The research found the silent generation (born 1928 to 1945) is the most likely to go searching for a better deal on their insurance policy, while Gen Z is likely to stick with their provider with only 15 per cent admitting they look for better deals. Furthermore, half of UK consumers say they’re not loyal to their insurance provider – scoring lower than all other sectors surveyed, including banking/finance, retail, telecoms and utilities.
Findings of the report include:
- 60 per cent of consumers admit bad interactions impact their loyalty to a brand and often result in them cutting ties
- More than one-fifth (21 per cent) say they would leave a brand if they engaged in unethical practices
- 24 per cent would leave if they found out they mistreated employees (such as not paying them fairly or forcing them to work long hours)
- On average, consumers are typically loyal to their insurance provider for 3.27 years
The research follows the FCA’s new rules on insurance pricing practices which have been established to ensure loyal customers don’t end up paying more. The new rules comeollowing years of complaints, echoeing the need for a policy shake-up.
Maintaining customer loyalty and attracting new customers is fundamental for travel insurers. Earlier this year, ITIJ took a closer look at the range of methods travel insurers are implementing to keep their customers engaged at this unusual time.