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Welcome to the voice of the Irish personal lines insurance customer survey
Getting the right combination
Consumers are more likely to renew their insurance policies automatically after three years. This is one of the key findings from a Deloitte research study of over 750 Irish adults to better understand the needs and buying behaviour of consumers when purchasing insurance products. The results are presented in our report: The voice of the Irish personal lines insurance consumer - getting the right combination.
The aim of this report is to provide timely consumer research to the personal lines insurance market as it continues to face challenges from the domestic economic climate and increasing competitive pressures. Driven by their desire to obtain a better price, consumers are now using multiple channels on their way to a decision. Insurers can no longer segment customers based on channel preference and will need to assess how they engage with consumers and their approach to marketing.
In this backdrop, what are Irish consumers saying?
- 90% report that price is an important factor when considering changing insurer
- Over 50% researched at their last renewal
- Over 60% of respondents who research get 3 or more quotes
- Research drops significantly after 3 years of tenure
- Over 40% of respondents said they are ‘very satisfied’ with service
- Over 50% used online channels for research
- Only 12% to 15% actually bought online
- Direct remains the most popular distributor
The results of the survey demonstrate the range of challenges insurers and brokers are facing trying to achieve the correct balance between growth and profitability. From Deloitte’s perspective, deploying a combination of analytics and digital solutions will be key to succeeding in this market.
Download the full report to get observations and perspectives from Deloitte experts to help tackle some of the challenges highlighted.
Key findings in infographics
Recommended areas of focus
With customers using multiple channels for research and purchase, how can insurers respond across these channels in a coordinated manner and increase conversion rates?
We present some practical tips:
Digital - embrace digital transformation
- Ensure your websites are mobile compatible and assess how and when you can use digital throughout the policy life cycle.
Analytics – get comfortable with big data
There are opportunities to further expand the scope and depth of analytics.
- Channel optimisation
- Pricing with a specific focus on discounting
- Utilising insight from unconverted quotes
Propositions – introduce personalised products
- Create bespoke solutions to targeted segments to remove the focus on price
- Telematics offers a potential solution if insurers embrace the opportunities it offers to increase the frequency and relevance of engagement with the customers.
Operating Model – enable business transformation
- Becoming a customer centric organisation is key
- Get the right technology
- Develop the skill sets to utilise digital technology and analytics
- Ensure the processes are in place to maximise the insights derived from analytics and deliver digitally