Extreme weather events have sparked public interest in insurance products, as consumers become more concerned about the level of coverage offered by insurers. According to a report by FICX, 56% of respondents said that extreme weather had made them more concerned about the quality of service provided by their insurer, and 58% thought it was very important to do business with a company that offers excellent customer service. This emphasis on reliability and accessibility has led consumers to consider switching to more expensive insurance companies if they offer better customer service. Insurers are also being urged to improve their digital customer service tools and enhance the human connection in an effort to ease consumer anxiety related to extreme weather losses. Additionally, insurers need to have meaningful conversations with consumers and provide transparent information on coverage to differentiate themselves and establish trust with policyholders.
Overall, the insurance industry needs to change its messaging approach, as advertising and marketing materials are not resonating with the general public. Insurance is seen as somewhat commoditized, and consumers want meaningful conversations and transparency from insurers. They want solutions to mitigate their risks and education on how to be safe. Insurers need to provide clear and transparent information on coverage, including both inclusions and exclusions, to meet the demands of today’s consumers who are looking for transparency and are tired of surprises.
In conclusion, extreme weather events are driving public interest in insurance products, with consumers becoming more concerned about the level of coverage and reliability of insurance providers. Insurers need to focus on customer service, implement effective omnichannel strategies, and improve their messaging approach to establish trust and differentiate themselves in the market. Additionally, insurers should provide transparent information on coverage to meet the demands of consumers who are looking for transparency and meaningful conversations with carriers. By addressing these areas, insurers can capitalize on the increasing interest in insurance products and attract more business from concerned consumers.