JD Power has today launched the findings of its inaugural study into UK Car Insurance Providers.
The study surveyed over 5,000 UK car insurance policy holders about their experience with their insurance provider against five key factors – price, billing, interaction, policy offerings and claims. Overall satisfaction averaged 708 on a 1000 point scale.
– RSA ranked highest in customer satisfaction with a score of 762 – performing particularly well in the price and interaction factors
– LV= (Liverpool Victoria) came second with a ranking of 755, ranking highest in the billing and policy offering factors
– More Th>n scored the lowest with a satisfaction ranking of 671. The full table of results is attached
– While 56% of policyholders chose to stay with the same company they’ve been with for the last year, 44% chose to move, meaning £3.5 billion worth of insurance premiums are up for grabs every year
– Satisfaction levels were higher among those that had more than one policy from their insurance provider, but only 9% of those survey had three or more policies with their provider, demonstrating that suppliers are missing a trick when it comes to bundling policies for consumers
Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, warns consumers against over reliance on price comparison sites when selecting their car insurance provider, as the study shows there are a number of other factors that impact upon satisfaction levels with a policy. He also advises them to request quotes for bundled quotes when comparison shopping, as this could lead to additional discounts.
Source : JD Power Press Release
