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consumer behaviors for the foreseeable future – maybe even indefinitely.
Like others, successful families and individuals are now more aware of and anxious about the risks they face. But as fear drives them to assess their lives more carefully, they can become increasingly price sensitive, seeing insurance as a commodity, unless they have an established and trusted relationship with their insurance advisor. Knowing this information, we want to help our agents and brokers understand the consumer mindset of successful families and individuals and position themselves for success in this new environment.
As a premium insurer and a leader in the industry, Chubb continues to provide the latest insights and tools to our independent agents and brokers, helping them service their clients better and grow in our changing world.
Key Findings
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Key Facts
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Source: Apartment List ( US) and Financial Post ( Canada)
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Source: Redfin
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While our research illuminated negative emotional effects created by COVID-19 and associated feelings of vulnerability and anxiety as clients engage in the insurance process, it also brought positive connections between clients and agents to the surface.
Undergoing renovations
Our research indicates that people are making upgrades to their homes, whether they’re just moving in or staying in the same house.
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In our survey, we asked successful individuals and families when they planned to move back to their primary residence:
Shift in people working from home
With fewer people working in offices and more people working from home, your clients are facing different and larger risks.
In our survey, we also wanted to understand what would happen if the temporary work-from-home situation became more permanent. This could help us understand long-term trends. When asked if their current employer required them to work permanently from home, our survey respondents answered this way:
Successful individuals are often business owners, it may be useful to share business-specific advice. Click here to learn more.
Top ways to leverage the opportunity for your business
In a time of crisis, you have an opportunity to be the hero by reaching out proactively. In a recent JD Power Study only 42% of independent agent clients said they were contacted to help manage their policy during the crisis vs. 52% of direct clients who said the same.
- Send an email along with a survey in which you ask your clients if they are making plans to renovate their home. Download sample email and survey (To use the email, select the entire email (CTRL + A) and copy and paste it into a new Outlook compose window.)
- Use tools and resources on this resource center to provide advice.
- Post resources on your social media channels to engage with clients and provide advice.
- Contact your centers of influences, share the data, and ask them to involve you if their clients tell them about upcoming moves, and or plans to upgrade their homes.
- You may want to invest in expanding your footprint and take advantage of positive growth trends in these smaller type cities. Be on the front end of the remote worker migration.
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Mortgage brokers are an important part of the real estate eco system. Develop relationships and partner with them to target realtors.
Agent Marketing Center
Agents and brokers are vital to Chubb's success. To better assist your growth, we've created a variety of resource centers, tools and programming to help our agents and brokers succeed.