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Insurance Policyholders Demand Proactive Engagement from Providers: Insights from the VIU by HUB Survey

In a rapidly changing world, insurance policyholders are increasingly looking for more than just the basic services that their providers currently offer. A recent survey conducted by VIU by HUB has revealed that a significant 88% of consumers desire proactive notifications when their insurance coverage is no longer suitable for their needs. This highlights a pressing need for insurance companies to not only address claims but also to actively monitor and communicate with policyholders.

Key Findings of the Survey

The findings from the VIU by HUB Insurance Experience Survey indicated that consumers are keen on forging a deeper, more engaging relationship with their insurance providers. Far from merely renewing policies and communicating during claims, policyholders expect a hands-on approach where providers are alert and responsive to their changing circumstances.

Proactive Communication

The survey sheds light on an alarming trend: nearly three out of five policyholders—56%—report that they have not received proactive communication from their insurance provider in over a year. Worryingly, 21% have indicated that they have never received such outreach at all. This points to a gap in the connection that policyholders expect from their insurance providers, reflecting a desire for continuous support instead of sporadic interactions.

As Bryan Davis, president of VIU by HUB, notes, “People want relationships, not situationships.” This sentiment captures a growing demand for a customer service culture in insurance that goes beyond simple transactions. Consumers are looking for attentive service that addresses their changing needs as they navigate different life events.

Financial Concerns and Guidance Gaps

One of the most pressing issues highlighted by the survey is financial vulnerability. A staggering 67% of policyholders expressed that covering an unexpected expense of $1,000—be it for home or auto—would be a struggle. This is compounded by the fact that 33% of those who filed claims stated their coverage did not meet their expectations, and 14% noted that none of their claims were covered at all.

Moreover, a sizable proportion of consumers—65%—believe that switching policies for better rates requires more effort than it's worth. Coupled with the fact that 41% have not changed their homeowners or auto coverage in over a year, it suggests a general reluctance or inability to adapt to evolving insurance needs.

Opportunities for Trusted Partnerships

Interestingly, the survey also revealed an opportunity for brands outside the traditional insurance realm to step in. A substantial 77% of policyholders would be inclined to source their home or auto insurance from a company they already do business with—like a bank or car manufacturer—if it’s connected to a licensed insurance professional.

This opens a gateway for trusted brands to bolster their offerings with insurance solutions, thereby enhancing customer loyalty while filling existing gaps in proactive communication and coverage guidance. Furthermore, 57% of respondents stated their trust in an existing company would increase if that entity connected them with an insurance expert who remained actively involved in monitoring and adjusting their policies.

Moving Towards Proactive Insurance

The crux of the matter lies in the desire for a significant shift in how insurance providers engage with their clientele. As the survey results indicate, customers are looking for a proactive rather than reactive relationship where their insurance needs are addressed before they even know they require assistance. The ongoing dialogue is crucial for building trust and ensuring policyholders feel adequately protected and valued.

VIU by HUB aims to lead this evolution in insurance by leveraging intelligence and technology to reach out proactively. These efforts include timely alerts regarding potential adjustments to policies that align with life changes—whether it’s renovations, new assets, or family situations necessitating more coverage.

Davis emphasizes, “They don’t want to ask whether their coverage is optimal. They want a relationship where insurance navigates.” This shift toward a service-oriented, engaged insurance model could ultimately foster long-lasting customer relationships.

In conclusion, as the needs of consumers evolve, so too must the strategies of insurance companies. By prioritizing engagement and offering proactive solutions, providers can meet the expectations of today's policyholders, transforming transactional relationships into valued partnerships for life.