Conning Research: Personal Lines Insurers Redefine in the Face of Changing Consumer Trends
Responding to changes in demographics, preferences, technology
(Hartford, CT) February 21, 2012 – Personal lines insurers are evolving their business models in response to consumer-led pressures, according to a new study by Conning Research & Consulting.
“Changes in consumer preferences and behaviors have accelerated in recent years, and likely will for the foreseeable future, thanks in large part to demographic, economic and technology impacts,” said Alan Dobbins, analyst at Conning Research & Consulting. “Information flow has increased significantly, and consumers are willingly trading privacy for empowerment. Consumers now have the ability to shop price or opt for usage-based coverage to reduce their costs, and carriers have much more behavioral information available to set rates appropriately and compete for new business.”
The Conning Research study, “Consumer Trends in Personal Lines Insurance: Preparing for Tomorrow’s Market” reviews ongoing consumer trends, resulting insurer response and opportunity, and discusses expected changes through 2015.
“Keeping pace with the myriad changes to consumer makeup and preferences is a challenge for personal lines insurers, but now represents table stakes for the national carriers,” said Stephan Christiansen, director of research at Conning. “The continuing shift to direct distribution is changing the relationship with the insured and the expectations for service and communication. Resolving the tensions arising from the rapidly evolving relationships represents a significant opportunity for leading firms.”
“Consumer Trends in Personal Lines Insurance: Preparing for Tomorrow’s Market” is available for purchase from Conning Research & Consulting by calling (888) 707-1177 or by visiting the company’s web site at www.conningresearch.com.
About Conning Research & Consulting
Conning Research & Consulting is a division of Conning, a provider of asset management and insurance industry research and consulting services to insurers. Conning Research & Consulting has published independent insurance industry research for 50 years, including market coverage of 30 segments of the industry in addition to industry forecasting and identification and analysis of major strategic issues. As a result of its wealth of experience and intimate knowledge of the insurance industry, Conning understands industry challenges and opportunities and provides in-depth analyses on a wide range of industry products and issues. Conning is headquartered in Hartford, CT.