The new year is often a time for reflection and resolution, creating an opportunity for independent agents to connect with customers on trends that could impact their risk levels. This proactive engagement provides a stronger customer experience, positioning agents as protection experts aware of current events and circumstances that may affect customers’ insurance needs. When agents have these strengthened relationships, it can lead to more account business, a deeper sense of customer loyalty and high-quality referrals. Oftentimes, agents can find opportunities to offer account solutions that can help prevent coverage gaps.
Executive Summary
The Hanover's president of personal lines discusses trends including home remodels, labor and material shortages and the increased availability of IoT devices, all of which have impacts of personal lines insurance customers risk profiles. Here, he suggests that these trends can be talking points for agents as they seek to address customer needs with appropriate coverages, and recommends that carriers work to support agents by providing resources, educational materials and best practices for discussing all the emerging trends.Following are the top six trends we see impacting the personal lines industry today that naturally lead to these types of discussion.
Property owners may face underinsurance risk due to home improvements.With Americans spending more time at home, home remodeling projects have increased. For example, according to Verisk, the number of pool permits increased by nearly 57 percent year over year in the first five months of 2020 and 2021. With the surge of pool installations, agents can utilize these and other home updates to connect with customers to help ensure assets are properly protected.
