Insurance Consumer 2021

 

This report looks at some broad characteristics shared by all insured consumers. It specifically considers how consumers approach buying insurance, the relative importance of price vs. cover and the importance of insurance branding. It also considers the types of insurances consumers own and how COVID-19 has changed consumer behaviour.

This report does not go into detail on how different insurance products compare and contrast, for example, comparing policyholder satisfaction, claims behaviour, product switching or source of purchase across the different policy types. These issues are discussed in depth in individual insurance product reports

For this report, IRN Research commissioned research from MIS Group’s UK panel. The research was structured so that 2,002 nationally representative consumers aged 18+ were asked if they owned an insurance policy.

 

Report Price £500.00 (VAT 0%)

Report Highlights

By their nature, policyholders are price sensitive when buying insurance, with over seven-in-ten putting price first when buying all or some of their insurances. On balance, consumers tend to downplay branding, with almost seven-in-ten being indifferent to the brand of the insurance provider when buying all or some of their insurances

Consumers are cautious about taking insurance risks. When considering insurance cover, consumers have a bent towards being risk averse rather than being risk takers.

Over half of consumers lack certainty when buying insurance, especially consumers under the age of 45.

Over six-in-ten consumers like to buy insurance online and/or are willing to get advice online

 

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Report Features

Type Consumer Research Report
Year of Publication 2021
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