Renewal Notice Benchmarking


 

What if you could improve your retention rates and customer engagement levels whilst complying with FCA guidelines all at the same time?

question mark.png What is Renewal Notice Benchmarking?

Consumer Intelligence have a panel of circa 30,000 market representative real risks from our Viewsbank research panel where we collect real renewal notices, compare and benchmark them against our 10 point assessment criteria to help insurers drive retention and improvement customer engagement therefore positively impacting the bottom line.

Capabilities:

  • The capability to collect renewal notices from our propriety market research online panel ViewsBank.com across any number of specified brands
  • An analytical framework for the comparison of renewal notices across insurance brands
  • We have conducted primary research to create a scoring mechanism for an assessment of renewals based on the factors most important to consumers

person.png Improve renewal notices and increase market share

As you know, since 1st April 2017 the FCA has been enforcing its ICOBS guidelines, particularly chapter 6 which states insurers are required to include last year's price as a comparison against the new renewal premium.

Insurers that have fallen foul of this guideline have had lengthy and time-consuming consultations to fix problems they could have previously solved in a cost-efficient but also profit-enhancing way.

At Consumer Intelligence we have done the hard work for you, collecting hundreds of renewal notices and conducting market representative primary research to develop our 10 point methodology in analysing your renewal notices, not only from a compliance perspective but also for commercial gain.

Avoid a similar outcome and turn compliance into an opportunity by speaking to Consumer Intelligence now about what you can do to improve your Renewal Notices and drive your market share by analysing real consumer data.

 

 

Business impact

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Maximise pricing changes by benchmarking your performance against competitors


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Renewal notices are a key trigger in starting the shopping journey for many consumers


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Since 1st April 2017 the FCA have required insurers to include last years price as a comparison against the new renewal premium

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The FCA have contacted a number of insurers to advise them to ‘improve’ their renewal notices

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There are a set of rules and guidelines that insurers must follow in relation to renewal invitations within Chapter 6 of the Insurance Conduct of Business (ICOBS) rulebook


 

Case Study

Renewal notices are a key trigger in starting the shopping journey for many consumers. Since the 1st April 2017 the FCA have required insurers to include last years price as a comparison against the new renewal premium.  Due to this FCA requirement most insurers will be reviewing their renewal notices and asking how theirs benchmark against competitor’s interpretation of ICOBS chapter 6. An example is 'Company X' who have asked Consumer Intelligence to collect current and historical renewal notices and to provide an independent and objective analysis of the approach and content in respect of ICOBS chapter 6.

Learn more >>

 

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What we offer you

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


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Access your data via an intuitive online portal. Data views can be customised and saved, as well as exported to Excel depending on your needs. These reports can be delivered weekly or monthly.


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Excel spreadsheets show you annual price and, where relevant, compulsory and voluntary excess values for each insurer on the market.


 

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

 

Do you want to find out more?


 

Renewal notice related articles

Demonstrate Why Customers Should Renew

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The FCA unveiled a number of measures to address general insurance pricing in a market which it considers “is not working well for all . . .

Read more > >

 

Loyalty Can Pay For Insurers

Loyalty Can Pay For Insurers

The Competition and Markets Authority recently published the findings of its investigation into concerns . . .

Read more > >

One Year On From Renewal Price Disclosures

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It’s been a year since the FCA required personal lines brands to display the previous year’s premium on renewal notices . . .

Read more > >

The Beginning Of The End For Dual Pricing?

Dual pricing article

This month the insurance industry received its most significant wake up call to the issue of dual pricing. 

Read more > >

Renewal Notices: Connect, Inform and Engage

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For over two years insurance brands have had to comply with rules designed to prompt motor and home customers to shop around at renewal.

Read more > >