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1、Understanding consumer insurance preferences and behaviors What Homeowners WantL E X I S N E X I S H O M E I N S U R A N C E CO N S U M E R I N S I G H TS ST U DYExecutive Summary.1Introduction.2Part 1:Homeowners value home insurance and are willing to pay more to be properly covered.4 One-third of

2、homeowners shop home insurance regularly,and renewal is a prime opportunity to engage them.4 Homeowners lack specific policy knowledgeand may be making incorrect assumptions about their home insurance .7 Most homeowners assume their carrier or agent is making sure they have adequate coverage .9Part

3、2:Homeowners split into two main segments:Set it&Forget it and Insurance Involved.11Part 3:Mobile inspection methods can help carriers meet homeowners expectations and improve risk assessment .14Turn challenges into opportunities with mobile inspection methods.18How we can help .19Methodology .20Abo

4、ut the authors.21Sources.22Table of ContentsExecutive SummaryThe LexisNexis Home Insurance Consumer Insights study reveals that seven out of 10 homeowners expect their carrier to play a prominent role in ensuring they have the coverage they need.Are carriers meeting this expectation?Homeowners care

5、about getting the right coverage.Whats more,theyre willing to pay higher premiums for it.In general,homeowners lack detailed knowledge about their policy,including coverage specifics and limits but 70%are interested in learning more about potential risks to their home.Most homeowners believe they ow

6、n the responsibility for collecting information to determine coverage but lean on their carrier to help ensure theyre properly covered.At application and renewal,nearly eight out of 10 homeowners assume some or all responsibility for collecting or providing information about their home.However,70%of

7、 homeowners rely on their carrier or agent to make sure they have the right type and amount of coverage.The consumer-led mobile method for visual inspections can help carriers improve risk assessment and ensure homeowners have adequate coverage.Given the high cost and intrusiveness of in-person insp

8、ections,consumer-led mobile inspections for the home,where consumers use a smart phone or tablet to capture images to submit to their insurer,provide an alternative for carriers to capture risk data on more properties at both application and renewal.Carriers can also tap into the customer sentiment

9、that carriers offering mobile inspections care about their customers(62%)and are doing all they can to help ensure homeowners have the coverage they need(67%).Two distinct and notable consumer segments have been identified:Set it&Forget it and Insurance Involved.Carriers that understand these two se

10、gments can better tailor their offerings and approach.In addition,carriers that offer a mobile method for visual inspections can address the needs of both segments.The LexisNexis Home Insurance Consumer Insights study included a survey of 2,045 U.S.homeowners and sheds light on consumer preferences

11、and behaviors toward home insurance.Key findings include:Our research highlights the opportunity for carriers to leverage mobile inspections to assist in uncovering hidden risks and maintaining price to riskwhile also helping to ensure homeowners have adequate coverage,improve customer satisfaction

12、and enhance homeowners understanding of insurance.With clear insights into consumers needs and wants,carriers can better meet expectations and deliver better outcomes for all.1LexisNexis Home Insurance Consumer Insights study Homeowners with the Set it&Forget it mentality(47%)are complacent about th

13、eir home insurance coverage.They are more likely to bundle home and auto insurance,pay home insurance premiums automatically and feel less knowledgeable about their policy details.Consequently,they may be more likely to have hidden risks to their property.By offering a mobile method for visual inspe

14、ction,carriers can uncover hidden risks and help ensure homeowners have adequate coverage.Homeowners with the Insurance Involved mentality(37%)are interested and engaged in their home insurance.They are more likely to have had a recent claim experience,feel more knowledgeable about their policy deta

15、ils and are likely to live in Florida,California or Texas,which are high catastrophe risk areas.By offering a mobile method for visual inspection and risk detection,carriers can engage these homeowners as they desire to be engaged,while helping mitigate the operational costs of serving them allowing

16、 the homeowners to be more confident in their coverage.LexisNexis Home Insurance Consumer Insights study2IntroductionIndustry analysis suggests a growing distance between carriers and consumers.For example,carriers are grappling with:Receding advocacy.Every top 10 home or auto insurer is seeing rece

17、ding consumer advocacy.In 2023,each of these home carriers lost all the NPS gains they earned in 2022.1 Perceived inequality.Only 42%of those with homeowners insurance think their rate is fair.2 Meanwhile,home insurance carriers are challenged by increases in:Loss costs.Since 2016,U.S.home carriers

