Utilizing a web based survey to examine retention within an insurance company.

Abstract

A national insurance company wanted to examine retention, and decided that a survey was the best course of action to take. Due to cost restrictions, a web survey was the most logical approach; unlike studies of a general population, the nature of this study’s population enabled a web-based survey to be used very effectively. This particular data collection effort targeted individuals who cancelled some of the company’s most common forms of coverage within the last year: motorcycle, flood, and watercraft insurance. Questions were asked in regards to why individuals cancelled their coverage, if they ever intend to renew coverage, and what the company could improve upon in the future. Data gathered from this survey was combined with existing demographic data. A total of 4,482 respondents completed this survey within a period of two weeks, with one reminder email sent at the end of the first week. The majority of the watercraft and motorcycle respondents indicated they had not switched providers or had problems with the company, but rather cancelled because they no longer owned the product and had no further use for coverage. Most flood respondents reported having sold their home, or have been moved out of the flood plain. The greatest area of opportunity for the company could be the individuals who continue to own a motorcycle or watercraft and not carry insurance on it. Several of these respondents have their vehicles in storage, and the company could potentially offer some type of improved storage insurance to meet the needs of their consumers. The insurance company was pleased with the results, and may incorporate techniques utilized here within future studies.