With motor insurance premiums set to rise further, and a reminder of this in renewal notices when changes come into force showing last year’s premium, we expect to see an increase in consumers shopping around for quotes and contacting their insurer.
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.
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.
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.
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.
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.
When customers are choosing their insurance cover there will be considerations on price, cover options, and brand. Most won’t have experienced the claims service of the provider they are considering, and yet how the brand will perform at the real moment of truth is the whole purpose of the product.
The desire to obtain and maintain a competitive edge in the insurance, and indeed any industry, means keeping a constant eye on the market and changes ahead.
If one theme emerges from Consumer Intelligence’s quarterly Web2Phone research, it’s that insurance companies are employing very different strategies in their call centres when talking to customers who’ve got a motor quote online.
Price comparison sites have enjoyed a meteoric rise in the last 15 years and they’re here to stay. But they haven’t completely taken over the world. Nor will they.