62% of UK consumers choose insurance via price comparisons websites
Only 27% have multiple insurance policies with same provider
LONDON, September 21, 2021 – New research from global technology and management consultancy Capco has revealed nearly two-thirds (62%) of UK consumers choose insurance products via price comparison and aggregator review websites.
This underlines the move to a new era of digitally savvy customers, where traditional brand loyalty is fading and the majority of consumers want to assess offerings from multiple insurers. While 84% of UK respondents have at least one insurance policy, only 27% have multiple insurance policies with the same provider, significantly below the survey’s global average of 40%.
Capco surveyed 2,000 UK consumers to gauge their impressions of insurance products and providers to capture public attitudes toward consumer insurance, the key products and services used, and emerging trends. The results form part of a larger survey of 14,000 consumers across 13 markets globally.
Other notable findings in the UK survey include:
Matt Hutchins, Global Insurance Lead at Capco, said: “Our survey shows there is a strong appetite in the UK insurance market for digitally focused tools that educate the customer, provide personalised support and financial information. If insurers invest in these tools they can enhance their customer relationship, retention levels and drive repeat business.
“However, a march toward greater personalisation cannot come at the expense of damaging customers’ trust in their providers. Insurers will need to navigate concerns around use of personal data, the decreasing levels of trust since the pandemic began, and the disparate needs of their clients.”
Capco’s global survey was conducted online in April and May 2021 and collected responses from a total of 2,002 UK individuals and 13,798 in total. The markets surveyed were the UK, US, Canada, Brazil, Germany, Austria, Switzerland, Belgium, Hong Kong, China, Singapore, Thailand and Malaysia. Country representative quotas were followed. Survey respondents were drawn from six age demographics: 18-24, 25-34, 35-44, 45-54, 55-64, and 65+. Globally, 49% of respondents identified as male, 50% identified as female, and 1% identified as other.
Alastair Doyle/ Nick Richardson/ Julia Niedoborek
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Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its Innovation Labs, and award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn Instagram, and Xing.