Not all superheroes wear capes… In fact, the people who are really saving the world are arguably just ordinary folk living ordinary lives and buying ordinary things – but insisting the corporations that serve them actually behave well.
It’s in large part why companies across all industries are focusing on developing and articulating their ESG policies (Environmental, Social and Governance) and CSR (Corporate Social Responsibility).
But given the current cost of living crisis, are people now buying ethically or buying cheaply? And do they expect as much from insurance brands as from other brands?According to a recent Viewsbank survey of 1056 consumers, 61% of Brits consider a brand’s ethical practices quite or very important when they make a purchase, and 52% think their environmental, social and governance record is quite or very important, demonstrating which term has consumer cut through.
The age gap was again pronounced. Only 3% of insurance customers aged 18-24 said they just wanted insurance, compared with 34% of those aged 65+ who waived away ESG-friendly policies.
Of those who would pay, 49% thought it was an easy way to give something to a good cause, and 44% felt it was ‘the right thing to do’. 37% though thought an ethical company was more likely to treat THEM right as a customer.
Ethics are very clearly linked to trust – and we know that’s something our industry struggles with. The industry may not yet be the frontline for ethical considerations, and it is certainly not as ingrained in consumer-consciousness as buying fair trade coffee or avoiding fast-fashion from sweatshops. But demand is clearly there. Despite the cost of living, a significant number of consumers really do care about what you do and how you do it. And the really good news for insurers and brokers is that 1-in- 4- people would pay more for an ethically, socially or environmentally sound policy.
Green policies especially seem to be a significant motivational factor for your younger consumers. Articulating their difference can give brands an edge.
Viewsbank is our in-house consumer research panel. It’s a large, responsive and community driven panel that conducts both quantitative and qualitative research.
Our Viewsbank panel helps our customers with a wide variety of projects ranging from detailed mystery shopping to demographically targeted research surveys. The research helps our clients make informed decisions based on true understanding of the consumer’s voice.
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