With motorbike insurance premiums on the rise and the number of riders growing, disclosure of last year’s premium at renewal will spur an increase in the number of motorbike riders shopping around for insurance quotes and contacting their insurer.
Pet owners use more traditional channels when it comes to choosing their insurance provider. They take recommendations seriously, whether from friends or vets, more than they do for home and motor insurance. That’s little wonder when nine of ten pet owners say their pet is so important to them that they consider them part of the family.
Behind the FCA’s decision to force pricing transparency at renewal was a desire to improve the treatment of loyal consumers, promote competition, and address concerns about consumer engagement at renewal.
Unless you’ve been living under an uninsured rock for the last year or new to the insurance industry, you’ll be aware that since the 1st of April insurance brands have had to change their renewal notices.
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.