Insurance is top product for customer switching
Insurance is the product most susceptible to switching by consumers, according to new research conducted by Professor Merlin Stone of Oxford Brookes University.
Over the last two years some 15m people have switched their motor insurer, with 14m changing home insurance company.
A major contributor to the high propensity for switching insurance provider is bad customer service, which is cited by just over a fifth of switchers as a significant reason for changing.
However, switching is not universally good for consumers, as Young Marmalade has stated that regular switching has led to a hiking of car insurance premiums for younger drivers.
Global B2B concierge and lifestyle management company White Concierge has commissioned research indicating that every month 1.41m people switch a utility, telecom or financial product provider.
Professor Stone attributed the high rate of switching to a combination of more discerning consumers and the rise of the price comparison website.
Jonathan Breeze, CEO of WhiteConcierge, has stated that many companies are now focusing upon retaining their present customer base, adding that whilst price is an obvious selling point customer service remains very important to consumers.
Companies can benefit from utilising a comprehensive concierge service to help meet increasing customer demands and thereby enhance their retention of the customer base.
Presently there are five times as many people in the UK, France and Germany who would use a concierge service if offered it as there are currently using it.
Category: Insurance News
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