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EMB uncovers the fickle UK motor insurance consumer

Insurers require ever-more sophisticated marketing to break the spell that price holds over the UK public

March 24, 2009

New research carried out by EMB, the international actuarial and business consultancy, has shown just how fickle UK consumers have become when it comes to buying motor insurance. 61% of people will always seek an alternative quote on renewal regardless of the price quoted by their existing insurer.

This figure rises to 87% dependent on the level of any price increase. The UK public’s wanderlust occurs despite the fact that over 80% believe they are treated fairly by their current insurer.

UK consumers named Churchill, Direct Line, Norwich Union and the AA as their top four most recognised motor insurance brands.

The survey, which analysed consumer attitudes towards motor insurance purchase, focusing particularly on the role of price comparison sites, shows that 78% of people are likely or very likely to visit PCSs to source their motor insurance. Respondents had visited an average of two sites in the last 12 months.

Brand strength is still an important factor in people’s choice of insurer, as witnessed by Direct Line’s inclusion in the top four recognised insurers despite its absence from PCSs. 70% of respondents claimed they wouldn’t always buy the cheapest policy. The main other things they would consider are: the brand they believe offers the best service (64%); additional product features (60%); and financial stability (44%).

Ian Liddicoat, Managing Director of EMB Marketing Sciences, commented: “EMB has an unparalleled understanding of the issues facing general insurers. With the launch of EMB Marketing Sciences we are also able to assist them with all aspects of their marketing. Our research into consumer buying behaviour is part of a much wider strategy to include a detailed consumer perspective into our analyses.”

He said that EMB intends to repeat the survey as a regular EMB omnibus to track how consumer attitudes and buying criteria change over time.

The research was carried out by CCB fast.MAP through its Consumer Voice Panel service. 1,018 people participated and non-drivers were excluded from the sample prior to analysis.

About the company

EMB Marketing Sciences bring a forensic approach to improving marketing efficiency for its clients and enhancing the experience for their customers. With a unique mix of strategic marketing, analytical and technical skills we provide an objective view and a relentless focus on achieving a positive return from marketing investment

Contact details

For more information, please contact Graham Whitehead at EMB:
Tel: +44 (0) 1372 751060
Email: graham.whitehead@emb.com
Web: http://www.emb.com

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EMB uncovers the fickle UK motor insurance consumer

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