Renters Insurance Trends and Customer Report

The renters insurance trends and customer report

Digital transformation is reshaping the insuranceindustry at a time when consumers are expectingmore from products and services.

Qualtrics surveyed 800 US auto and rentersinsurance customers to understand what theyexpect and identify the emerging trends thatwill shape the insurance industry experience.

Study Released Summer 2018

Question

Which of the following did you use to evaluate which renters insurance providers to consider?

50%

0%

Friends / Family

I ALREADY USE THIS PROVIDER FOR OTHER INSURANCE

REVIEW SITES

An Agent

Search engine search

online ads

tv or radio ads

other

Blogs

TV or radio programs

New Articles

Podcasts

Question

While shopping for a renters insurance plan, which factored into your decision the most? Please select up to three.

Question

How many renters insurance providers made your “short list” being considered?

Question

Did you consult with an agent while shopping for a renters insurance provider?

The next time you shop for renters insurance, do you plan to use an agent?

Question

Which part of shopping for a renters insurance plan was the most confusing?

Question

What type of claim have you filed?

Question

What would have made your renters insurance shopping easier?

40%

0%

More Detailed Information

Clearer comparisions between plans

more concise information

clearer pricing information

24/7 PHONE SUPPORT WITH A SALES PERSON

ONLINE VIDEOS EXPLAINING PLANS

ONLINE CHAT WITH A SALES PERSON

MOBILE CHAT WITH A SALES PERSON

Question

Which steps of setting up your new renters policy were the hardest?

5x

Question

How do you prefer to set up your new renters insurance policies?

30%

Question

Have you considered switching your renters insurance provider in the past year?

Question

Why have you considered switching?

40%

0%

PREMIUM TOO HIGH

POOR VALUE FOR THE MONEY

I HAD A BAD EXPERIENCE

DEDUCTIBLE TOO HIGH

A LIFE CHANGE UNRELATED TO MY PROVIDER

POOR CUSTOMER SERVICE

I DECIDED I DON’T NEED INSURANCE

Question

Which best describes you?

Question

How would you describe your loyalty towards your renters insurance provider?

Question

Which do you think is more important to your renters insurance provider?

Question

What could your renters insurance provider do to provide a better experience?

40%

0%

SIMPLIFY PLANS

EASIER ACCESS TO INFORMATION ONLINE

FASTER CLAIM SETTLEMENT

EASIER ACCESS TO INFORMATION ON MY MOBILE DEVICE

MORE KNOWLEDGABLE CUSTOMER SUPPORT

FASTER RESPONSE TO MY QUESTIONS AND CONCERNS

ACCESS TO MORE/BETTER SERVICE PROVIDERS

BETTER TECHNOLOGY FOR FASTER CLAIM SUBMISSIONS

Question

What could your renters insurance provider do to make filing a claim easier?

Question

What would make this easier to understand?

5x

Question

How likely are you to recommend your renters insurance policy to a friend or colleague?

Question

Thinking back to when you most recently decided to go with your renters insurance provider, what quality did you expect?

How would you rate your most recent experience with your renters insurance provider?