Hastings and Churchill displayed the highest growth in market share in the second half of 2019, the latest momentum figures from Consumer Intelligence show.
Hastings and Churchill displayed the highest growth in market share in the second half of 2019, the latest momentum figures from Consumer Intelligence show.
Each brand gained 1.3% of the total market in the six months to 31 December 2019.
The figures are based on Insurance Behaviour Tracker data, which recorded the shopping behaviour and renewal decisions of 6,000 real customers over the course of the six month period.
A strong retention rate of 68% helped Hastings’ market gains, whilst Churchill’s was lower at 59%, just a touch below the market average of 59.5%.
However the big driver of both gains was new business acquisition. Both Hastings and Churchill led the market in here; Hastings winning 9.0% share of all new business sales, and Churchill gaining 8.3%.
RAC grew its book the most, with a 29.5% increase in its customer base. This to a total gain of 0.6% of the market. Churchill was next in line, growing its book by 27% in the second half of the year.
A special mention must also go to SureThing. Bought by PolicyExpert last June and very recently rebranded, it was a top 10 grower in the first period of new ownership, gaining 0.2% of the market thanks in part to retention rates over 80%.
LV= remained the largest insurance brand in the market, with 8.9% share. It was also second in terms of growth, gaining 0.8% market share. Retention rates remained high for LV= at 74% whilst it also placed third for new business acquisition, winning 7.2% of all new business.
However in Group terms, the combined market share of Direct Line and Churchill makes DLG the largest insurer of cars, followed by Aviva’s brand combined with Quote Me Happy.
|
Brand |
Brand momentum |
|
Hastings |
1.34% |
|
Churchill |
1.34% |
|
LV= |
0.77% |
|
AA |
0.72% |
|
RAC |
0.55% |
|
QuoteMeHappy |
0.32% |
|
Saga |
0.23% |
|
M&S |
0.17% |
|
Sure Thing |
0.15% |
|
Swinton |
0.2% |
*Change in relation to pre-renewal market share, six months to 31 December 2019
Enhance decision making, performance monitoring and planning by understanding consumer behaviours, attitudes and intentions at insurance renewal.
Insurance Behaviour Tracker (IBT) is the most comprehensive insurance focused consumer survey in the market. It provides insight and understanding of consumer behaviour throughout the renewal process, giving you a view of market trends, and brand performance. This will enable you to make informed decisions to allow you to build robust marketing and business plans and track results.
Comment on blog post . . .