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Insurance cover is a vital part of daily life for many so it will likely come as no surprise that the number one consideration when choosing an insurance policy is price. Mintel reports that a staggering 89% of people have used a price comparison website to benchmark their annual premium before renewal and 40% of those who stayed with their original insurer only did so after having done their due diligence by comparing costs. (See fig.1 below).
Figure 1: BEHAVIOUR AT LAST CAR INSURANCE POLICY ARRANGEMENT OR RENEWAL, DECEMBER 2017
However, for the insurer, price comparison websites appear little more than a race to the bottom on lowering renewal premiums. So how can insurers buck the trend and promote direct referrals and loyalty without relying entirely on price? It is not unusual for life insurance policies to come with an offer when purchasing a new policy however this is much more rarely seen in the motor and home insurance sectors. According to Mintel, 54% of consumers would like to see insurers offer rewards for continued loyalty, figure 2 below shows a breakdown of how reward can influence a customers decision.
Figure 2: INTEREST IN INSURANCE REWARDS AND EXTRAS, OCTOBER 2018
“Which of the following extras would you most like an insurance provider to offer? Please rank up to 3 with 1 being the extra you would most prefer.”
With the use of price comparison websites at an all-time high, there has never been a better time for insurers to jump on the bandwagon and start to incentivise their customers well in advance of renewal dates with relevant, personalised and timely initiatives that garner positive engagement.
According to Mintel, 71% of those who have car insurance report they would be more likely to buy a car enabled with safety technology if it guaranteed lower insurance premiums. For home, 59% of policy holders would like to hear more from their insurers on how best to protect their property and belongings. These figures would lead us to believe that consumers are open and ready for messaging beyond the simple insurance premium.
Imagine insurance providers offering cash back or incentives to purchase ‘extras’ such as dash cams or home security systems as a reward for purchasing a new policy. Done in a relevant and timely manner, this can result in huge wins for the insurer when it comes to customer loyalty.
Hawk Incentives offer a unique selection of customer engagement programmes that can facilitate exactly these types of experiences, ultimately helping you to keep your customers close through the 12 month policy and to encourage loyalty at renewal. Our products include PURE which enables you to provide customers with a pre-loaded and personalised prepaid card or Select, which offers a personalised email with downloadable e-code that can be linked to a chosen offer from hundreds of high street retailers.
To find out more about Hawk Incentives easy and cost effective customer engagement programmes please click here.