2014 Consumer Insurance Sentiments
Compared with traditional, tangible goods, insurance is somewhat of an anomaly when it comes to the consumer’s purchasing experience. Unlike a car or box of cereal, insurance isn’t something that a consumer can experience through touch or sight. In the insurance world, consumers are primarily limited to making comparisons about a series of “if/then” statements printed on paper. Furthermore, since consumers can’t interact with their policies, they typically don’t show them off or brag about their coverage limits with their friends or family members.
Given the inherent nature of insurance, Nielsen’s Consumers Insurance Sentiments study highlights how auto and residential policyholders tend to buy their insurance and then forget about it. In that respect, it’s not surprising that more than one in four respondents (28%) currently covered indicated that they have been covered by the same primary policy for 15 years or more for each policy type.
Other highlights include:
- Switching providers is less frequent with age
- Younger generations are harder to please
- The purchase rationale for life insurance is changing
- Older customers may be under-insured