Hastings has grown its share of the home insurance market at a faster pace than any other provider, the latest figures from Consumer Intelligence reveal.
Established insurers can still grow market share
We measured the swing between pre-renewal and post-renewal market share between October 2015 and May 2016 to see which insurers and brokers are gaining and losing momentum.
Hasting’s market share increased from 0.9% to 1.5% in just six months, a momentum swing of +0.6%
Hastings is also the fastest growing motor insurance brand, and Consumer Intelligence customers can access the data to find out the drivers behind their fast growth – contact your account manager for more detail.
|Current Company||Momentum||Pre-renewal share||Post-renewal share|
Hastings was closely followed by Tesco with 0.5% momentum and Aviva, also with 0.5%. Both those brands started with a bigger base, showing that established insurers can still grow market share and do not have to ‘buy’ growth as the cheapest option.
Consumer Intelligence CEO Ian Hughes says:
“Giving a great customer experience and having a recognised brand can be more important than being the cheapest to consumers.
“The winners use their brands, data and customer knowledge to create opportunities to win and retain customers. Direct Line’s growth, clearly without using price comparison sites, shows that customers are willing to shop in more than one place and take the time to assess who they trust to protect their home.
“The presence of Tesco, Sainsbury’s and Nationwide in the top three show how the trust of non-insurance brands can transfer to home cover.”
Insurers not prepared to chase down premiums even further and squeeze already dwindling profits must reinvigorate their focus on branding.