I couldn't agree more, I've been in personal lines (consumer) insurance for more than 10 years - price is king for the vast majority consumers. The issue this causes is insurers tend to discount new business premiums heavily and make a loss in years 1 and 2 (at least). The follow on problem for an insurer is the ease at which consumers can shop around, so retention rates are dropping - especially as the insurer will attept to regain some of that lost income at renewal by increasing the price. It's a buyers market. However cross selling add on cover is a common way to regain income. In any case, it's great to see innovation in insurance, and good luck for the future! (PS. are you intending to be a broker or actually underwrite the insurance policies?)
