Bite-Sized Insights: Family Insurance

Parent Insights about family insurance

Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out which family insurance policies they currently hold. Perhaps unsurprisingly, home, motor and health insurance come out on top but our panel also had some interesting things to say about life assurance and travel insurance in the wake of COVID-19. Take a quick read of this week’s bite-sized insights to find out what they said:

Would you like business-transforming insights for your brand? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help your decision making and activate customers. Contact us now to find how we can help.

Recommended reading: Bite-Sized Insights: Back to School Spending

We asked our Insights panel of parents to answer these quick questions:

What family insurance do you currently have? (select all that apply) 

  1. Motor Insurance: 96%
  2. Home Insurance: 89%
  3. Health Insurance: 71%
  4. Life Assurance: 53%
  5. School Insurance (for children): 51%
  6. Travel Insurance: 29%
  7. Pet Insurance: 20%

Parent Insights about family insurance

Any further thoughts on family insurance? Any you plan to drop or get?  

Comments from our panel members included:

“I am considering upgrading health insurance but it’s crazy expensive.”

“I will get travel insurance when we are able to travel abroad again.

“There are too many insurances and I still need life assurance.”

“Have been planning to get life assurance for some time!”

“Would love to increase life insurance cover but unfortunately with the costs of premium, this is not possible at moment.”

“I had life assurance but had to give it up last year after I had to quit work due to Covid. Would hope to take out life assurance again when it’s financially viable for me.”

“I always shop around when taking out insurance policies in order to find the best deal.”

“I took out wedding insurance for my upcoming wedding in December just to be safe.”

“We’ll review our health insurance this year to see if we can get a better deal. We do that with each policy most years.”

“I would like to get health insurance, I’m aware that I am getting older, but it is a big expense.”

Reflections for Insurance Providers

  • Insurance is a ‘grudge purchase’ and it’s one that parents have told us that they tend to shop around for to make sure they secure the best deal possible. Providers should ensure to prominently highlight any new offers that they release in places where potential customers are sure to find them.
  • A few of our panel members noted that they’ve been planning to take out one or more insurance policies but have held back for various reasons. This shows they are in the market but lack all the information they need to take the final step. Insurance providers could consider implementing some inbound marketing strategies to help attract new customers with a softer approach.
  • Cost is the biggest barrier to parents taking out non-essential insurances. How could you better help spread the cost or offer more competitive policies to the family sector for different life stages to help attract new customers?
  • Parents tell us that insurance policies are often difficult to understand and see exactly what you are or aren’t getting from each offering. Consider creating online visuals that make it easy and clear to see what benefits are included or not included on each of your different policies.
  • Always offer the best price on the renewal email. Parents tell us it aggravates them when they call you and you offer them a better price just because they picked up the phone. If they know you are offering the best price first time, it will help build trust and loyalty.
  • Finally if you require forms to be filled in, signed and returned, make it possible to fill those in online rather than having to print, fill in by hand, sign, scan and email. Parents are busy and want to do the best for the environment, so having this option will make you stand out from the competition when it comes to renewal!

Would you like business-transforming insights from parents for your business? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help influence consumers to deliver long term profitability. Contact us now to find how we can help.

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