Nearly one-fourth of home insurance customers are aware of insurtech offerings, according to the
Thirty-four percent of customers, who are not insured by
Marty Ellingsworth, executive managing director, P&C Insurance Intelligence at J.D. Power says via email that "Lemonade specifically has been making a splash."
There has been a five percentage point increase of awareness year over year of Lemonade by bundlers. Among those likely to purchase policies from the insurtech, price savings is the most common reason.
"Price is not the only appeal of Lemonade, however, as bundlers are more likely than non-bundlers to consider purchasing from Lemonade due to liking the business model and the appeal of convenience of this type of insurance," says Ellingsworth.
Additionally, the rise in
"Sky-high auto loss costs and resultant auto premium increases are creating ripple effects throughout the insurance industry and, as a result, one area that is being severely disrupted is the home and auto insurance bundle," said Robert M. Lajdziak, director, global insurance intelligence at J.D. Power, in a statement. "Homeowners, and particularly bundlers, have traditionally been less price-motivated than the typical monoline auto customer, but we are beginning to see cracks in that foundation. That puts the focus for insurers squarely on the overall brand experience their customers are receiving—across all lines—and on understanding how changes in one area, such as telematics adoption in an auto policy, can affect the entire customer journey."
Overall customer satisfaction has declined six points, on a 1,000-point scale, and for renters it has decreased seven points. The study considers several factors like policy offerings, price, billing process and