Churchill gained the most car insurance customers in the six months to August 2022, our latest momentum results reveal.
Analysing data from Consumer Intelligence’s Insurance Behaviour Tracker, which asks 2,000 drivers a month about their renewal journeys, we can see which brands are gaining momentum and market share.
The brands making post-GIPP market motor share gains.
|Momentum||Mar-22 to Aug-22|
In its third quarter trading update, Direct Line Group reported that new business had dropped after it took action to improve margins in motor, but that it had picked up as the market hardened over the quarter.
Our momentum figures show a careful brand management strategy in play, with Churchill coming to the fore to pick up more new customers, while Direct Line had some of the market’s best customer loyalty and retention rates.
Churchill’s gains mean it is now the third biggest brand for UK motor insurance - and level with Direct Line.
The AA made the second largest market share gains. It received a boost from Beam, a new brand targeted at PCW distribution which launched in April.
For Aviva, its flagship brand gained 0.9% of the total market, while stablemate QuoteMeHappy lost 0.4%. Whilst Aviva as a brand is gaining momentum, as a group there has been little change in total policy count. The Aviva brand has produced better retention rates, however, with 67.9% of customers renewing in the six months to 1 August 2022, compared with 61.8% of QuoteMeHappy customers.
|Rate of change||Mar-22 to Aug-22|
Min sample = 30
The market average retention figure rose from 61.6% in the six months from October 21 to March 22, to 66.4% the following six months. As widely reported, GIPP has so far led to fewer customers shopping around at renewal, feeling reassured that their quote is no worse than a new business customer’s.
There were some star performers above this already higher rate, with NFU Mutual and Direct Line topping 80%. Tesco and AXA were the only top momentum brands with below-market-average retention, indicating that more of their gains were driven by customer acquisition.
Understand consumer behaviour throughout the renewal process.
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.
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