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Custom insurance survey reveals customer satisfaction, lack of comparison shopping for auto insurance
People may not be happy with auto manufacturers, but they sure are satisfied with auto insurers. A new survey from Mintel Comperemedia, a service that provides direct marketing competitive intelligence, reveals one in two people (50%) have been with their current auto insurance provider for more than five years. Another 21% have a two- to five-year history with their present company.
Customers arent just loyal, theyre happy. Mintel Comperemedia asked survey respondents whether theyd recommend their current auto insurer to friends and family, and half (49%) said they definitely would. Another 31% said theyd probably recommend the company.
Auto insurers are clearly doing something right, because the overwhelming majority of customers feel satisfied by their current provider, states Daniel Hayes, VP of insurance services at Mintel Comperemedia. Most people arent shopping around for auto insurance frequently, and even when they do, it takes significant change in cost or customer service to make them switch.
Six in 10 adults (62%) told Mintel Comperemedia they comparison shop for auto insurance less than once a year, with 29% saying they never shop around.
Getting a bill is the top reason people compare auto insurance companies: 48% of those whove shopped around say they did so upon receiving a bill and thinking they might be able to find a better rate or coverage elsewhere. People also consider customer service and agent accessibility important. Half (51%) say they would comparison shop if they were dissatisfied with customer service, while 45% say theyd do so if their current agent wasnt accessible enough.
People comparison shop for auto insurance primarily to save money or find better customer service. Because so many people are satisfied, however, companies need to find ways to make people question their current coverage. TV and direct marketing remain important vehicles for planting that idea in a consumers mind, comments Daniel Hayes.
Among people who have comparison shopped for auto insurance, 25% did so in response to a TV ad and 23% did so in response to direct mail.
Interested in more findings from Mintel Comperemedias tracking survey about insurance ownership and attitudes towards providers? Contact infocomperemedia.com.
Visit Mintel Comperemedia (Booth 3022) at the DMA09 Conference & Exhibition, October 17-22 in San Diego, CA: http://mydma09.bdmetrics.com/CDT-6269788/Comperemedia/Details.aspx
Mintel Comperemedia provides competitive intelligence for businesses looking to advance and improve their direct marketing strategy. Tracking direct marketing (including mail, email and print advertising) targeted at consumers, small businesses and insurance agents, Mintel Comperemedia offers a unique perspective on everything from banking trends to insurance trends to credit card statistics. For more than 38 years, Mintel has provided insight into key worldwide trends, leading the industry for consumer, product and media intelligence.
Joanna Peot
Public Relations Executive
312-628-7946
jpeot@mintel.com