Consumer Research Guide 2-3

    The most comprehensive, insurance behaviour tracker survey in the market  

    ANSWERS TO HOW CONSUMERS INTERACT WITH YOU AND YOUR COMPETITORS

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    Insurance Behaviour Tracker (IBT)

     

    Enhance decision making, performance monitoring and planning by understanding consumer behaviours, attitudes and intentions at insurance renewal. 

     

    What is IBT?

    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.

     

    Business impact

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    Inform planning decisions on channel strategies

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    Identify opportunities to maximise retention and acquisition rates

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    Evaluate competitor strategies

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    Monitor and support development of competitive strategies

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    Test internal assumptions

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    Understand the impact of customer satisfaction

     

    Who is it for?

    IBT is an invaluable tool for companies within the General Insurance market and is used by brokers, direct insurers and aggregators.

    The different modules available in IBT can be useful to different areas of your business. These are retention, shopping journey, NPS and customer experience.

     

    How does it work?

    We collect data every month from motor insurance purchasers, monitoring their behaviours, attitudes and intentions before, during and after the renewal process.

    Shopping and purchase decisions are tracked at market, brand and channel level, enabling changes and trends to be identified and monitored.

     

    How can it help me?

    IBT informs business planning by helping you answer key questions about how consumers interact with you and with your competitors at renewal.

    OUR CLIENTS

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    Deep dive into the area of consumer behaviour you want to understand most

    Retention

    • Gain an understanding of how customers behave during the renewal period.

    • Understanding of what influences their buying decisions and how you compare to your peer group and the overall market.

    • By understanding customer behaviour you can adjust your retention strategy to maximise your opportunities.

     

    Shopping Journey

    • Gain an understanding of how both the market and your own customers shop.

    • Which channels they use and what influences their decisions.

    • By aligning your marketing and overall acquisition strategy to the market could result in more new business and so, increased GWP.

     

    Net Promoter Score

    • Gain an understanding of how you score against your peer group.

    • Follow your progress by trending your  peer groups score.

    • Knowing your strengths allows you to grow and maintain these areas while understanding where you need to improve allows you to manage your resources.

    Customer Experience

    • Gain an understanding of how your customers interact with your brand and how they rate this experience.

    • Understand why customers stay (or not) and what is most important to your customers.

    • Allows you to see how other brands perform and how to change your approach if needed.

    Annual product package summary

     

    Features One off report / deep dive Modular Access IBT Premium
    Modular data access  
    •  
    •  
    Complete data access    
    •  
    Analyst support
    • (16 hours)
    • (32 hours per annum)
    • (40 hours per annum)
    PowerPoint delivery
    •  
    • (2 per annum)
    • (2 per annum - bespoke deck)
    Online portal access    
    • (30 logins)

     

     

    Frequently asked questions

    [fa icon="plus-square"] Can I see the data at segment level, for example number of years NCD?
    The data is delivered through an interactive interface, allowing data integration with dynamic filters that update the graphs to your selections.
    [fa icon="plus-square"] How are the survey respondents selected?

    A representative sample of respondents are provided with an initial questionnaire to assess suitability for the survey. Those who meet the criteria are presented with the full questionnaire. The questionnaire is completed and submitted online.

    [fa icon="plus-square"] Do you provide the raw data for my own analysis?

    This product does not provide the raw data. However, the data has been analysed and presented in an interactive tool that allows you to understand the customer journey through renewal, and those crucial considerations, shopping and buying behaviours.

    [fa icon="plus-square"] What is the sample size and frequency of the survey?
    The survey is conducted monthly and has been running since 2008, covering both the Motor and Home sectors. We survey a mix of those who are due to renew within the next three months, and those who have renewed in the past three months. We survey thousands of people each month.
    [fa icon="plus-square"] What modules are available?
    IBT is sold as an entire data set or offers four set modules, made up of relevant data covering shopping journey, NET promoter score, customer experience, and retention. The complete data set version offers a richer view of all four modules and allows cross-module analysis.
    [fa icon="plus-square"] Is the data anonymised?
    IBT allows you to view and filter by brand. You are able to explore which brand the respondent was with an renewal, and who they choose to be insured with following the renewal process. Did they accept their renewal? Shop around? Switch? The survey captures detail of each of these decision making processes and behaviours, including details of the price comparison sites used at renewal.

     

    Get personalised service and expert support

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    Expert support

    Dedicated Consumer Intelligence consultancy service to assist you in getting the most value out of our data and specialist insights. 

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    Interactive reports

    Access your data via an online portal. Data views include current and historic performance. Data can be exported to Excel depending on your needs.

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    Bespoke analysis

    Consumer Intelligence can work with you to create personalised data and analysis to suit your business needs.

    We passionately believe in fusing data and insights in order to better help our customers... so we felt that Consumer Intelligence were exactly the right partner to work with

    Ian Rowlands Vice President of Partnerships, GoCompare

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    Gain understanding of consumer behaviour

    Make informed decisions to allow you to build robust marketing and business plans and track results.

    Fill in the form below to request an example IBT report.
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