Claims Expertise is a Key Driver in Landlord Insurance coverage Switching

The analysis discovered that whereas 26% of landlords who switched insurer did so for the most cost effective coverage accessible, an equivalent 26% had been pushed to modify by a nasty claims expertise with their earlier supplier. This highlights a serious blind spot for insurers who view the market solely by way of the lens of worth.

This evaluation is launched alongside the launch of Shopper 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 Shopper 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 utterly erase a long-term worth benefit. That’s why we’re difficult the trade to look past the worth line and see the entire image.”

The Shopper Intelligence knowledge paints this richer image:

• The normal “black-and-white” view reveals that 75% of landlords actively store round, and 55% had 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 in the end swap, pushed by a mix of things. 27% of those that switched discovered a coverage with higher protection for a lower cost, demonstrating a fancy trade-off between worth and price.

The brand new Landlord Insurance coverage Market Benchmarking service from Shopper 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 gives a unified view to assist insurers perceive not simply what the market costs are, however why prospects are making the choices 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 choices, construct loyalty, and reach a market that calls for greater than only a aggressive worth.”