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There's good news for people who are wondering whether their homeowners insurance is of any value. Recent research shows that more and more people now consider their homeowners insurance policy to be of more value! There has been a significant rise in the perception over the last 5 years.
The verdict is clear - agents should always advise their policy holders about any potential savings pr discounts they can secure through their homeowners insurance policy.
Recent studies about customer satisfaction focused on 5 main determinants:
The average customer satisfaction rose by a whopping 21 points, to a score of 773 on 1000! Most customers agree that their perception has improved due to improvements in available covers, prices of the products and customer service. The most perceptible changes in customer satisfaction related to the prices that were being offered by the different companies. Customer satisfaction in this field improved by 46 points in the past year itself!
It is now accepted that people who avail of discounts are better satisfied with their policy in general. Agents can freely use discounts to attract more customers to homeowners' insurance policies.
In fact, the percentage of people who availed of discounts rose by 3% from 81% in the last year to 84% this year. Almost 10 of the 27 companies surveyed reported that more and more customers were availing of discounts in their policies. The research clearly indicates that customers who availed of discounts were far happier than customers who did not or customers who were in doubt about the discounts they were receiving.
If the providers want their customers to feel happier about what they are getting in their policy, they should let them know about the different discounts they can avail of. No matter what changes it brings about in their policy covers, customers would be happy to at least know about the different discounts they can avail of! Their satisfaction with the policy rose by at least 90 points compared to their level of satisfaction when they were unaware of the discounts they could avail of!
Another important aspect of the research was that it showed the increasing tendency amongst people to bundle the other policies they had together their homeowners insurance policy.
The research also shows another interesting trend- the level of satisfaction enjoyed by customers increased with the number of policies they held with the same company. For instance, customers who had more than 3 policies with the same provider had a satisfaction level that was over 170 points more than those that had only a single homeowner's policy with a provider.
The message is crystal clear - if the provider is keeping its customers happy with their homeowners' insurance policy, they were much more likely to purchase more policies from the same provider. Customers who were happy with their policies were more likely to renew their policies and even recommend the provider to others.
Even a token improvement of 50 points on the satisfaction level of the customers translated into a 10-15% hike in the number of customers who were willing to renew their policies. Food for thought, isn't it?
Here are some more interesting facts - a 50 point hike in the satisfaction level of the customers translated into a 15 percentage point improvement in the number of people who were willing to recommend the provider to others.
Insurance agents looking out for an improvement in their conversions would do well to stress on the satisfaction aspect when they are dealing with potential customers. It would help them improve their conversions considerably!
Trust BestInsLeads.com to come up with such helpful hints!
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