18、have experienced increasing loss costs across all perils combined.For example,from 2022 to 2023,all loss costs increased by 4.1%.3 Inflation.Rebuilding and replacement costs grew 55%between 2019 and 2022 and reinsurance costs increased by 30-40%.4 Catastrophe losses.In 2023,there were a record-break

19、ing 28 weather and climate disasters with losses exceeding$1 billion,exceeding the previous high of 22 events in 2020.5 Industry analysis projects an estimated annual growth of 5-7%in the severity and frequency of catastrophe losses.6 Rates.Nationally,home insurance rates increased by 11.3%in 2023.7

20、 One thing that isnt increasing?Profitability.In 2023,the net combined ratio in home insurance was 110.5%and just two of the top 20 home carriers recorded a profitable year.8 The high cost of in-person inspections puts carriers in a difficult positionCarriers need an accurate,comprehensive view of a

21、 propertys risk,but the high cost of boots-on-the-ground inspections makes it difficult for carriers to get a complete view of risk on as many properties as they would like.Therefore,some carriers may only inspect certain properties,leaving underwriters with an incomplete view of risk exposure on ma

22、ny properties and making it difficult to make informed underwriting decisions.Carriers may also make budgets go further by only inspecting exteriors.However,our analysis indicates that nearly half of all claims originate in the interior of the home.9 In other words,carriers are capturing some proper

23、ty data,but its not as comprehensive as what they need or want.This creates inconsistencies in the underwriting processand can lead to poor risk decisions.Introducing the LexisNexis Home Insurance Consumer Insights studyThe LexisNexis Home Insurance Consumer Insights study provides strategic insight

24、s that can help carriers chart a path back to profitability.To better understand what consumers expect and need from home insurance carriers in 2024,we commissioned a market research study of 2,045 U.S.consumers of homeowners insurance.The research results reveal:What homeowners value about home ins

25、uranceand what theyre willing to pay more for.What homeowners are(incorrectly)assuming about their home insurance coverageand what that means for carriers.How two customer segmentsSet it&Forget it and Insurance Involvedinteract with their home insurance,and how carriers can better tailor their offer

26、ings and service to meet each segments needs.What homeowners think about consumer-led inspections using a mobile device,which we refer to as mobile methods for home inspections in this reportand how carriers can use the mobile method to gain a more complete picture of risk.LexisNexis Home Insurance

27、Consumer Insights study2,045 consumers of U.S.homeowners insurance Aged 2575 Own their current primary residence:a single-family detached home,townhome,duplex or triplex Have a homeowners insurance policy and are the primary/joint decision maker for choosing their home insurance companyIn Florida,Ca

28、lifornia and Texas,the challenges of maintaining profitability due to high catastrophe risk have resulted in carriers significantly increasing premiums,declining to offer or renew coverage or exiting markets entirely.Homeowners from Florida,California and Texas represent 24%of our survey population.

29、Where relevant,this report will highlight results where responses from these states were meaningfully different from the national results.Unless otherwise specified,findings reflect national results.More than 3,0002,000 to 3,0001,500 to 2,0001,500 or lessMore than$400K40%14%31%30%25%30%30%$250K to$4

30、00K$250K or lessApproximate square footage of current homeApproximate value of current homeBase:Total respondents(n=2,045)17%23%40%20%25%19%26%30%61%22%17%U.S.census regionAge of current homeUrbanicity of current homeSuburbanRural20 yrs or lessMore than 50 yrsNortheastWestSouthMidwest30-50 yrs20-30

31、yrsUrban3LexisNexis Home Insurance Consumer Insights studyLexisNexis Home Insurance Consumer Insights study4Part 1:Homeowners value home insuranceand are willing to pay more to be properly covered One-third of homeowners shop home insurance regularly,and renewal is a prime opportunity to engage them

32、Bundling Nationally,most homeowners bundle their home and auto insurance(Figure 1).Figure 1:Seven out of 10 homeowners bundle their home and auto insurance.Table 1 shows that among bundlers,primary drivers are price(73%)and convenience(30%).Among those with separate providers,primary drivers are che

33、aper rates(47%),preferring to work with different providers(19%)and their auto insurer not providing home insurance(12%).30%1%69%Diferent providersDont knowThe same providerMain reasons for bundlingMain reasons for not bundlingPricing(bundles and discounts)73%Cheaper to have them separate47%Convenie

34、nce30%Prefer having service with different companies19%Auto insurer does not provide home insurance12%Table 1.Pricing and convenience are primary reasons for bundling home and auto insurance.Other responses mentioned by fewer consumers are not included.Bundling is less prevalent in Florida,Californi

