These record premiums mean insurers should watch the road ahead with caution: the balance of power is shifting between businesses and consumers. In fact, our research recently revealed that more than half (52 per cent) of UK consumers believe they have mo

Motor Insurance Premium Record High - Risk of Customer Churn

Simon Perry , Insurance Expert at Quadient

25.01.2018 07:45 am

These record premiums mean insurers should watch the road ahead with caution: the balance of power is shifting between businesses and consumers. In fact, our research recently revealed that more than half (52 per cent) of UK consumers believe they have more power compared to five years ago – thanks to a growing number of options, ease of switching, and ways to share good or bad experiences on social media.

Put simply, there’s a growing danger that UK consumers will take their business to another insurer that has caught their eye. That doesn’t necessarily have to be through better rates either. It could be through a value-add, such as suggesting ways to reduce costs; in fact, 54 per cent of UK consumers consider customer communication as an important factor when thinking about whether or not to stick with a business. More than nine out of ten consumers want more choice in the way they communicate with insurers, so clearly this is an area for the industry to focus on.