Curing consumer scepticism with technology and education : why motor insurance providers must make better use of data to demonstrate value and reward loyalty

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      <subfield code="a">Our research underlines the fact that the overwhelming majority of consumers think motor insurance is always or oen over priced. Our findings suggest a degree of cynicism among consumers regarding a perceived desire among motor insurance providers to find new ways to increase premiums. This is illustrated by the number of consumers who avoid notifying motor insurance providers about minor non-claim incidents, potentially because they believe that doing so could result in further increases in their insurance costs.
But this research also reveals a strong sentiment, particularly among older consumers, that actual or anticipated loyalty to a motor insurance provider should be rewarded. It also provides further evidence for conclusions outlined in our previous report Finding (and Building) Loyalty in the Motor Insurance Market regarding consumers' growing willingness to allow a wide range of information to be used by insurance providers to inform pricing. Our findings provide further evidence that younger consumers tend to be more relaxed about sharing data related to their previous driving and insurance histories</subfield>
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