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Targeting 30-44 year old Consumers in UK Household Insurance 2003Published by: Datamonitor Published: Aug. 8, 2003 - 154 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 3 Insurance Consumers 3 Consumer Awareness 4 Consumer Purchasing Behavior 6 Customer Retention and Attrition 7 CHAPTER 2 INTRODUCTION 20 What is this report about? 20 A note on indexing 22 Who is the target reader? 22 How to use this report 22 CHAPTER 3 INSURANCE CONSUMERS 24 Introduction 24 Key findings 24 Insurance market context 26 Private motor drives personal insurance GWP 26 30-44 year olds in context 27 30-44 year old age group accounts for 22.6% of total population 27 30-49 year olds spend more on insurance products than any other age group 29 Household insurance consumers in context 31 Number of UK households heading towards 25 million 31 The majority of 30-44 year olds live in owner-occupied households 33 General insurance cover 35 Motor insurance is the most commonly held insurance type among 30-44 year olds 35 Key target for insurers is the £40,000-£49,999 income band 40 Married consumers have a greater tendency to be insured 42 Home ownership has a positive impact on likelihood of insurance ownership 44 CHAPTER 4 CONSUMER AWARENESS 46 Introduction 46 Key findings 46 Sources of information used to find an insurer 47 30-44 year old household insurance customers rely on previous dealings 47 Advertising spend by competitor 54 Household insurers keen on direct mail 54 Advertising awareness among 30-44 year olds 63 30-44 year olds are most aware of advertising by Churchill and Direct Line 63 Consumer brand awareness 77 Direct Line is the first name on 30-44 year old consumers’ lips 77 Direct Line is the most recognized direct household insurance brand 82 CHAPTER 5 CONSUMER PURCHASING BEHAVIOR 92 Introduction 92 Key findings 92 Selection criteria 92 30-44 year old household insurance customers seek cheapest quotes 93 Distribution channels and platforms used by 30-44 year old consumers 95 Mortgage providers play a role in household insurance purchase 96 Competitor shares of 30-44 year old consumers 106 Lloyds TSB is the leading provider of household insurance to 30-44 year olds 106 CHAPTER 6 CUSTOMER RETENTION AND ATTRITION 112 Introduction 112 Key findings 112 Customer switching among 30-44 year olds 112 30-44 year olds are most fickle household insurance customers 113 Attrition by competitor 116 Eagle Star has the least fickle 30-44 year old household insurance customers 117 Likelihood of shopping for alternative quotes amongst 30-44 year olds 118 30-44 year olds are a stable consumer segment in household insurance 118 Likelihood of competitors’ policyholders shopping around 124 Direct Line’s household insurance customers are the most unsettled 124 Number of quotes obtained by 30-44 year olds 126 30-44 year old consumers most likely to obtain four or five household quotes 126 Number of alternative quotes, by competitor 128 Bancassurance customers happiest not to shop around in household insurance 128 Customer satisfaction among 30-44 year olds 130 30-44 year olds are a particularly demanding age group in household insurance 130 CHAPTER 7 SUMMARY 132 30-44 year old consumer profile matrix 133 Key observations 134 CHAPTER 8 APPENDIX 135 Research methodology 135 MFS Financial Services (MFS) methodology and contacts 135 MFS survey data 137 Insurance Consumers 137 Consumer Awareness 138 Consumer Purchasing Behavior 146 Consumer Retention and Attrition 149 Definitions 150 Bibliography 151 Future readings 151 Do you need more information? 152 Datamonitor Financial Services Consulting 152 SPP writing team 153 AbstractIntroduction30-44 year olds are a prime target for insurers as they are one of the most risk-averse and profitable consumer segments. It is the age segment that spends the most on general insurance products but is also the most fickle in terms of attrition rates. The report examines issues such as attracting and retaining these customers, and their purchasing habits and influences. Scope * Analyses MFS data on preferences and behavioral trends among 30-44 year old consumers in household insurance * Provides a unique insight into the activities of 30-44 year olds, enabling insurance providers to more effectively target this age group * Benchmarks competitors against one another to show consumer awareness of brand and advertising campaigns and retention and attrition levels * Outlines characteristics of the 30-44 year old consumer segment that differentiate it from other age groups in UK household insurance Report Highlights 30-44 year olds spend more on general insurance premiums than any other age group, making them a prime target for household insurance providers. 30-44 year olds had the highest advertising awareness of Churchill and Direct Line, which also recorded the highest spontaneous recognition among this age group. Direct Line is the most recognized name in household insurance. The telephone is the preferred platform of insurance arrangement by 30-44 year olds, yet face to face contact is still regarded as important by household insurance customers. Reasons to Purchase * This report will provide readers with a thorough understanding of this tricky but lucrative consumer segment. * Datamonitor's comprehensive examination of behavioural habits within insurance puts the reader one step ahead when targeting this consumer segment. * Benchmarking of the leading players in motor and household insurance allows for strategic analysis of insurers' performance within 30-44 year olds. Get Full Details About This Report >> |
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