35、a and Texas,where 53%of homeowners bundle home and auto insurance(compared with 74%in all other states).Their reasons for bundling or not bundling are generally the same,with one notable difference:19%of homeowners in Florida,California and Texas say their auto carrier does not provide home insuranc

36、e(compared with 8%in all other states).Decision-making Whether they bundle or have separate auto and home insurance companies,the majority of homeowners say their home insurance decisions are made independently of auto insurance decisions.5LexisNexis Home Insurance Consumer Insights studyShopping Wh

37、en it comes to shopping,one-third of homeowners in the study shop their home insurance regularly,with shopping at renewal being the most common trigger.Nationally,32%of homeowners shop at renewal.In Florida,California and Texas,that jumps to 38%,compared with 30%in all other states(Figure 2).Among h

38、omeowners who bundle home and auto insurance,the proportion who said home was an equal or more important factor in making decisions about bundled insuranceAmong all homeowners with both home and auto insurance,the proportion who make home insurance decisions independently from their auto insurance67

39、%85%Figure 2:One-third of homeowners shop for home insurance at renewal.Multiple times a year/shop on a regular basisOnce a year when my policy is up for renewalOnly if an event or situation might impact my coverage/ratesRarelyNever4%32%22%26%16%30%23%27%17%38%22%24%11%5%3%NationalFlorida,California

40、 and TexasAll other U.S.Triggers for home insurance shopping(among those that shop only if triggered by event/situation)Rates increased63%Competitive offer/referral27%Moved/change to mortgage24%Was shopping for auto insurance18%Remodel/home improvement11%Filed/considered filing a claim8%Change in ma

41、rital/household status2%Table 2.Price is a main trigger for home insurance shopping,followed by changes in life events.Among homeowners who do not shop on a regular basis,roughly two out of 10 shop only if an event or situation might affect their coverage or rates(Table 2).Price is a main driver,esp

42、ecially rate increases(63%)and competitive offers or referrals(27%).However,homeowners also shop due to life events,including changes to their mortgage(24%),home improvements(11%)and changes in marital or household status(2%).These findings emphasize that a propertys risk profile can change over tim

43、e.Renewal is a prime opportunity to re-engage homeowners.Carriers that proactively assess the risk associated with a property can help ensure homeowners have adequate coverage and pricing.LexisNexis Home Insurance Consumer Insights study67LexisNexis Home Insurance Consumer Insights studyHomeowners l

44、ack specific policy knowledgeand may be making incorrect assumptions about their home insurance Given the financial and psychological significance of owning a home,home insurance plays an important role in a homeowners life.Our research reveals the majority of consumers see value in home insurance,e

45、ven if it means paying more(Figure 3):72%are willing to pay higher premiums to be sure theyre fully covered 61%always feel home insurance is worth the money they pay 59%are highly concerned about having a situation where theyd need to use their home insuranceDespite this,homeowners are fairly equall

46、y split on whether they have coverage for minor and major events(53%)or only for major events(47%).Furthermore,only half(51%)know the specific details of their policy and the coverage.I prefer to pay lower premiums for a basic level of coverageSometimes I wonder if its worth the money I payIm not hi

47、ghly concerned about having a situation where I need to use itI have it mostly in case something major happensI have a general sense of my policy and coverage(whats covered,coverage levels,deductibles,etc.)Im willing to pay higher premiums to be sure that Im fully coveredI always feel its worth the

48、money I payIm highly concerned about having a situation where Id need to use itI have it in case of a variety of situations,minor as well as major eventsI know the specific details of my policy and coverage(whats covered,coverage levels,deductibles,etc.)Figure 3:Homeowners value having adequate cove

49、rage and are willing to pay for it.72%28%61%39%59%41%53%47%51%49%Having a recent claim experience is correlated with perceiving more value in home insurance and having greater policy awareness.For example,among respondents who have had a claim in the past three years:81%are willing to pay higher pre

50、miums to be sure theyre fully covered 74%always feel home insurance is worth the money they pay 63%know the specific details of their policy and coverageAs shown on the previous page,only half of homeowners know the specific details of their policy and coverage(see Figure 3).In addition,Figure 4 sho

51、ws that few homeowners are very familiar with the specific details of their policy and coverage.For example,only 32%of homeowners are very familiar with coverage and limits for personal property,30%with personal liability and 26%with dwelling coverage and limits.Homeowners have even less familiarity

