More than half of general insurance customers are thinking about switching providers and younger consumers are more likely to change, a survey by customer insights agency Perceptive has found. 
 
Around 55% of 1021 respondents surveyed in January are considering changing vehicle insurers and 51% home and contents insurers. In Queensland almost 60% are more likely to sign with a new insurer. 
 
Perceptive says the survey findings suggest there are opportunities for insurers to grow their customer base. 
 
“While providers risk losing market share as customers search for a better offer, there’s a major opportunity for insurers that can acquire these ‘switchers’ off their competitors,” Perceptive Research Director Duncan McIntosh, who ran the survey, said. 
 
“With 55% of general insurance customers considering a switch in provider, there is a real opportunity for insurers to capitalise on new business this year. 
 
“Providers that understand what consumers need and communicate their offerings clearly will win the day when it comes to acquisition.” 
 
Insurers keen to capitalise on the growth opportunities will need to focus on customer advocacy, offer “compelling” marketing communications initiatives, seamless service delivery and community connection. 
 
In particular they must be able to provide “exceptional” service and value during claims and service interactions, Perceptive says. 
 
Perceptive also touched on the importance of gaining and retaining the “trust” of consumers. 
 
“Building a trustworthy brand is key to both customer retention and new business,” it says. 
 
“Perceptive research has found that while brand reputation is a first and crucial step to winning new customers, trustworthiness ranks as one of the most important attributes consumers look for when choosing a provider.” 
 
A separate Perceptive survey found 85% of consumers who rated a brand as very trustworthy were extremely likely to recommend it.