Majority of CEO Policyholders are Confident in Their Homeowners Insurance Coverage

There is good news for insurance carriers. According to a joint survey from NY-based Chartis and Greenwich and Conn.-based The Chief Executive Group, 97.5 percent of respondents said they were confident with their homeowner’s coverage.

Two hundred CEOs were given the survey which asked about their risk concerns for their current personal and family auto, homeowner, household workers, non-profit boards and for-profit boards insurance coverage.

While just over 97 percent were satisfied with their homeowner’s insurance, it is important for insurance carriers to note two things; the size of the survey pool was limited to only 200 people and the pool was made up of a very targeted demographic. What would be interesting to see is if the level of satisfaction would remain consistent over a broader range of respondents. If it were to remain consistent, then it would be a great accomplishment for the insurance carriers.

As was stated in a recent post, as a best practice, insurance providers – of all types of insurance, not just limited to homeowners insurance – should sit down yearly with their policyholders and review the coverage they currently have. Carriers should assess if anything has changed, or will change over the course of the next year, and advise the holder to adjust the coverage if necessary.

Sitting down with policyholders gives them a better sense of trust for their insurance carrier, creating a stronger, long term customer-carrier relationship.

Another way carriers could get a better insight into the needs and concerns of their policy holders is to survey them yearly or quarterly asking them key questions about their insurance and future plans. This helps to keep their insurance coverage top-of-mind, reminding them that you, their carrier, are there to help.

Have you surveyed your customers lately?

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