52、 with their coverage and limits for other coverage types.Ironically,nearly all homeowners(89%)said they feel they have at least enough coverage to replace,repair or rebuild their home.Given that most homeowners are not very familiar with their coverage and limits,could they be making incorrect assum

53、ptions about their coverage?For example,given inflation and increases to labor and material costs,industry analysis suggests the majority of homeowners may be underinsured.A 2022 study from the American Property Casualty Insurance Association found that 63%of insured homeowners had not adjusted or w

54、erent sure if their coverage was adjusted for annual inflation and 67%hadnt added or werent sure if they had added extended replacement cost coverage to their policy.10 Figure 4:Homeowners are not highly knowledgeable about the coverage and limits of their home insurance policy.Very familiar,know ex

55、actly what they areSomewhate familiar,know an approximate rangeNot very familiar,would need to look at my policy to knowKnow for sure I do not have this type of coverageNot sure I have this type of coverage/dont know what this is32%40%22%3%3%30%37%27%4%2%26%41%22%8%11%3%23%34%29%3%22%33%25%9%11%10%2

56、2%31%32%4%21%31%30%14%4%Personal propertyPersonal liabilityDwellingLoss of useOther structuresMedical payments to othersAdditional living expensesTheres a disconnect between homeowners perception that they have adequate coverage and how much they know about their policy;industry analysis suggests ma

57、ny may be underinsured.11 However,70%of homeowners are interested in better understanding risks to their home.Interest is even more prevalent among those who are already aware of risks to their home,suggesting a virtuous cycle for carriers that can help owners increase their risk awareness.Feel they

58、 have enough coverage to replace,repair or rebuild their homeAre very familiar with the coverage and limits of their policyAre interested in better understanding risks to their home89%21-32%70%LexisNexis Home Insurance Consumer Insights study89LexisNexis Home Insurance Consumer Insights studyMost ho

59、meowners assume their carrier or agent is making sure they have adequate coverage In the previous section,we uncovered a disconnect between homeowners policy knowledge and their perception of adequate coverage.In this section,we dig into the disconnectand reveal a key assumption that many homeowners

60、 are making.First,homeowners hold themselves at least partly accountable for collecting and providing information that helps determine if theyre properly covered(Figure 5).Roughly eight out of 10 say they are equally or more responsible for providing information at application and renewaland homeown

61、ers assume slightly more responsibility at renewal(38%)than at application(33%).However,while homeowners assume equal or more responsibility for collecting and providing information,70%rely on their carrier or agent to make sure they have the right type and amount of home insurance coverage.Further,

62、the more reliant a homeowner is on their carrier or agent,the less likely they are to be aware of risks and the more likely they are to perceive they have adequate coverage.For example,among homeowners who are more reliant on their carrier or agent,31%are very aware of potential risks and 81%perceiv

63、e they have adequate coveragecompared with 37%and 72%,respectively,among homeowners who are less reliant on their carrier or agent.Figure 5:Homeowners hold themselves accountable for collecting and providing information to determine insurance coverage.Homeowner more responsibleHomeowner equally or m

64、ore responsibleCarrier/agent&homeowner equally responsibleCarrier/agent more responsible33%22%38%45%22%44%18%27%When applying78%At renewal82%Among homeowners who are more reliant on their carrier or agentAmong homeowners who are less reliant on their carrier or agentVery aware of potential risks to

65、their home that could result in the need to file a claimVery aware of potential risks to their home that could result in the need to file a claimPerception they have“about the right amount”of coveragePerception they have“about the right amount”of coverage31%37%81%72%LexisNexis Home Insurance Consume

66、r Insights study10Put another way,less reliant homeowners are more engaged with their carrier or agent and consequently,have more awareness of potential risks and are less likely to assume they have the right coverage.As we will see in Part 2,there are other benefits to having more engaged homeowner

67、s.Ultimately,these findings highlight a primary assumption on the part of most homeowners:that their carrier or agent is ensuring they have adequate home insurance coverage.The research also highlights an opportunity for carriers:homeowners generally assume responsibility for providing information t

68、hat determines coverage.As we will see in Part 3,solutions are available to help carriers address the assumptionand capture the opportunity.Part 2:Homeowners split into two primary segments:Set it&Forget it and Insurance InvolvedOur research identified two primary customer segments:homeowners with t

69、he Set it&Forget it mentality(47%)and homeowners with the Insurance Involved mentality(37%,Figure 6).Figure 6:Most homeowners fall into two main customer segments:Set it&Forget it and Insurance Involved.I dont think about home insurance.I buy my policy and forget about it.“Set it&Forget it”Mentality

