One in 4 consumers switch insurance providers

The findings are included in an Economic Letter entitled,"Engagement, switching, and digital usage in consumer and insurance markets: who does it and why it matters".

It found that policyholders are more likely to engage with and/or switch provider if, on renewing their policy, the price increases. The research also found perceptions play a role in consumer behaviour. Around 1 in 4 believe that loyalty to an existing provider will be rewarded and these consumers are significantly less likely to switch. Similarly, where consumers believe that they can make significant savings by switching, they will be more likely to do so.Around 55% use digital information and channels as part of their engagement and switching.

Source: Insurance Report (insurancereport.net)

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