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How Mutual Stacks Up

Updated: Feb 28

Blocks of wood forming a small pyramid with the Mutual Assurance logo imprinted on the wooden blocks

In a recent survey of home insurance policyholders across the U.S., some key revelations on consumer behavior and preferences were presented, so we thought a comparison of Mutual Assurance’s business model was a good idea.


Satisfied customers are 80% more likely to renew a policy.


Mutual Assurance has a 95% customer retention rate. We typically lose policyholders for only three reasons: death, move to a retirement facility, or move out of state. Our retention rate is unsurpassed in the industry.


Just 21% of insurance consumers say their carrier provided a customized shopping experience.


Nearly 90% of those surveyed said they want a more personalized shopping experience. At Mutual, you can’t get any more personalized than an assigned underwriter and an in-home inspection. From the moment you reach out to us, you deal with one of our 4 underwriting services members, and then with an inspector who works closely with your underwriter – who, if you take a policy with Mutual, is your underwriter from then on. In other words, 100% of our consumers receive a customized shopping experience.


The average consumer spends 3 minutes and 24 seconds on hold when calling an insurance provider.


From the time the phone is answered at Mutual Assurance to the time you are speaking with an underwriting services team member, an underwriter, or a claims representative, your hold time averages just under 15 seconds. You read that correctly - seconds, not minutes.


Just 25% of insurance shoppers make their final purchase online.


Because of our unique Perpetual Policy and the inspection process required for membership, nearly 100% of our policyholders make their final purchase by phone with Mutual Assurance (a handful of policyholders may choose to correspond entirely online, and we are happy to accommodate them). Our underwriting team works with you throughout the process to ensure you have the right coverage – and a phone conversation makes that process smoother and more expedient. Given that over 80% of homes across the U.S. are underinsured, having someone to talk you through your needs is what gives you the peace of mind your home and personal property are protected.


Phone, In Person, or Online


According to Invoca, an AI-based call tracking system, 30% of policyholders prefer finalizing a policy by phone, while 22% prefer online, and 20% prefer in-person. Almost 99% of our members finalize their policy over the phone, and we welcome the others to come by our offices to meet with us if they prefer. Our field agents in places like Lynchburg, Winchester, and Charlottesville often meet with their policyholders as that’s just the nature of smaller towns. No matter where you live, we are just a phone call or quick visit away.



Nearly 70% of policy shoppers do not have a specific carrier in mind when they start shopping for coverage.


Since our founding in 1794, our business has relied almost exclusively on word-of-mouth. In more recent years, we have been doing more outreach in communities in which we want to expand our coverage, as there just aren’t as many policyholders there to recommend us. So, while some people will find us through research, the majority of consumers know exactly who they want to insure their homes when they get an estimate.


Mobile phones account for more than half of insurance search activity.


As tech-savvy, always-connected younger generations have been entering the home buying and home insurance markets, we’ve taken steps to ensure our online presence is mobile-phone-friendly. We frequently test our website and online sales tool to make sure they are easy to read and navigate on phones, tablets, and PCs.


Our customers may hear about us from a neighbor, relative, or friend and want to learn more, so we have also made sure we are findable on social media, in all search engines, and through our blog which contains helpful information, insightful articles (like this one), and video tips for homeowners.


Mutual Assurance is one of the oldest insurance providers in North America, and our Perpetual Policy is the same as it has been since it was created some 230 years ago. With that said, we are continually working to ensure our members and prospective members can communicate with and discover us in whatever manner they prefer. Phone, text, email, snail mail, and even fax – we are here whenever and however you need us.

 


 

Call to action image with rocks spelling out the word hello on the ground, wording tells viewer we look forward to hearing from you no matter how you prefer to reach us.

 

 

Source: ALM PropertyCasualty360

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