insurance market benchmarking
Insurance Marketing Substantiations.
Drive growth and credibility through trustworthy marketing substantiations.
Now that the practice of dual pricing has been eradicated, brand loyalty is on the rise.
Winning new business is becoming increasingly challenging, therefore brands need to find ways to stand out from the crowd to win the hearts and minds of customers shopping for a new policy.
However, making your marketing budget go far enough to achieve this is the biggest task faced by marketers across the insurance industry. And yet, there are some insurance companies that have already found a simple secret to their marketing success, growing their book of new business customers and spending less than they expected.
Our insurance marketing substantiations, created through the use of our unique datasets, help you cut through the noise, grab customer attention and ultimately increase new business sales.
Markets:
Drive awareness and positive perception of your brand
Give customers a reason to buy
Decrease the likelihood of potential customers shopping around
Increase the opportunity for conversion
Give your customers a reason to buy.
We hold unique data on insurance pricing and consumer behaviour, which we use to create substantiated marketing messages. These messages are used by our clients across all channels (web, online, direct, television, and radio).
The most popular is the ‘save up to’ message, which allows you to communicate how much a new customer could expect to save by switching to or with you. We can also create marketing messaging that reflects consumer sentiment towards your brand (trust scores, retention, customer service and satisfaction), and more.
Frequently asked questions.
The marketing messages that we provide are created and substantiated using our price benchmarking and/or consumer research data. Both of these data sets are nationally representative and provide an independent, fair and accurate view of the general insurance market.
The use of pricing claims within General Insurance is regulated by both the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA). In general terms, advertisers need to make sure that the advertisement is clear, fair and not misleading to the person reading it.
In the FCA's words*:
“ (1) This guidance applies in relation to a financial promotion that makes pricing claims, including financial promotions that indicate or imply that a firm can reduce the premium, provide the cheapest premium or reduce a customer's costs.
(2) Such a financial promotion should:
(a) be consistent with the result reasonably expected to be achieved by the majority of customers who respond, unless the proportion of those customers who are likely to achieve the pricing claims is stated prominently;
(b) state prominently the basis for any claimed benefits and any significant limitations...”
The use of pricing claims within General Insurance in Ireland is regulated by the Advertising Standards Authority for Ireland (ASAI). Advertisers must ensure that claims are clear, fair, accurate, and not misleading to the person reading them.
In line with ASAI guidance:
- Substantiation is required – Advertisers must hold robust evidence to support all claims made, including savings and comparative statements.
- Comparisons must be fair and verifiable – Claims such as “Save up to” or “Average savings” must be based on real, representative data and clearly state the basis of the comparison.
- Significant conditions must be disclosed – Any limitations or conditions that could affect the validity of the claim must be made clear to consumers.
- Transparency is essential – Evidence must be available for verification and challenge, ensuring that claims stand up to scrutiny.
Our Advertising Substantiation service for Irish insurers has been specifically designed to align with these requirements, providing:
- Independent benchmarking with a full audit trail.
- Representative testing across risk profiles.
- Statistically validated results built on real market behaviour.
- A 7-day SLA for challenge responses.
This ensures that your “Save up to” and “Average savings” claims are ASAI compliant, giving you confidence in both your marketing impact and regulatory protection.
Where possible either the Consumer Intelligence logo or asterisk should be used, according to our brand guidelines referenced. In instances where this is not possible, our brand should be referenced as follows, with the details of the substantiation.
Any use of our marketing messages and brand name or logo needs to be signed off by the Consumer Intelligence marketing team prior to go-live. This needs to be provided with a 48-hour turnaround time.
Referencing Consumer Intelligence:
Data provided by Consumer Intelligence Ltd, www.consumerintelligence.com
Exciting Insight by Consumer Intelligence Ltd www.consumerintelligence.com
Link to guidelines & methodology here.
Other solutions that might interest you.
Daily Price Benchmarking
Optimise your competitive position by monitoring daily insurance pricing movements.
GIPP Performance Tracker
Track the response of the insurance market and your competitors in response to the general insurance pricing practices (GIPP) policy implementation.
Offers and Incentives Benchmarking
Optimise your product marketing and pricing strategies in a fast-paced market by accessing a uniquely comprehensive view of competitor incentives.