2007 UK Household Insurance Report Analyses Current Purchasing Trends in Areas Such as Customer Loyalty and Motivation for Choosing an Insurance Provider.DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. -- Research and Markets (http://www.researchandmarkets.com/reports/c70602) has announced the addition of UK Household Insurance 2007 (Customer Focus) to their offering. Introduction The report is an invaluable guide to changing consumer trends in the UK household insurance market. The report analyses current purchasing trends in areas such as customer loyalty and motivation for choosing an insurance provider. In addition, the report offers an insight into the advertising strategies of the top advertising spenders in the UK household insurance market. Scope Statistics on consumer purchasing trends in the UK household insurance market. Data on advertising spend by medium for the top household insurance advertisers in 2006. Highlights Consumers who purchase their insurance online are more likely to change provider at renewal than consumers who purchase their insurance via the telephone or face-to-face (jargon, chat) face-to-face - (F2F, IRL) Used to describe personal interaction in real life as opposed to via some digital or electronic communications medium. . In 2007, 31% of consumers who had purchased their household insurance online said that they had changed their provider the last time they renewed their household insurance. Reasons to Purchase Understand what motivates consumers to buy household insurance and which consumers are most likely to switch provider at renewal Gain vital knowledge of the advertising strategies of the top household insurance advertisers Content Outline: THE VIEW CATALYST SUMMARY ANALYSIS Face-to-face arrangements of household insurance policies continue to decline in favor of upon the side of; favorable to; for the advantage of. See also: favor phone and internet Face-to-face distribution of household insurance has been declining for several years The number of consumers arranging household insurance online or over the telephone grew in 2007 Price remains important to consumers, while those buying online are most likely to switch The majority of consumers are attracted by low premiums when choosing their insurance provider Consumers are more likely to switch if they purchase their household insurance online Online consumers show greater sensitivity to price than consumers using other platforms Household insurance providers advertise both buildings and content insurance combined and contents insurance Contents insurance is insurance that pays for damage to, or loss of, your personal possessions whilst they are located within your home. Some contents insurance policies also provide restricted cover for personal possessions temporarily taken away from the home by the policyholder. as a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. Insurance providers spent PS91.8 million advertising building and contents insurance combined in 2006 Insurance providers spent just PS13.9 million advertising contents-only insurance in 2006 The majority of advertising spending on household insurance was concentrated on direct mail The top 10 building and contents advertisers split their efforts between cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. through direct mail and gaining new customers from television advertising The top 10 contained mainly direct insurers and bancassurers eager to expand their market share Direct mail was the primary means of marketing building and contents insurance, reflecting the large number of banks and brokers in the top 10 Television advertising was also important to several of the largest building and contents advertisers Press advertising was undertaken by all in the top 10 in 2006, although this medium played a minor role in advertising strategies Advertisers ranked 11-20 focused their more limited budgets on direct mail advertising Direct mail dominated the advertising strategies of advertisers ranked 11-20 Only a few advertisers included television or press campaigns in their building and contents marketing The top 10 contents-only insurance advertisers, which consists mainly of banks and direct insurers, reduced their spend in 2006 Direct mail was the primary means of advertising contents-only insurance for all of the top 10, except Norwich Union Norwich Union is an insurance company in the UK. It is the biggest life-insurer in the UK, and has a strong position in motor insurance. It is part of the Aviva group, itself created by a merger of Norwich Union and CGU plc in 2000. Direct mail accounted for the bulk of the spending by the top 10 in 2006 Norwich Union and Halifax Halifax, city, Canada Halifax, city (1991 pop. 114,455), provincial capital, S central N.S., Canada, on the Atlantic Ocean. It is the largest city in the Maritime Provinces and is one of Canada's principal ice-free Atlantic ports. were the only contents-only advertisers in the top 10 to pursue a television campaign in 2006 Direct mail was the preferred medium for advertising by advertisers in the 11-20 bracket In programming, brackets (the [ and ] characters) are used to enclose numbers and subscripts. For example, in the C statement int menustart [4] = ; the [4] indicates the number of elements in the array, and the contents are enclosed in curly braces. Limited budgets resulted in targeted direct mail campaigns Press advertising was the only other expense for advertisers ranked 11-20 Direct Line and Churchill Churchill. 1 River, c.600 mi (970 km) long, issuing as the Ashuanipi River from Ashuanipi Lake, SW Labrador, N.L., Canada, and flowing in an arc north, then southeast through a series of lakes to Churchill Falls and McLean Canyon. are the most widely recognized household insurance providers in 2007 APPENDIX Definitions Channel Direct insurer/writer/channel Platform Supplementary data Methodology Advertising statistics Ipsos MORI Sample design Further reading Ask the analyst Our consulting Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the List of Tables List of Figures For more information visit http://www.researchandmarkets.com/reports/c70602. Source: Datamonitor |
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