Today's insurance professionals must strike a balance between affordability and coverage levels suitable for your customers. (Shutterstock)
Consumers in 2020 are trying to stretch their dollars more than usual. Insurance agents, brokers and carriers are responding by making car insurance policies even more affordable.
Here are some key insights to keep in mind during this unprecedented time:
- Knowing your customer and assessing suitability is more crucial than ever. But these skills are nothing if agents and brokers don't translate suitability to customers.
- Discount programs make car insurance policies more affordable. They also increase customer retention.
- Historically underused discount programs, like telematics, are seeing new popularity.
- Economic volatility is changing the driving landscape, and it's uncertain whether these trends will persist or suddenly rebound. Agents, brokers and carriers need to prepare for multiple outcomes.
Let's take a closer look at these trends.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
