Car Insurance: Are We Seeing Value Replace Cheapest Price?

Are we heading towards a more value driven car insurance market, where the cheapest quote on a comparison site is not the biggest factor? Maybe so. Here’s the word;

Trakm8 has commissioned a new national driver survey to gain insights into how drivers purchase insurance and what they expect from future policies. The survey highlighted how the landscape has changed for drivers when choosing an insurance provider with over a fifth (22%) stating that cost is not the most important factor.

The survey went on to show that drivers consider many other factors when purchasing policies with nearly a quarter (24%) stating the insurance brand is an important factor, 43% said customer service was a key part of the decision making and 42% also said the amount of excess influenced their decision. The survey also asked drivers if having a driver app and Pay as you Drive (PAYD) services impacted their decision and 25% said this was key when looking for a new policy.

These results highlight just how many factors impact drivers when they are choosing cover such as customer service, driver apps and PAYD services and by utilising driver and vehicle data solutions insurers can improve both customer service and offer app and PAYD solutions.

Trakm8 recently launched a portfolio of enhanced ‘Connectedcare’ solutions that work alongside their driver data analytics to give insurers detailed insights into the health of their customer’s vehicles. These solutions enable insurers to truly understand their customers and their vehicles helping them improve customer services and retention by offering tailored policies based on their specific requirements.

Adam Gooch, Managing Director for Insurance at Trakm8, added, “At Trakm8 we are making connected car data services part of insurance solutions and this national driver survey gives us real insights into what factors are important to policyholders in the UK when purchasing or renewing insurance policies.

Our enhanced driver and vehicle insights are part of our comprehensive end-to-end insurance telematics solutions that are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and requirements.”

For more information on Trakm8, please visit: www.trakm8.com

About alastair walker 9297 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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