Some insights from Go.Compare for you;
February may be the month of love, but new data from Go.Compare has revealed the top reasons people fall out of love with their insurers. The research asked Brits which factors would influence them against choosing a particular insurer, and revealed that customer reviews are king – with nearly half of people (45%) saying if they see bad reviews online, it’ll put them off.
The survey quizzed 2,000 Brits about their insurance ‘icks’ and found that poor customer service trumps high price as the number one influence putting people off an insurer. 43% of people they would be put off if they know the provider has a poor reputation for customer service, and 38% said that if someone they knew had a bad experience with a particular insurer, they’d be more likely to steer clear of them. Additionally, nearly a third of people (28%) said they’d be put off if an insurer uses automated customer service instead of having real people you can speak to.
Price is certainly still an important factor though, with four in ten (40%) admitting they would be less likely to choose an insurer with higher prices than competitors, and 36% saying high admin fees would put them off.
Surprisingly though, low prices aren’t necessarily a selling point for insurers either – with more than one in ten people (14%) confessing they’re put-off choosing a provider if they’re the cheapest option on a comparison site.
Overall, the top factors influencing people against certain insurers are:
| Factor influencing people against an insurer | % who would be put off | |
| 1 | Seeing bad customer reviews online | 45% |
| 2 | Knowing the provider has a reputation for poor customer service | 43% |
| 3 | Seeing that their prices are higher than competitors | 40% |
| 4 | Knowing someone personally who has had a bad experience with the provider | 38% |
| 5 | If there are high admin fees | 36% |
Additionally, nearly a third of people (29%) said they’d be influenced against an insurer if their claims acceptance rate is comparatively low, and 27% said they would be put off if they didn’t know / hadn’t heard of the insurer previously.
Ceri McMillan, Go.Compare insurance spokesperson, said: “Price is always going to be an important factor when it comes to choosing an insurance provider – but it’s really interesting to see that it isn’t everyone’s number one concern.
“Our data reveals that people want to know they’re going to be treated well by their insurer, they want to see good reviews and feel confident in the level of service provided. For many, being able to speak to real people and knowing about the company are important trust signals.
“For consumers, it’s clear that doing your research is important – whether it’s looking at other people’s feedback online or comparing how the company’s claims acceptance rate stacks up against competitors. Taking a little time to better understand the insurers available is well worth it in the long run.
“For insurers, the clear message is that winning public hearts isn’t just a competition for who is the cheapest. Consistent support, communication and reputation are all important factors too.”
Comparison sites allow people to compare a wide range of policies in one place and will often provide a quick way to look at a range of factors, which can help policyholders make an informed choice on their insurance.
More information about choosing an insurance policy can be found at: https://www.gocompare.com/insurance/
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