Albany, NY -- (SBWire) -- 10/20/2014 --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.
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Table of Content
Scope and Themes
What you need to know
Definition
Data sources
Consumer survey data
Expenditure data
Abbreviations and terms
Abbreviations
Terms
Acculturation
Executive Summary
Hispanic household’s spending on property and casualty insurance stagnant
Figure 1: Average expenditures by Hispanic households for property and casualty insurance, at current prices, three-year rolling averages, 2008-13
Homeowners/renters insurance increases with acculturation; car insurance doesn’t
Figure 2: Hispanics’ ownership of property and casualty insurance, by level of acculturation, August 2014
Likelihood of filing claims increases with income
Figure 3: Claim filing incidence among Hispanics, by household income, August 2014
Price is the main reason behind most Hispanics switching auto insurance
Figure 4: Reasons that Hispanics have for switching auto insurance, by level of acculturation, August 2014
Spanish-language key to reach unacculturated Hispanics
Figure 5: Hispanics’ attitudes toward insurance agents – Any agree, by level of acculturation, August 2014
Younger Hispanics more likely to see insurance companies as commodities
Figure 6: Hispanics’ attitudes toward insurance’s value – Any agree, by age, August 2014
Importance of shopping around to get different quotes at renewal decreases with acculturation
Figure 7: Hispanics’ attitudes toward purchasing insurance, by level of acculturation, August 2014
Preference for purchasing insurance online still limited
Figure 8: Hispanics’ attitudes toward purchasing insurance, by level of acculturation, August 2014
Less than half of Hispanics getting a good deal on auto insurance
Figure 9: Hispanics’ attitudes toward switching auto insurance, by age, August 2014
What we think
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Issues and Insights
Gaining trust with an intangible product
The issues
The implications
Differentiating an insurance company in a competitive, price-oriented market
The issues
The implications
Reaching Hispanics online for insurance
The issues
The implications
Trend Application
Trend: Return to the Experts
Trend: Moral Brands
Trend: Prepare for the Worst
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Hispanic Consumers and Property and Casualty Insurance Market in US 2014 Research Report Share
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