COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic


Summary

This report explores consumer purchasing behavior and how consumer preferences are changing over time. It discovers what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few years.

The trend of shifting preferences when purchasing private motor insurance policies continued in 2019. With a 39.3% share in 2019, insurers replaced price comparison websites as the most popular channel. Over two thirds of respondents used a PCW to research before buying their latest policy. Customers’ loyalty to their existing provider saw an uplift, as two thirds of respondents stayed with their provider. Online purchasing saw a marginal dip of approximately 1.7 percentage points in 2019 compared to 2018.


Scope

  • 31.3% of private motor insurance customers purchased via a price comparison website in 2019.
  • 67.9% of private motor insurance customers purchased online in 2019.
  • 12.8% of private motor insurance customers held a policy with Admiral in 2019.




Reasons To Buy

  • Understand consumer purchasing decisions and how these will influence the market over the next few years.
  • Improve customer engagement by recognizing what is most important to them and how to adapt products and services to meet their needs.
  • Discover which providers lead the way in the private motor insurance space and how providers are revolutionizing the market through new innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
  • Discover which insurers spend the most on advertising and which channels they are using.