Most people in Britain hold an insurance policy of some kind. Insurance provides a safety net for those looking to protect their health or finances. While it is not one of the most exciting of things to purchase, most of us are willing to agree that going without insurance is a risk.
However, a new whitepaper from YouGov titled “Better safe than sorry” reveals that there is a big lack of trust in the insurance industry with most consumers not believing that their insurers will payout in the event of a legitimate claim. The report details the different types of insurance cover that Brits prioritise and the methods that they use to choose new providers.
Only 6% of Brits intend to stay with their current insurance provider
The report revealed that only 6% of Brits intend to stay with their current insurance provider with almost a third intending to change insurance provider within the next 12 months. As much as 73% of policyholders would class themselves as “active” when it comes to shopping around for insurance, with only 14% of consumers using “word-of-mouth” when it comes to switching insurance. Of these “active” consumers, almost all use price comparison websites to find better deals on their insurance.
12% of Brits have no insurance at all with Millennials being much more likely to have no insurance yet more likely to purchase mobile phone or single-trip travel insurance. The report also showed that 87% of fairly active consumers use price comparison websites when switching while 92% of very active consumers use them. Generation X stood out as most likely to hold a life insurance policy.
35% of those surveyed say they have never made an insurance claim
Within the area of claims, almost 35% of people said that they had never made and insurance claim. The most common insurance claim is motor insurance at 34% with fully comprehensive motor insurance being the most commonly held insurance product.
Pet insurance is the most likely to have been claimed on with 50% of policyholders making a claim over the last year. Perhaps rather unsurprisingly, it appears that there is a correlation with more people covering themselves for incidents which would have the most serious financial consequences.
30% of those surveyed would consider using tech innovation
When those surveyed were asked which technological innovations they would like to see on the market, dashcam insurance policies came out on top with 15% of people considering this good idea. 30% of those who took part would consider at least one of the innovations mentioned, these included: pay as you drive, telematics, driving apps, smart security home insurance and personal cyber & data risks insurance.
There are multiple factors at play in the decision-making process
No matter what the insurance product, having the right level of cover is seen as undoubtedly the most important factor. After this, varying reasons come into play, with the price being a major factor in motor insurance, buildings insurance and mobile phone insurance. Company reputation is a leading factor when it comes to life insurance.
Personal recommendations are the lowest-ranked factor for all industries except pet insurance. However, this is seen as a less-important factor in insurance where customer ratings from strangers are more valued.
It is clear to see that there are multiple factors at play in the decision-making process when purchasing insurance – but allowing customers to tailor their policy based on their individual needs is key.
Ashburnham Insurance are known as UK specialists for instant online insurance quotes. A wide range of insurance policies are available including business insurance, land insurance, landlord insurance and more.