More than half (57%) of the respondents to a Nationwide Insurance survey said they know more about their favorite prime-time television show than they do about their insurance policy.
When asked to describe their insurance policy, consumers said it was too long (53%), complicated (43%), overwhelming (31%) and confusing (29%).
The survey also found:
Most insurance policyholders want a simple explanation of their policy with the details summarized on a single page.
Nationwide Insurance believes changes in insurance laws would make it easier for policies to be more simple and understandable. Such changes include:
Nationwide has already made changes to its products and services to simplify the insurance experience for its members, including:
The Simplification Study was conducted between February 22 and March 5, 2013. The respondents were comprised of 1,594 adults ages 18+ who currently own property and casualty insurance. Results are weighted as needed for age, sex, race/ethnicity, education, region and household income. Propensity score weighting was also used to adjust for respondents’ propensity to be online. Individuals for this research were selected from among those who have agreed to participate in Harris Interactive surveys. Because the sample is based on those who were invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.
Nationwide commissioned the survey, which was conducted by Harris Interactive, who polled nearly 1,600 people who own property and casualty insurance.
SPI Reflections Blog
Our blog is about educating our customers and the public about important insurance information that we feel is meaningful.