Auto insurance consumers are shopping more than ever before, and that’s not surprising. A competitive environment combined with easy access to online quotes and an informed shopping audience has led to a shopping bonanza, even among loyal policyholders. And yet carriers find themselves caught in a conundrum of wanting to retain valuable customers but fearing their outreach might not be well received.
Our recent auto insurance consumer study debunks that myth and reveals that policyholders do want to hear from you, with a few caveats. One of them is, “I won’t contact you. You should contact me.” In fact, our research shows that almost half of policyholders are reluctant to contact their current carrier before switching to a new carrier. Eighteen percent of those policy switchers believe it’s the carrier’s responsibility to contact them instead.
But that’s not all. Nineteen percent of policyholders who didn’t contact their carrier before switching believed contact wouldn’t make a difference. In other words, they were sure their carrier wouldn’t be responsive to their needs. Among those who shop, almost half who switch carriers are influenced to do so because their current carrier never reached out to them.
The message is clear. Make that contact. By upping your outreach and opening meaningful conversations with your policyholders, on their terms, you can improve both customer engagement and profitability.
What do policyholders want the topics of those conversations to be? Find out in our whitepaper, The Outreach Blueprint.