The analysis discovered that whereas 26% of landlords who switched insurer did so for the most cost effective coverage out there, an similar 26% have 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 worth.
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 worth provides you a black-and-white image of the market, however the actuality is in full color,” stated Ian Hughes, Chief Govt of Client Intelligence.
“Our analysis proves that landlords are refined consumers. They weigh the coverage, the model, and their private experiences proper alongside the premium. A single dangerous declare can fully erase a long-term worth benefit. That’s why we’re difficult the business to look past the value line and see the entire image.”
The Client Intelligence knowledge paints this richer image:
- The standard “black-and-white” view exhibits that 75% of landlords actively store round, and 55% have been quoted a better worth at their final renewal, confirming worth sensitivity is excessive.
- Nonetheless, a “full-colour” perspective reveals extra profound truths. Over half (53%) of landlords finally change, 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 worth monitoring. It supplies 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 progress,” continued Hughes.
“Our new service provides insurers the readability and context to make smarter selections, construct loyalty, and achieve a market that calls for greater than only a aggressive worth.”
