U.S. Home Insurance Study
The median age of first-time home buyers has increased to 33 years, the oldest age on record since the National Association of Realtors began tracking this data in 1981. What’s that mean for home insurers? The battle to drive lifetime value in home insurance customer relationships now hinges on the ability to capture new customers as early as possible by converting renter insureds to homeowner insureds.
The J.D. Power Home Insurance Study helps carriers understand the keys to building long-term relationships with homeowners. The study examines overall customer satisfaction with homeowners and renters insurance and measures satisfaction with each segment by examining five factors:
- Policy offerings
- Billing process and policy information
Homeowners insurance customers are the single-most-valuable group of personal lines customers for P&C insurers as they have a significantly higher bundling rate and their tenure is twice the length of a monoline customer. A subscription to the Home Insurance Study provides carriers with the insights needed to meet and exceed the expectations of this critical segment.