UK consumers want to hear from their insurance providers more often

Insurers are overlooking an opportunity to build brand retention by connecting more extensively with their customers and prospects, a new survey by insurer Collinson has revealed. Specifically, 63 percent of respondents said they were open to further communication, and 73 percent were interested in receiving targeted product and benefits recommendations. However, only 46 percent reported hearing from their insurance provider on a frequent basis, and less than two in three (61 percent) received relevant recommendations.

While consumers do indicate an appetite for more communication, this is conditional on several factors. Consumers expect the content they receive to be personalised based on their individual needs and interests. They also want updates to provide value to them, for example being offered benefits like flight disruption assistance, or 24/7 global access to a doctor. Some 50 percent of respondents said they would view their insurer more positively if they were offered benefits in addition to the core product.

Collinson said that in a highly competitive and price-sensitive market, insurance providers need to find ways to differentiate their experience at the same time as driving retention and loyalty. The findings suggest that many insurers are missing out on the opportunity to personalise their products and services, and to connect with their customers more deeply through meaningful and targeted communication.

“There is a clear desire from consumers for better targeting and tailored experiences, but insurers need to help their customers feel comfortable handing over the data that is needed to create them,” said Lawrence Watts, head of insurance at Collinson. “Insurance providers need to demonstrate the value of more regular and personalised communication in order to gain their customers’ trust. Those who succeed will be able to develop a relationship with their customers beyond that of a service provider, to that of a trusted partner.”