High levels of competition in today’s insurance market mean brands are often forced to keep prices low to stay in the game and insurers are facing more than the challenge of just acquisition. Differentiators are becoming more elusive. Brands are constantly seeking new means to reinvigorate slow growth, keep costs contained and free up profit pools which are under pressure.
In order to really succeed, companies and brokers need to turn their attention to retention and loyalty by building better relationships with existing customers.
To better understand the impact the evolution of the industry is having on consumer decision-making behaviour, the relationships customers want with their insurer and the use of data and communications, Collinson surveyed 2,033 people aged 18-55+, who’ve renewed or bought travel, car or home insurance in the UK in the last year.
Based on the research findings, this report sheds light on the changing dynamics of the insurer-customer relationship and how providers can use personalised, meaningful engagement to drive loyalty and results.
• The use of data.
• Improving communication.
• Buyer behaviour and sentiment.
• What this means for insurers.