Only 42% of insured UK adults think insurance companies are innovative, highlighting large scope to change perceptions. However, most policyholders also believe insurers should focus on getting the basics right, not introducing new innovations.
An issue for insurance brands is that owners hope to never need to use the product, and many only want to hear from their insurer when a policy is up for renewal. This lack of engagement throughout a policy term can lead to policyholders becoming somewhat disinterested in product specifics.
Maintaining trust and satisfaction is key. In a market where policyholders are conditioned to shop around when renewing a policy, it is important for insurers to offer ongoing discounts and rewards to ensure they remain competitive.
Customer expectations in insurance are changing, with growing demand for flexible products and rewards to match protection needs that meet modern lifestyles.
Lewis Cone, Associate Director – Financial Services
For the purposes of this Report, Mintel has used the following definitions:
General insurance is insurance that covers (non-life) risks for a limited period, typically one year.
The main sectors are:
Also relevant for this Report:
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