A new survey commissioned by insurance telematics company Trakm8 has found that fewer motor insurance customers in the UK are opting for auto-renewal of their coverage with their current insurers.
The national driver survey found that less than one in five UK drivers (16%) are auto-renewing with their current insurer, compared to 41% last year. It also found that 52% of drivers are using insurance comparison websites to find the most competitive prices.
Trakm8 discovered that 1 in 10 respondents rely on recommendations from family and friends, and 7% rely on review sites to help with their motor insurance decisions. It was also noted that advertising “seems to have little impact on decisions” when renewing insurance, with only 4% indicating that they were swayed by a TV ad, 2% by social advertising, and 2% by outdoor advertising.
In conclusion, Trakm8 said that the survey highlights the importance of customer retention for insurers.
“At Trakm8 we are making connected car data services part of insurance solutions and this national driver survey gives us real insights into how policyholders in the UK are purchasing and renewing insurance policies,” said Trakm8 managing director for insurance Adam Gooch.
“Our enhanced driver and vehicle insights are part of our comprehensive end-to-end insurance telematics solutions that are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and requirements.”