70、47%Insurance Involved Mentality 37%Agree stronglyAgree somewhatNeutralDisagree somewhatDisagree strongly36%16%24%13%11%Homeowners with the Set it&Forget it mentality are more distanced from their home insurance.They are more likely to:Not have had a recent claim experience.Bundle their home and auto

71、 insurance.Pay home insurance premiums automatically.Feel less knowledgeable about their policy details.Homeowners with the Insurance Involved mentality are more engaged with their home insurance.They are more likely to:Have had a recent claim experience.Have separate home and auto insurance provide

72、rs.Pay home insurance premiums manually.Feel more knowledgeable about their policy details.Live in Florida,California or Texas.In these states,42%of homeowners have the Insurance Involved mindset,compared to 35%in all other states.Set it&Forget itInsurance Involved11LexisNexis Home Insurance Consume

73、r Insights studyLexisNexis Home Insurance Consumer Insights study12In addition to differing behaviors,these segments have different attitudes toward home insurance(Figure 7).Homeowners with the Insurance Involved mindset are more likely to value home insurance and feel more knowledgeable about insur

74、ance,two characteristics that are beneficial for carriers.Whereas,fewer than half of homeowners with the Set it&Forget it mindset are highly concerned with needing to use home insurance(48%),have it to cover a variety of events(42%)and know the specifics of their policy and coverage(37%).In both seg

75、ments,most are willing to pay higher premiums to be fully covered and feel home insurance is worth the money.Homeowners with the Insurance Involved mindset are roughly 1.5 times more likely than the average homeowner to say they are very familiar with the coverage and limits of their home insurance

76、policy.For example,Figure 4 showed that 32%of all homeowners are very familiar with the coverage and limits for personal property.In contrast,Figure 8 shows that 50%of homeowners with the Insurance Involved mindset say they are very familiar with these details.However,even among homeowners with the

77、Insurance Involved mindset,policy knowledge is limited.Figure 7:Homeowners with the Set it&Forget it mindset are less likely to value home insurance,use it for minor and major events and know the specific details of their policy and coverage.Figure 8:Fewer than half of homeowners with the Insurance

78、Involved mindset are very familiar with the coverage and limits of their policy.83%73%63%53%72%48%66%42%68%37%Insurance InvolvedSet it&Forget it33%15%34%15%Insurance InvolvedSet it&Forget it50%19%46%19%40%15%35%15%33%12%Im willing to pay higher premiums to be sure that Im fully coveredPersonal prope

79、rtyI always feel its worth the money I payPersonal liabilityLoss of useOther structuresMedical payments to othersAdditional living expensesIm highly concerned about having a situation where Id need to use itDwellingI have it in case of a variety of situations,minor as well as major eventsI know the

80、specific details of my policy and coverage(whats covered,coverage levels,deductibles,etc.)Each of these customer segmentsSet it&Forget it and Insurance Involvedposes their own challenges and opportunities.Carriers that understand the different attitudes and behaviors of these two customer segments c

81、an better address the challenges and capture the opportunities.As we saw in Figure 8,homeowners with the Set it&Forget it mentality are less likely to be familiar with the specifics of their home policy coverage and limits.They are also more likely to be reliant on their carrier or agent to ensure t

82、hey have proper coverage.Because homeowners with the Set it&Forget it mentality are less proactively engaged with their carrier,there may be hidden risks to their property.To help maintain price to risk for this customer segment,carriers should ensure they arent inadvertently covering hidden risks,e

83、specially at renewal.Homeowners with the Insurance Involved mentality are more likely than other homeowners to know the specific details of their policy and limits.In addition,51%of Insurance Involved homeowners say they know the exact amount of their home insurance premium,compared to 27%of homeown

84、ers with the Set it&Forget it mentality.Homeowners with the Insurance Involved mindset are more engaged with their carrier,which can be beneficial for maintaining price to risk.However,they may be more likely to contact their agent or contact center,increasing operational expenses.Carriers that find

85、 a way to address Insurance Involved homeowners desire for engagement,while minimizing the cost to serve them,may be better positioned to address the needs of this segment.Set it&Forget itInsurance Involved13LexisNexis Home Insurance Consumer Insights studyPart 3:Mobile inspection methods can help c

86、arriers meet homeowners expectations and improve risk assessmentGiven the expense,intrusiveness and poor scalability of in-person inspections,many carriers are considering other ways to assess the risk associated with a property,both at new business and renewal.One approach is to assess risk by cons

