From life insurance to pet insurance to car insurance to home insurance. When you think about the different types of insurance for family life, there’s quite a bit to organise. So what matters to Mums when buying insurance for their family?
The reality is that insurance is a necessary but often resented purchase. It can feel like a bit of a waste of money, that is, until you need to claim on it.
I just counted up how many insurance policies our family pays for, we have 11 policies that we pay for annually. For our Health insurance, we have a main policy that is mostly provided by one of our employers but we pay part of that cost too, and we have an additional outpatient health plan so that we can recoup some of our outlay quicker.
- Mortgage protection (required by law)
- Life cover
- Serious Illness
- Car (including extra car insurance for our teen driver!)
- Outpatient health
- Employment insurance (in case we lose our jobs)
That’s a lot of insurance and a lot of premiums!
Shopping around is important to me but it does take time. And obviously you can only really do it at renewal time.
Factors that I would say influence my choice of insurance are:
- what’s covered
- any multiple discounts available for buying more than one type of cover from the insurance company or broker
- payment options to spread the cost (even if I have to pay a finance charge)
- if I have had to claim at all, then how easy that process was
- if I have had to claim at all, will I have to stay with that provider as switching won’t be possible due to having made a claim (!)
We Surveyed Mums about Insurance
We surveyed parents about buying insurance and they shared with us that:
32% of mums have no life insurance
38% of mums who have no life insurance think it’s too expensive
12% of mums do not shop around each year for home or car insurance
15% of mums don’t bother with travel insurance
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More Insights into Mums and Insurance
Health insurance matters but some Mums found it cost too much (19%). Others bought it privately (46%) or have it through work or their partner’s work (18%). Some mums don’t see the need for it (17%).
Just under half of mums we surveyed feel insurance is necessary and that they feel better with it (45%) while about the same amount of mums feel it is necessary, but it annoys them having to buy it (44%).
Mums are definitely going online to buy direct from insurance companies, with 42% buying their car insurance online while 35% buy their home insurance online. Phoning the insurance company is the 2nd most popular way of buying insurance.
A majority of mums shop around annually for their home and car insurance (74%).
Almost 1/3 of mums we surveyed don’t have life cover (32%) with 38% of them citing expense as the reason they haven’t bought life cover and 30% saying they haven’t got around to getting it yet. Again almost 1/3 of mums said they weren’t aware they could switch life cover providers in order to save money (32%).
Other Feedback About Insurance from Mums
“I don’t think it should rise every year if you have never claimed”
“It is important to shop around but even with online services and brokers it can still be a time consuming process.”
“It’s expensive with little to no competition between companies”
“I never appreciate it until it’s needed then I’m glad to have it!”
“Hard to understand all the different health care policies and options to switch”
“Jargon can sometimes be difficult to fully understand”
“Steadily increasing prices make it less affordable”
“Always get better deals online.”
“I hate having to pay for it but I know it’s essential.”
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Things that the Insurance Sector Can Look at For Marketing to Mums
Here are a few suggestions based on this feedback and my own experience:
Making switching super easy
If I want to switch providers then that process should be so so easy, “one phone call only with some paperwork follow up” easy.
I personally am a busy mum and don’t have that much time to work out the pros and cons of choosing you as my insurance provider. So the more you can help me decide that you are the company for me to use the better.
Online calculators are good.
Not forcing me to enter every single detail of my life in order to see what you are going to charge me is good. I understand I won’t get a final exact price until I do book, but would like to compare companies first.
Examples of other families and what their situation is and what they pay are good.
Look at where you can add value
Car insurance: I’d like home start in case the car doesn’t start when I’m rushing out to do school run. I’d like to know I’ll get rescued if I’m in the car with the kids and the car breaks down on the motorway.
Home insurance: if I don’t have an alarm system can you give me a hefty discount so that I can have it installed and you’ll also be happier that you are insuring an alarmed property.
Pet insurance: can you offer a dog walking or dog sitting voucher with every annual renewal.
Pupil insurance: wouldn’t it be nice to get a stationery voucher or lunchbox/lunch food items voucher to say thanks for taking out the pupil insurance.
Travel insurance: I’d love an overseas adapter sent out to help me when I’m on holiday.
I listen to other mums when they talk about experiences they have had with insurance companies. If it’s a good experience I’ll take note to consider that company next time. If it’s a bad experience, I’ll avoid that company like the plague.
So how can you get Mums recommending to other Mums (in a compliant way of course)? What’s going to make them love your company so much they’ll tell 20 other Mums in their Whatsapp group what a good experience they had? How are you delighting Mums?
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One final tip
Create and share content that helps Mums out, it’s a good way of building trust and connection with your target customers beyond your sales message.
Connecting your insurance brand with mothers in an engaging way through social and digital channels is possible, we do it all the time on Mykidstime. We help brands and businesses to connect with Mums. Schedule a call today to have a chat about how to work with Mykidstime.