Involved mindset feel more knowledgeable about insurance; however, increased engagement can lead to higher service costs for carriers, which they will need to address operationally.
- Homeowners with the Set it & Forget It mindset are more distanced from their home insurance. Fewer than half of homeowners are highly concerned with needing to use home insurance (
48% ) and a little over a third know the specifics of their policy and coverage (37% ). - Of respondents representing both segments,
61% always feel home insurance is worth the money they pay and59% are highly concerned about having a situation where they would need to use their home insurance.
The Disconnect Between Coverage and Awareness
The report also underscores a fundamental disconnect that while most homeowners assume they have sufficient coverage, their actual understanding of policy details and potential risks remains limited. Homeowners who rely more on their carriers or agents for information tend to be less aware of property risks, with only
Meeting Homeowners' Expectations and Carrier Needs through Emerging Technologies
Homeowners (
"Mobile inspections represent an ideal solution for both Set it & Forget It and Insurance Involved homeowner segments," said George Hosfield, associate vice president, home insurance, LexisNexis Risk Solutions. "For the less engaged Set It & Forget It homeowners, mobile inspections can help reveal hidden risks and ensure coverage accuracy, and Insurance Involved homeowners, appreciate the efficient, digital interaction. This technology can not only elevate the customer experience but also helps carriers reduce operational costs and improve risk assessments."
According to the study, home insurance carriers offering mobile inspections are perceived as:
- Innovative and forward-thinking by
69% of homeowners - Customer-focused by
62% of respondents - Proactive in ensuring adequate coverage, as noted by
67% of respondents
The research found that
By adopting consumer-led mobile inspections, home insurance carriers may:
- Improve risk assessments for the
47% of less-engaged, Set It & Forget It homeowners - Reduce service costs for the
37% of Insurance Involved policyholders by deflecting service from more expensive, manual channels - Maintain customer satisfaction for the
63% of homeowners who review their policies at renewal, ensuring they have adequate coverage even after unreported changes to their homes
"As consumers continue to look for cost savings in this challenging economic climate, they are increasingly looking to lower their insurance expenses. Home premiums have risen, and this is certainly contributing to the increased insurance shopping we have seen in recent months," continued Hosfield. "Our research shows that many are looking for key guidance from their insurers on how to effectively cover their property and how to best mitigate potential risks at their home. This presents a real opportunity for insurers to offer counsel and to build continued trust with customers.
Download the 2024 Home Insurance Consumer Insights Study.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro
Media Contact:
Chas Strong
Director, Communications
Global Insurance
LexisNexis Risk Solutions
706.714.8261 Mobile
charles.strong@lexisnexisrisk.com
1 American Property Casualty Insurance Association 2022, "Majority of insured homeowners at risk of being underinsured amid high inflation & increased building costs," infographic. Accessed June 20, 2024. https://www.apci.org/attachment/static/6323/ |
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SOURCE LexisNexis Risk Solutions
FAQ
What percentage of homeowners are willing to pay higher premiums for full coverage according to the LexisNexis study?
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What percentage of homeowners believe consumer-led mobile inspections are fair for determining insurance rates?
How many homeowners know the specific details of their policy and coverage according to the LexisNexis report?
