The purchasing preferences of private motor insurance customers have remained steady in 2016. Direct to insurer is still the most popular distribution channel. A presence on price comparison sites is also important, with customers using the channel both to research and purchase insurance. To contact their provider, most private motor insurance customers either purchase over the phone or online. Price is most influential when purchasing a policy, but due to a lack of price variation in the market most customers still choose to remain with their existing provider when shopping around. Aviva is the leading provider within the market, with one in 10 customers holding a policy with the insurer. Spend on advertising halved in the first half of 2016 compared to 2015 due to Moneysupermarket.com and Aviva reducing their spend on TV campaigns.
- 42.1% of private motor insurance customers purchased direct from an insurer in 2016.
- 85.4% of private motor insurers purchased over the phone or online in 2016.
- 10.7% of private motor insurance customers held a policy with Aviva in 2016.
- 71.8% of private motor insurance customers shopped around at last renewal.
Verdict Financials UK Private Motor Insurance: Distribution and Marketing 2016 explores consumer purchasing behavior and how consumer preferences are changing over time. This report discovers what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few years.
To understand consumer purchasing decisions and understand how these will influence the market over the next few years.
To improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
To discover which providers lead the way in the private motor insurance space are and how providers are revolutionizing the market through new innovations.
Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
Table of Contents
The Purchasing Journey
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