87、idering properties with similar conditions and features.This approach can help carriers identify risks to the exterior of the home.However,two neighboring homes that look similar on the outside can have significantly different risk profiles on the inside.As discussed earlier,nearly half of claims or

88、iginate inside the home.12 A better alternative is to leverage a mobile method for home inspections,which allows carriers to assess risk on a homeowners actual propertycapturing both the exterior and the interior.Assessing risk based on a propertys actual conditions and features is considered by 61%

89、of homeowners to be a very fair and accurate way to determine home insurance ratesnearly twice that of using a similar home to determine rates.In our research study,the mobile method for home inspections was defined this way:Via their mobile device,a homeowner is prompted through the step-by-step pr

90、ocess to document the propertys condition,features and any potential risks or hazards through photos and/or videos.Throughout the process,the homeowner is prompted to document the required areas of the home and to ensure that the photos/videos needed have been accurately captured.The homeowner then

91、sends the images to the insurance company via text,email,uploads them to a website or submits them through a mobile app.Think its very fair and accurate to determine home insurance rates based on homes that are similar or have similar characteristicsThink its very fair and accurate to determine home

92、 insurance rates based on their actual home and its conditions and features35%61%LexisNexis Home Insurance Consumer Insights study14Our research also shows that consumer attitudes toward the mobile method for visual documentation are comparable to those of in-person inspections(Figure 9).Homeowners

93、are equally as willing to accept the mobile method for home inspections as in-person inspections.Among homeowners aware of the mobile method,71%like it as a method to determine insurance coverage.Thats comparable to 65%of homeowners aware of in-person inspections who like it as a method for determin

94、ing coverage.Few homeowners object to mobile inspections.Among homeowners aware of each method,8%dislike the mobile method and 6%dislike in-person inspections.In addition,we observed that mobile inspections leave homeowners with positive impressions of the carriers that offer them.Homeowners agree c

95、arriers offering mobile inspections areFigure 9.Seven out of 10 homeowners like the mobile method for visual inspection.Like a lot/somewhat Dislike a lot/somewhat 71%Like a lotLike somewhatNeutralDislike somewhatDislike a lot37%*34%*21%5%3%65%6%2%32%*33%29%4%8%Innovative and forward-thinkingCustomer

96、 focused:they care about their customersDoing all they can to make sure their customers have coverage they need69%62%67%15LexisNexis Home Insurance Consumer Insights studyLexisNexis Home Insurance Consumer Insights study16Finally,mobile inspections can help carriers better meet the needs of the two

97、customer segments we identified in Part 2.Homeowners with the Set it&Forget it mentality are more reliant on their carrier and agent to ensure they have adequate coverage.Offering a mobile inspection can help carriers identify hidden risks to the property,rate more accurately and ensure homeowners w

98、ith the Set it&Forget it mentality are adequately coveredespecially at renewal.Homeowners with the Insurance Involved mentality are more engaged with their home insurance,which is beneficial for risk assessment but can result in higher operational costs.Carriers can engage homeowners with a mobile i

99、nspection and deflect service from more costly channelswhile getting a more comprehensive picture of property risk to ensure adequate coverage.Also,providing this Insurance Involved group with a post-inspection summary of their homes analysis allows homeowners to be more confident in their coverage.

100、In turn,that could mitigate the likelihood of future shopping or switching.In-person inspections are cost-prohibitive and difficult to scale,inhibiting carriers ability to obtain the insights they need for informed decision-making.The mobile method for visual inspections offers carriers a cost-effic

101、ient way to get a complete understanding of property risk,without adding friction to the customer experience.Further,the lower cost of the mobile method means carriers can inspect more properties and scale their underwriting program.Importantly,consumers have positive attitudes toward the mobile met

102、hod for visual inspections and toward carriers that offer it.Are you covering hidden risks in your book of business?The renewal book makes up the bulk of carriers book of business but historically,few carriers have had a proactive approach to assess risk at renewal.However,renewal is a critical poin

103、t for customer retention.As we discussed earlier,roughly one-third of homeowners shop at renewal.(Figure 2).In addition,without a robust renewal strategy,carriers may:Have made an upgrade to their current home in the time theyve lived there Completed upgrades and did not report any of them to their

104、carrier/agentReview both coverage and rates at renewalReview their policy at renewal and are doing so,in some part,on their ownOverlook opportunities to help homeowners ensure they have adequate coverageMiss homeowners changes to the property that havent been disclosedInadvertently provide coverage

