The analysis discovered that whereas 26% of landlords who switched insurer did so for the most affordable coverage out there, an an identical 26% had been pushed to change by a foul claims expertise with their earlier supplier. This highlights a serious blind spot for insurers who view the market solely by the lens of value.
This evaluation is launched alongside the launch of Client Intelligence’s new service, which inspires insurers to see the ‘Market in Full Color ’- a richer, multi-dimensional perspective important for navigating the present panorama.
“Focusing solely on value provides you a black-and-white image of the market, however the actuality is in full color,” stated Ian Hughes, Chief Government of Client Intelligence.
“Our analysis proves that landlords are refined patrons. They weigh the coverage, the model, and their private experiences proper alongside the premium. A single unhealthy declare can fully erase a long-term value benefit. That’s why we’re difficult the business to look past the worth line and see the entire image.”
The Client Intelligence information paints this richer image:
- The normal “black-and-white” view exhibits that 75% of landlords actively store round, and 55% had been quoted the next value at their final renewal, confirming value sensitivity is excessive.
- Nonetheless, a “full-colour” perspective reveals extra profound truths. Over half (53%) of landlords in the end swap, pushed by a mix of things. 27% of those that switched discovered a coverage with higher protection for a cheaper price, demonstrating a fancy trade-off between worth and value.
The brand new Landlord Insurance coverage Market Benchmarking service from Client Intelligence powers these insights. The service is designed to assist insurers see the ‘Market in Full Color’ by integrating layers of perception, together with buyer behaviour, proposition worth, and model expertise, with aggressive value monitoring. It offers a unified view to assist insurers perceive not simply what the market costs are, however why clients are making the selections they do.
“Within the post-GIPP world, understanding these deeper drivers of worth is the important thing to sustainable development,” continued Hughes.
“Our new service provides insurers the readability and context to make smarter selections, construct loyalty, and reach a market that calls for greater than only a aggressive value.”