A huge survey of Australian consumers has revealed some key insurance habits as awards are handed out to the lucky winners.
The Mozo People’s Choice Awards, handed-out each year by money-saving website mozo.com.au, and this year the big winners are challenger brands Youi and Real Insurance.
Real Insurance took out best car insurer and best value car insurer while Youi was crowned both best home insurer and best value home insurer.
Best travel insurer went to Southern Cross Travel insurance while RAA took home best specialist home insurer and Shannons grabbed best specialist car insurer.
Bigger brands rounded out the top five in both the home and car insurance fields with GIO,
Suncorp,
CGU and AAMI claiming top five finishes alongside other challenger brands such as Coles and Westpac acrosss each category.
However, the average score for the biggest insurers was 7.6 across all award categories while newer brands scored a whopping 8.5 in comparision, showing that customers are moving away from traditional insurers for their policies.
Mozo director, Kirsty Lamont, noted that the 10,000 reviews of insurers found one key differentiator that is often the bane of brokers.
“Price seems to be the biggest driver of satisfaction, with those scoring the highest for price also scoring best overall,” said Lamont.
Lamont also noted that the claims process was singled out by many as key insurance interaction.
“The biggest gripe among customers is the claims process, which is the real moment of truth for insurers, most negative reviews were related to refusal to pay claims, delays in claim payments and the attitude of staff.”
The awards also revealed that women were more likely than men to be satisfied by their insurer as women rated their insurer as 8.14 while men dipped down to 7.74.
