Eight in 10 customers would buy all their insurance cover from a single provider if they could, according to a new study conducted by Consumer Intelligence.
In a survey of 1,751 consumers, 84% said they would put all their policies with one company if it was able to offer consistently good prices and good service for all their insurance needs.
The research found that each consumer has an average of 2.8 policies. Only 14% have a single policy, 23% have two, 27% have three with 35% reported holding more than four.
However, the study also discovered that most insurers are failing to capitalise on the consumer appetite to deal with just a single company.
Consumer Intelligence CEO
Ian Hughes said that there is a large prize for a customer-centric insurer to work collaboratively across several product lines and scoop up a bigger premium from each customer.
“This study shows that consumers don’t want to have to shop around and talk to a number of different brands throughout the year,” he said.
Hughes added: “Insurers and brokers can suffer from being segregated into different internal reporting lines for motor, home, pet and travel. Having separate targets and P&Ls often means different customer strategies by product line, whereas starting with a single customer view leads more naturally to a more joined up approach to product and sales.”
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