LexisNexis Risk Solutions recently conducted a study that explores consumers’ insights, attitudes and perceptions of motor insurance in the UK. Of the 1,500 insured drivers and policy decision makers who were surveyed, surprising insights around their perceptions of their current policy pricing and how they might go about achieving cheaper premiums were revealed.
This report closely examines consumer responses that were obtained from the study and underlines the key steps motor insurance providers could take to improve their chances of future success in a highly competitive market. Our findings suggest a degree of cynicism among consumers regarding a perceived desire among motor insurance providers to find new ways to increase premiums. This is illustrated by the number of consumers who avoid notifying motor insurance providers about minor non-claim incidents, potentially because they believe that doing so could result in further increases in their insurance costs.
The white paper demonstrates that there are opportunities for motor insurance providers to safeguard and grow market share by using technology to improve pricing accuracy and competitiveness; and to appeal to consumers’ expectations that any loyalty they show to a provider should be recognised and rewarded.
Please also download our related whitepaper on "Finding (and building) Loyalty in the Motor Insurance Market".
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