Recent Bindable Research Exposes Changes in Insurance Purchasing Preferences

Alternatives exist for insurers and different distribution channels throughout strains of enterprise

BOSTON, Aug. 03, 2021 (GLOBE NEWSWIRE) — Bindable, the insurtech chief for different distribution, is happy to announce the supply of an e-book derived from a brand new analysis report, “2021 Insurance coverage Buying & Shopping for Traits: The Firm We Maintain,” which explores shopper buying choices and drivers, attitudes in the direction of insurance coverage corporations, and buying preferences.

Bostin Insurtech Bindable | Jocelyn Getson

Designed and carried out by Bindable in June 2021 with respondents in 48 out of fifty U.S. states, this analysis identifies tendencies in shopper preferences due partly to COVID-19, different distribution channel readiness, and the impression of digital choices on total competitiveness and buyer expertise.

“Our analysis exposes the underlying drivers for buying or altering insurance coverage coverages and sheds new gentle on what customers need within the insurance coverage shopping for expertise as we speak,” mentioned Jocelyn Getson, chief progress officer of Bindable. “It’s clear that the insurance coverage organizations who’ve continued to put money into product, service, and supply innovation now have an unlimited aggressive benefit in the case of assembly the ever evolving wants of customers.”

The report’s most important findings point out:

  • 64 p.c of Millennial and Gen Z survey respondents would swap insurers for better comfort;
  • 81 p.c of survey respondents would swap insurers if provided an choice to bundle coverages;
  • 83 p.c of Millennial respondents want buying insurance coverage by way of an end-to-end digital expertise, whereas 62 p.c of those self same respondents would even pay extra for protection with this sort of entry;
  • 54 p.c of survey respondents could be keen to buy insurance coverage from a fully-digital, automation-only supplier with completely no human interplay for gross sales or help; and
  • 65 p.c of survey respondents are keen to buy insurance coverage from a non-insurance model

“There’s a clear and distinct desire for different distribution, which means that persons are keen to purchase insurance coverage from organizations similar to banks, credit score unions, employers, and particular curiosity, affinity, or service teams,” mentioned Jean-Marie Lovett, president of Bindable. “Bindable’s proprietary platform permits insurers, brokers, and main manufacturers to supply clear, instant digital entry to protection bundles that attraction to potential policyholders irrespective of the place or how they like to purchase.”

For these suppliers seeking to meet the altering buying preferences of as we speak’s customers, Bindable empowers different distribution channels by offering a digital market, a full suite of company companies, and versatile, market-ready options that join insurance coverage suppliers, trusted manufacturers, and customers. Via Bindable’s product distribution platform, prospects have entry to numerous protection by way of ancillary merchandise, together with house, rental, and pet insurance coverage, to complement current auto insurance coverage protection plans.

For entry to the complete report, obtain the e-book here.

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