Insurers and brokers failing to meet customer preference

Most insurers and bigger brokerages are failing to capitalise on the consumer appetite to deal with a single company.

An overwhelming proportion of consumers would buy all their insurance cover from a single company if they could, according to a survey conducted by Consumer Intelligence a British specialist market research agency.

A survey of 1,751 consumers found that 84% 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.

“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” said Consumer Intelligence CEO Ian Hughes.

Sarah Fisher, Director, Austwide Insurance Brokers says although it is hard for clients to get all the cover they need from one insurer, insurance brokers are best equipped to fulfilling clients needs in regards to having all insurances needs met in one place.

“There is a real need these days for Insurance Brokers to develop good strong relationships with their clients.  Having the strong relationships with clients results in number of benefits to the broker and clients such as, more referral work as the clients are happy to recommend their broker, and the broker has ability to upsell to their existing clients.  The client benefits because they have one phone number/contact to call and all their insurances are handled by their trusted insurance broker.  Win Win for both parties” says Fisher.

“This study shows that consumers don’t want to have to shop around and talk to a number of different brands throughout the year. The prize for a customer-centric insurer to work collaboratively across several product lines and scoop up a bigger premium from each customer is large” said Hughes.