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.
The challenge to convince policyholders to change carriers is even greater in the homeowner's market, where only one in 10 of the 1,080 policyholders queried in a separate online survey said they shop annually, while another 10 percent do so every other year. A little over one in four said they never shop for a new homeowner's policy at renewal, and one-third rarely do.
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