Auto insurance customers who are ready to change prefer to use the Internet as a source of information. This is the result of a current survey by the consulting firm Hoy y Mañana. But brokers also remain successful movers of change with high closing rates.
For the study called Customer Journey for Motor Vehicle Insurance 2022, the experts of today and tomorrow examined the reasons, the paths and the drivers. In March of this year, a total of 505 people between the ages of 18 and 65 were surveyed, divided into two groups.
The first group included customers who had changed their car insurance in the last twelve months. There were 267 participants. The second group consisted of 238 clients who actively reported but ultimately did not change their insurance company.
The most important trigger is the desire for a better price
In the survey, this applies to 78 percent of cases. Other reasons lag far behind. Eight percent of the participants said that they had received a tip from the insurance broker.
Compared to previous years, customers who are willing to switch use a greater number of information sources. The number of touchpoints has increased from an average of 2.1 in 2019 to 2.5 today.
The Internet is by far the most widely used source of information. 85 percent use it. Comparison portals play a central role here, the researchers report.
21 percent get information from family and friends. 19 percent call a bank advisor, insurance agent or broker to consult. 18 percent seek personal contact with them. In addition, 5 percent request information from their intermediaries by email. 9 percent trust information from magazines and newspapers. 5 percent also use radio and television reports.
Intermediaries are important in the decision-making phase
The Internet is still the strongest way to close. Some 57 percent of those surveyed said they bought their policy through comparison sites or provider websites. However, at least 39 percent of policyholders sign with intermediaries. In 2019 it was just 36 percent.
Therefore, consultants remain particularly strong and successful drivers of change with high closing success rates, the experts of today and tomorrow write. In particular, insurance agents could have expanded their position in settlements compared to independent brokers.