- Individuals & Families
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- Agents & Brokers
- Embedded Insurance
Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
Chubb ranked #1 for Homeowners Insurance Customer Satisfaction.
Because pets are family, Chubb now offers pet insurance with top-rated coverage from Healthy Paws.
Chubb offers the insurance protection you need for travel’s many “what ifs”.
Chubb protects small businesses at every stage – from newly formed start-ups to long-time anchors of the community.
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Many digital-savvy consumers look for it as a core or add-on option.
Many digital-savvy consumers look for it as a core or add-on option.
Many digital-savvy consumers look for it as a core or add-on option.
Chubb’s in-house technology makes it easy to integrate what we do into your customer experience.
Client truths during turbulent times
The COVID-19 pandemic compounded uncertainty created by local and world events, such as severe weather, economic uncertainty, and civil unrest, altering consumers’ attitudes, perceptions, and behaviors across all product and service categories. To help our agents and brokers succeed in this environment, we sought to understand the new consumer mindset of successful families and individuals. Dive in to learn more about our research findings, insights into what clients are really thinking, and strategies to help meet their evolving needs.
Our research shows that attitudes toward risk have changed
as a result of the pandemic, social unrest, severe weather, and other recent events.
but a part of their overall financial wellbeing in a world that has become increasingly precarious.
because the purchase of a home, auto, or other high-dollar asset for which insurance is needed is a stressful event in itself — one that compounds the fear they already feel.
as an antidote to the emotions associated with pandemic and other events and a desire to make sure they get the “right” insurance.
Prospective clients also indicated that their perception of and feelings about risk had changed.
As a result of an increased awareness of risks, we’re seeing a new paradigm, or way of thinking, about insurance agents and brokers.
Old Paradigm
- Client comes to an insurance agent or broker for new policy or renewal.
- Agent or broker is knowledgeable about insurance needs and provides information about companies and policies.
- Focus is on product and carrier alternatives — and pricing.
New Paradigm
- Client has a heightened awareness of the risks they face
- Client needs insurance, but in the context of financial wellbeing in a world that has become increasingly precarious.
- Client expects the agent or broker to understand their needs as well as their anxieties.
What are clients looking for now?
We found that many prospective clients are looking for new solutions and approaches to prepare for an uncertain future and are more open to insurance reviews and reevaluation of insurance coverages. This presents an opportunity for insurance agents and brokers to build trust through transparency and engagement, and to communicate the role of insurance as a stabilizing factor in turbulent times by presenting options based on how they address the emotional needs of clients.
Agents and brokers who can recognize the client's emotional needs in the insurance-buying process will be able to establish a level of trust, which is the foundation for client loyalty and referrals.
Chubb research reveals that prospective clients say their insurance-purchasing decisions are affected by:
New client expectations
This may come in the form of initial and ongoing reviews, explanations of the details of their coverage, and accessibility to their insurance agent or broker.
They’d like their insurance agent or broker to guide them through the insurance process, be a partner in the decision-making, and express empathy and understanding in their interactions.
Through our research, we found that:
How do client emotions play into the insurance experience?
Similar to other direct sales interactions, when consumers work with an insurance agent or broker, their experience influences their propensity to buy coverage, become a long-term client, be less price sensitive, and recommend others as potential clients. Therefore, it’s important for you to understand what an emotion-based "client experience" is and how to produce it for your prospective clients.
They may not like insurance, but they understand that not all insurers are alike.
All clients have an overwhelming desire for a better experience. That means, for agents and brokers who can make it happen, there is a tremendous opportunity for market growth.
The basic client experience issue: emotions matter
In addition to understanding the existing perceptions about the insurance category as a whole that clients may bring when working with an agent or broker, the following describes the emotions that individual insurance products evoke in consumers and suggestions for our agents, brokers, and their teams to leverage in their sales practices.
Homeowners insurance
Buying a home is a life-changing purchase and a major financial obligation. Clients feel like they don’t understand the insurance policy details but want insurance as part of their financial wellbeing.
Client experience tip: Acknowledge that you understand what the client is feeling and position insurance as a financial hedge against the liability the client is taking on, in the broader context of financial wellbeing. Take them through the details of the coverage, acting as a partner instead of an advisor.
Auto insurance
Driving is a big risk. Clients perceive driving their car as the greatest risk and thus the most tangible need for insurance.
Client experience tip: Acknowledge the fear clients feel to help build a positive relationship.
Valuables insurance
There are two types of connections clients have with their valuables. For valuables that have financial significance, the emotion from their loss is one of anger. For valuables that have personal meaning, the emotion from their loss is one of grief.
Client experience tip: Engage with prospects and clients to identify the deeper associations with their valuables, then use understanding and empathy as you work with them.
Personal Excess Liability insurance
Clients believe this type of insurance is a form of protection against future events that may present a risk to existing assets. Insurance would then be protection for the assets needed for a child’s future education, for example.
Client experience tip: Instead of focusing on the policy features, emphasize the personal circumstances that can benefit from a liability policy.
Resources
Leverage our research findings and consumer insights to help grow and retain your business during this new risk paradigm.
Mary Parsons, EVP from Chubb, and Peter Noel Murray, PhD, a leading consumer psychologist, discuss how recent events have changed the way successful families and individuals think about risk and insurance and how their emotions affect insurance-buying behaviors.
Learn how local and world events such as the pandemic, severe weather, economic uncertainty and civil unrest, changed the way consumers think about risk and purchasing insurance.
Discover the most important points to know and what to do to grow your business in the next "normal."
Help your clients who are in the market for insurance differentiate between carriers and discover what makes Chubb a better choice for successful families and individuals like them.
When a major hailstorm hit a cul-de-sac, two nearly identical homes were damaged. One had Chubb insurance. The other had insurance through a standard market carrier. See which client was happy and why.