Insurers who set themselves apart from the pack by offering easy-to-use digital tools that allow customers to apply for coverage, make claims, update accounts and renew policies while proactively communicating with their users stand the best chance of holding on to them. (Photo: REDPIXEL/Adobe Stock)
After a year of record-breaking price increases, many Americans are searching for ways to protect their bank accounts. For insurers, this means even the most loyal of policyholders — those who bundle their homeowners and auto insurance with the same carrier — are at risk of ditching their policies and flocking toward competitors with cheaper rates.
Nicknamed the "Robinsons" by Progressive Insurance, consumers who double down on home and auto policies are a valuable demographic for insurers, and losing them raises profitability concerns in today's market. That's because these customers lower the cost of acquisition by offering the chance to sell multiple policies through a single transaction and are consistently among the most loyal — 45% have stuck with their current insurance provider for 11 years or more.
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