Hispanic Consumers and Property and Casualty Insurance - US - October 2014
“Hispanic consumers value personal relationships making the role that insurance agents play in building a relationship and offering support very important; as they reach Hispanics with a consulting attitude rather than a sales approach, they may be able to gain their trust and anticipate the questions that Hispanics may have but are hesitant to ask.”
– Juan Ruiz, Senior Multicultural Analyst
This report covers the following key topics:
- Gaining trust with an intangible product
- Differentiating an insurance company in a competitive, price-oriented market
- Reaching Hispanics online for insurance
- Hispanic household’s spending on property and casualty insurance stagnant.
- Homeowners/renters insurance increases with acculturation; car insurance doesn’t.
- Likelihood of filing claims increases with income.
- Price is the main reason behind most Hispanics switching auto insurance.
- Spanish-language key to reach unacculturated Hispanics.
- Younger Hispanics more likely to see insurance companies as commodities.
- Importance of shopping around to get different quotes at renewal decreases with acculturation.
- Preference for purchasing insurance online still limited.
- Less than half of Hispanics getting a good deal on auto insurance.
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