105、for hidden or unknown risks to the propertyIf the high cost and intrusiveness of in-person inspections has been an impediment to a more proactive renewal approach,mobile inspections can offer a more cost-effective alternative to in-person inspections.By offering mobile inspections,carriers can make

106、better use of underwriting resources and budget,capture risk on more properties and better scale their underwriting programs.73%42%77%63%17LexisNexis Home Insurance Consumer Insights studyTurn challenges into opportunities with mobile inspection methodsIn-person inspections are cost-prohibitive to s

107、cale.Mobile inspections offer carriers a cost-effective way to assess risk and engage homeowners at application and renewal.In particular,carriers that offer mobile inspections can:Improve risk decisioning and make better use of underwriting budgetsUncover hidden risk at renewal to provide more accu

108、rate ratesAddress homeowners desire to learn about potential risks to their homeMeet homeowners expectations that their carrier is providing adequate home insurance coverageHomeowners care about having adequate coverage and theyre willing to pay for it.Homeowners expect their carrier or agent to ens

109、ure they have adequate coverage.Homeowners with the Set it&Forget it mindset are more likely than their peers to be reliant on their carrier or agent to provide adequate coverage.Homeowners with the Insurance Involved mindset want to be engaged with their home insurance.Challenge:Half of homeowners

110、dont know the details of their coverage and limits.Challenge:Carriers need to obtain a complete picture of risk to provide adequate coveragebut in-person inspections are costly and intrusive.Challenge:Carriers need to mitigate hidden risks among homeowners with the Set it&Forget it mindset,who make

111、up 47%of homeowners.Challenge:Serving homeowners with the Insurance Involved mindset(37%of homeowners)may increase operational overhead costs.Opportunity:70%of homeowners are interested in learning more about potential risks to their home,which could lead them to adopt behaviors that help mitigate t

112、hese risks.Opportunity:Carriers can involve homeowners in the process of collecting information for underwriting via mobile inspection.Roughly eight out of 10 homeowners hold themselves accountable for collecting information to determine coverageespecially at renewal.Opportunity:Mobile inspection me

113、thods can help carriers mitigate hidden risk and ensure that homeowners with the Set it&Forget it mindset have adequate coverage.Opportunity:Mobile inspection methods can enable carriers to engage homeowners with the Insurance Involved mindset,while minimizing the cost to serve them.The LexisNexis H

114、ome Insurance Consumer Insights survey reveals a disconnect between the coverage that carriers are offering and what homeowners expect them to provide.Carriers that address key challenges can capture opportunities to better meet customer expectations,maintain price to risk and restore profitability.

115、LexisNexis Home Insurance Consumer Insights study1819LexisNexis Home Insurance Consumer Insights studyHow we can help LexisNexis Flyreel is an advanced property survey solution that turns a homeowners mobile phone into a self-guided survey tool.Using our guided capture,homeowners capture a breadth o

116、f actionable data on the interior and exterior of their property.Flyreel then applies AI-driven insights to help you identify,retain and acquire customers that meet your risk appetite.All without having to send someone on site for an in-person property inspection.What homeowners say:What underwriter

117、s say:70%94%80%Given the option to participate,up to 70%of homeowners complete a Flyreel inspectionAmong homeowners who complete a Flyreel inspection,94%are satisfied with the experienceOver 80%of Flyreel surveys come back with actionable critical detections“It was very easy to do and I didnt need t

118、o have an individual come to my home.”“Flyreels come back 3x faster than alternative inspection methods.”“Im glad I didnt have to set an appointment to have someone out for this because of my busy schedule.Thanks!”“Easy and straightforward!Very awesome system and clear instructions!”“Weve found that

119、 if a customer does a Flyreel,they are markedly better customers.”LexisNexis Home Insurance Consumer Insights study20MethodologyResearch was conducted among U.S.homeowners,using a web-based survey and online panel as a sample source.To qualify for the study,respondents were screened to meet the foll

120、owing criteria:Age 25 to 75 Own,not rent,their current primary residence Live in a single-family detached home,townhome,duplex or triplex Have a homeowners insurance policy and are primary/joint decision maker for choosing home insurance companyA representative sample of 2,045 interviews were comple

121、ted in March 2024.Key demographics,including age,income,ethnicity and geographic region were monitored for those who responded to the survey to ensure that the characteristics of respondents match U.S.Census homeowner demographics.21LexisNexis Home Insurance Consumer Insights studyAbout the authorsG

