Financial Services marketing teams face their toughest challenge yet when it comes to improving the way their brands are perceived by customers.
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.
Following the publication of our Motor Insurance Price Index for the past 12 months, we can now reveal that Telematics brands are dominating the market for under 25s this quarter.
Hastings has been the fastest growing motor insurance brand of the last six months, according to the latest research from Consumer Intelligence, growing its market share at renewal by 0.8 percentage points.
Aviva has overtaken Direct Line as the UK’s strongest insurance brand, according to the latest research from Consumer Intelligence.
CEO Ian Hughes argues that with insurers such as Aviva and Direct Line forging a path for other cover providers to follow, we could soon be entering an era of re-disintermediation – although in a different way to the rise of the direct insurer as spearheaded by Direct Line.
The increase in the cost of renewal premiums witnessed since the increase in IPT in November 2015 has also re-focused consumer interest on price.
Up until October 2015, the proportion of consumers not shopping around at motor insurance renewal had been on a steady increase, with more than one in five consumers accepting their renewal premium without seeking quotes elsewhere between August and October last year – the highest three month period on record.
Recent years have brought calm and stability to the UK motor insurance market, with near-static renewal premiums bringing with it increased loyalty and fewer consumers shopping around to find a better deal at renewal.