Industry observers always say that claims are the shop window for insurance, but when it comes to getting people through the front door, having the right price is vital.
Shopping and sourcing information online is now firmly part of our everyday lives. And this is also certainly the case for shopping around for insurance quotes and buying or renewing a policy.
This month Ageas Retail confirmed that it has stopped writing new business for its over 50 brand Castle Cover. The broker, which has over 280,000 customers, will continue to service existing policyholders, while Ageas said it will continue to court new business from over 50s with another brand, RIAS.
Customer opinions really do count when it comes to buying insurance. When choosing an insurance provider consumers trust the recommendations of customers over industry experts. We conducted a survey with over 2000 adults which showed that 45% of people trusted customer's opinions compared to only 17% for industry experts.
The Insurance industry is in a flap. It looks like the cost of insurance claims is about to jump up dramatically and the industry is running around trying to work out who to blame. APIL, Insurers, the ABI, the MOJ, the Treasury or random passers-by.
Customer satisfaction is vital to the success of a business, translating in to customer loyalty and retention. For insurance brands, where customer touchpoints may be few, satisfaction is built on service received and also about the cover and price.
Last week the Financial Conduct Authority published an unprecedented level of detail about how much home insurers pay out in claims, their claims frequency and claims rejection rates.
Providing excellent customer service is business common sense – focusing on customer needs, it builds trust and awareness, provides a competitive advantage and helps retain customers.
Landlords have been in the news recently, with many experts warning that forthcoming changes to tax rules will negatively affect the returns of around a quarter of buy-to-let investors.
The single biggest reason that consumers stick with their current insurance provider rather than seeking a new quote at renewal is that they like the brand they’re with.