122、eorge Hosfield is associate vice president,home insurance for LexisNexis Risk Solutions.He is responsible for establishing the strategic direction of the home insurance business as well as working with customers,prospects and the product development team to create solutions that meet the needs of in

123、surance carriers.He has been with RELX Group since 1999,working in various operational and strategy roles within the Legal&Professional business of LexisNexis and LexisNexis Risk Solutions.Before joining the insurance business,he was part of the strategy and business development team.George earned a

124、 bachelors degree in English from the University of Virginia and a masters degree in business administration from the University of Richmond.Kelli Carr is director,home insurance for LexisNexis Risk Solutions.She is responsible for driving new product development within the home insurance market,inc

125、luding the market strategy for its AI-enabled,consumer-led virtual property survey solution,LexisNexis Flyreel.Prior to joining LexisNexis Risk Solutions in 2023,Kelli served as senior product manager at Flyreel,now a part of LexisNexis Risk Solutions.She has more than 15 years of experience leading

126、 the development and execution of successful product strategies while aligning product vision with business objectives.Kelli holds an ITIL foundational certification and graduated with a bachelors degree in science from the University of Texas at Austin.Scott Compton is director,product design for h

127、ome insurance solutions at LexisNexis Risk Solutions.He is responsible for leading product research and design that deliver innovative product experiences grounded in the behaviors,mindsets and preferences of customers and end-users.Prior to this role,Scott served as associate product manager at Fly

128、reel,now a part of LexisNexis Risk Solutions.Coming from a background in designing platforms for homeowners and underwriting teams in the mortgage industry,Scott is extremely passionate about making the complex feel simple and intuitive for B2B and B2C users.Scott holds a certification in UX design

129、and research and a bachelors degree in arts from the University of Arkansas.George HosfieldAssociate Vice President,Home InsuranceKelli CarrDirector,Home InsuranceScott ComptonDirector,Product DesignLexisNexis Home Insurance Consumer Insights study22Sources1.2023 Forrester U.S.Net Promoter Score Ran

130、kings2.2023 Harris Poll3.LexisNexis Risk Solutions 2024 Home Trends Report,Copyright 20244.Meyersohn,N.and Bahney,A.,2024.“The home insurance market is crumbling.These owners are paying the price,”CNN,April 26,2024.Accessed on June 20,2024.https:/ Centers for Environmental Information.“Billion-Dolla

131、r Weather and Climate Disasters.”Accessed June 20,2024.https:/www.ncei.noaa.gov/access/billions6.Swiss Re Institute.“Natural catastrophes and inflation in 2022:a perfect storm.”Accessed June 20,2024.https:/ homeowners insurance rates jump by double digits in 2023.”Accessed June 20,2024.https:/ homeo

132、wners insurers net combined ratio surges past 110%.”Accessed June 20,2024.https:/ Risk Solutions Internal Study10.American Property Casualty Insurance Association 2022,“Majority of insured homeowners at risk of being underinsured amid high inflation&increased building costs,”infographic.Accessed Jun

133、e 20,2024.https:/www.apci.org/attachment/static/6323/11.American Property Casualty Insurance Association 2022,“Majority of insured homeowners at risk of being underinsured amid high inflation&increased building costs,”infographic.Accessed June 20,2024.https:/www.apci.org/attachment/static/6323/12.Le

134、xisNexis Risk Solutions Internal StudyLexisNexis Flyreel is not provided by“consumer reporting agencies”as that term is defined in the Fair Credit Reporting Act(15 U.S.C.1681,et seq.)(FCRA)and does not constitute a“consumer report”as that term is defined in the FCRA.The Flyreel service may not be us

135、ed in whole or in part as a factor in determining eligibility for credit,insurance,or employment or for any other eligibility purpose that would qualify it as a consumer report under the FCRA.Due to the nature and origin of public record information,the public records and commercially available data

136、 sources used in reports may contain errors.LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc.Flyreel is a registered trademark of LexisNexis Risk Solutions FL Inc.Other products and services may be trademarks or registered trademarks of their respective companies.Copyrig

137、ht 2024 LexisNexis Risk Solutions.NXR16508-00-0924-EN-US For more information,call 800.458.9197,or email About LexisNexis Risk SolutionsLexisNexis Risk Solutions harnesses the power of data,sophisticated analytics platforms and technology solutions to provide insights that help businesses across mul

138、tiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe.Headquartered in metro Atlanta,Georgia,we have offices throughout the world and are part of RELX(LSE:REL/NYSE:RELX),a global provider of information-based analytics and decision tools for professional and business customers.For more information,please visit and .