Recent Bindable research exposes changes in insurance purchasing preferences
Opportunities exist for insurers and alternative distribution channels across lines of business.
Boston, MA – August 3, 2021 – Bindable, the insurtech leader for alternative distribution, is pleased to announce the availability of an e-book derived from a new research report, “2021 Insurance Purchasing & Buying Trends: The Company We Keep,” which explores consumer purchasing decisions and drivers, attitudes towards insurance companies, and purchasing preferences.
Designed and conducted by Bindable in June 2021 with respondents in 48 out of 50 U.S. states, this research identifies trends in consumer preferences due in part to COVID-19, alternative distribution channel readiness, and the impact of digital options on overall competitiveness and customer experience.
“Our research exposes the underlying drivers for purchasing or changing insurance coverages and sheds new light on what consumers want in the insurance buying experience today,” said Jocelyn Getson, chief growth officer of Bindable. “It’s clear that the insurance organizations who have continued to invest in product, service, and delivery innovation now have an enormous competitive advantage when it comes to meeting the ever evolving needs of consumers.”
The report’s most significant findings indicate:
- 64 percent of Millennial and Gen Z survey respondents would switch insurers for greater convenience;
- 81 percent of survey respondents would switch insurers if offered an option to bundle coverages;
- 83 percent of Millennial respondents prefer purchasing insurance via an end-to-end digital experience, while 62 percent of those same respondents would even pay more for coverage with this kind of access;
- 54 percent of survey respondents would be willing to purchase insurance from a fully-digital, automation-only provider with absolutely no human interaction for sales or support; and
- 65 percent of survey respondents are willing to purchase insurance from a non-insurance brand
“There is a clear and distinct preference for alternative distribution, meaning that people are willing to buy insurance from organizations such as banks, credit unions, employers, and special interest, affinity, or service groups,” said Jean-Marie Lovett, president of Bindable. “Bindable’s proprietary platform enables insurers, brokers, and leading brands to provide transparent, immediate digital access to coverage bundles that appeal to potential policyholders no matter where or how they prefer to buy.”
For those providers looking to meet the changing purchasing preferences of today’s consumers, Bindable empowers alternative distribution channels by providing a digital marketplace, a full suite of agency services, and flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. Through Bindable’s product distribution platform, customers have access to diverse coverage through ancillary products, including home, rental, and pet insurance, to supplement existing auto insurance coverage plans.
For access to the full report, download the e-book here.
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Bindable is the insurance technology leader for alternative distribution. Its proprietary platform brings together software, a digital wholesale marketplace, and a full suite of support services to offer flexible, market-ready solutions that connect insurance providers, trusted brands, and consumers. The company is headquartered in Boston, Massachusetts. To learn more about Bindable, please contact us or connect with us on LinkedIn, Twitter, and Instagram.