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(MoneyNewsWire.Net, September 02, 2017 ) The insurance purchase decision has significant long-term impact on consumers' wallets and insurers' success. Recently, a study titled “U.S. - The Insurance Purchase Decision- August 2017” has been published to the vast online repository of Market Research Hub (MRH), which briefly analyzes the U.S. market and consumer attitudes toward insurance and insurance companies. Moreover, prime aspects such as market factors, companies and brands, issues and insights and competitive analysis.
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In the initial section, this paper presents an approach for modeling and analyzing how consumers form their purchase decision for insurance services. In U.S., while most consumers prefer to have their policies with the same company and want to renew automatically, more than half also believe it is important to shop around. Insurance is not a product consumers particularly like to buy, and they don’t typically switch companies once they have purchased what they need. It has been analyzed that women are more involved in the purchase of insurance and other major family buying decisions, and young women are especially responsive to incentives.
Moreover, the study includes various consumers' characteristics in terms of the insurance purchase which states that most people in the U.S. have at least three types of insurance. The most important influences are family and friends, and Millennials are at greatest risk. Agents are still instrumental and are more important to older consumers, while Young Hispanics prefer independent agents. Most important factor for the market is monthly premiums. According to the study, insurers need to find new customers where possible, often among young people or those who are entering a new life stage. Once they get a new customer, interactions between customer and insurer will be infrequent, so it is important for insurers to find ways to develop an ongoing relationship with customers outside of transactions. Being available to customers via all channels digital and human will also be a key factor in success.
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At present, property and casualty premiums are increasing. The research finds that total life insurance coverage is up and Individual life insurance policies purchases are increasing. Looking to the market scenario, it has been analyzed that there is a continued low unemployment, car sales are going higher, Homeownership among Blacks and Hispanics is lagging and uncertainty of health care and the ACA are the key factors impacting the market. Artificial intelligence is also growing in importance, and Mobile apps are still not popular.
The cluster analysis is also highlighted in detail, which includes insurance purchase clusters such as young independents, heavily insureds and disengaged disinterested.
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