8 in 10 Customers Want Single Company to Provide All Insurance Policies
Published: October 31, 2016
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
A new survey shows that the majority of customers would prefer to buy all their insurance policies from a single provider. Eight in 10 say they would use a single company if they could. The survey was conducted by Consumer Intelligence amongst 1,751 consumers.
85 percent of those asked said a one-company solution for multiple insurance policies would be ideal. Only 14% have one policy, 23% have two, 27% have three with 35% reported holding more than four.
The obvious conclusion from the survey is that insurance companies are failing customers. Either they are not providing enough policies in different areas, or they are not offering consistent quality across their solutions.
Consumer appetite suggests they want one provider, but at the same time they want to be able to shop around. Shopping for quotes is the only way to get an idea of how much a customer should be paying for a policy. It can help get the best policy at the most affordable rate.
The shopping environment makes it hard for insurers to create a consistent breadth of policies that could entice a customer across multiple coverage options. However, Consumer Intelligence CEO Ian Hughes says that the potential for companies could be huge.
“This study shows that consumers don’t want to have to shop around and talk to a number of different brands throughout the year,” he said.
Hughes added: “Insurers and brokers can suffer from being segregated into different internal reporting lines for motor, home, pet and travel. Having separate targets and P&Ls often means different customer strategies by product line, whereas starting with a single customer view leads more naturally to a more joined up approach to product and sales.”