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Daily Insurance Industry News
Wednesday 23rd of May 2018
November 17, 2010

RSA ahead on car insurance satisfaction

by Gill Montia

Story link: RSA ahead on car insurance satisfaction

RSA ahead on car insurance satisfaction

New research indicates that while 56% of personal car insurance customers have used the same provider for the past year, policy retention rates vary widely between companies.

According to the J.D. Power and Associates’ 2010 UK Auto Insurance Customer Satisfaction Study, some of the UK’s highest-performing car insurers renew more than eight in 10 policyholders, while others manage to retain barely one-third.

The marketing information firm ranks RSA highest in customer satisfaction, with LV= in second place, followed by Sheilas’ Wheels, Diamond and Swiftcover making up the top five.

The study also suggest that with 44% of respondents switching insurers during the past 12 months, almost £3.5 billion in premiums has been up for grabs.

Furthermore, while bundling insurance policies seemed to have a positive effect on overall satisfaction and retention, 62% of respondents said they hold only a car insurance policy, but no other policies, with their insurer.

Among customers who bundle, roadside assistance/breakdown cover and home insurance are the most commonly added policies.

The findings also highlight the following key trends:

Satisfaction with car insurers tends to decline considerably during the first year of service, and then gradually recovers over time.

Approximately 9% of policyholders have filed a claim within the past 12 months and 75% of customers who indicated they filed a recent claim subsequently renewed their car insurance policy.

J.D. Power’s research is based on responses from 5,036 auto insurance policyholders.

 

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