Homeowners insurance focused agents are missing large opportunity

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A new J.D. Power report has shown that these professionals are not taking advantage of the long term benefit of renter customers.

According to a new report from J.D. Power, agents who place all of their focus on homeowners insurance customers are not taking advantage of the opportunity offered to them for greater long term success that stems from the relationships that they can build with renter customers.

As the needs of tenants grow, due to changes in their lives or circumstances, they could provide additional opportunities.

Renters coverage may not be the bread and butter for a homeowners insurance agent, but the customer has a great deal of value, said the report entitled “J.D. Power 2013 U.S. Household Insurance and Bundling Study”. It pointed out that a renter will build on his or her life and this will lead to additional opportunities for selling products, including the purchase of a car (or an additional car), having a family, or buying a home later on down the road.

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homeowners insurance agentThe report underscored the importance of looking beyond homeowners insurance through a number of statistics.

Among the key findings of the home insurance report from J.D. Power included the following:

• Although 25 percent of consumers are renters for their primary residences, nearly half of them (46 percent) are uninsured.
• The satisfaction level with insurers is greater among customers who are renters than those who have homeowners insurance (on a 1,000 point scale, satisfaction was reported at 809 versus 787, respectively).
• The primary satisfaction gap driver is the price of the coverage, as renters rated their satisfaction with price as 45 points higher than property owners.
• As renters represent a greater part of the younger customer base in the renters and homeowners insurance market, renters place a larger importance on an insurer’s website (22 percent) and online assistance interaction channels (11 percent) than property owners. As young people are the main customer base of the future, this means that renters hold a high potential for loyalty and future product sales.
• Among the homeowners insurance companies with the greatest share of the renters’ coverage market are State Farm (26 percent), Allstate (12 percent), and USAA (10 percent).

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