Bob Homer, General Manager and VP of Insurance and Alliances at Equifax, and Stephen Crewdson, Senior Director of Global Business Intelligence at JD Power, discuss the sharp rise in home and auto insurance premiums, driven by both economic and social inflation, and the impact on consumer affordability and behavior. Bob and Stephen explore how insurers are responding to these challenges, including staffing reductions, ad spend cuts, and proactive communication with customers.
In this episode:
· Rising Insurance Premiums: Post-pandemic premium surge and reasons behind it
· Economic and Social Inflation: Impact on insurance costs from inflation and litigation
· Consumer Impact and Behavior: Response to higher premiums, increased shopping, uninsured drivers
· Insurer Responses: Managing affordability with staffing, ad spend cuts, communication
· Customer Trust and Satisfaction: Effect of rising premiums on trust and relationships
· Popularity and benefits of usage-based insurance policies
· Predictions and strategies for managing insurance affordability
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