New figures from Accenture show that the people of the UAE are among the least loyal to their car and home insurance providers. These figures come from a global survey of 6000 insurance customers in 11 countries, finding that 57% of UAE insurance customers are looking to change their insurers within the next 12 months. This comes far above the global average of 40%. The two main reasons for insurer change appear to be lower prices or a more personalised service. 91% of UAE customers have cited price as the most important reason for switching insurer.
The only two countries to show a lower level of loyalty than the UAE were China and Brazil. They found 81% and 75% of customers respectively were planning on switching their insurers within the next 12 months. Canada, France and Japan all showed numbers highlighting loyalty among their insurance customers. Canada came up at 23% while both Japan and France were at 24%.
Chinese and Brazilian customers were most enticed by buying online.They show an interest in social media insurance advertising and an appetite for mobile enabled services. Predictions show that insurers who aren’t open to adapting to the new world of insurance, will lose customers. Customers will decide to change to an insurer who can offer them newer services. Customer demands are changing; short-sighted insurers will find themselves left behind if they don’t build a more flexible model based on customer satisfaction.
It has also been noted that customers are most satisfied when they feel their insurance pricing is based on them and them alone. Many feel it is unfair to have car and home insurance prices rise based on an accident or theft that had nothing to do with them. It’s also interesting to note that figures show that 81% of UAE insurance customers would buy car and home cover online. Globally, 23% of people would consider buying cover from an internet giant such as Google and Amazon.
It seems that insurance customers in UAE are looking for a good deal or a more inclusive policy during a time where there are numerous deals to be had. It’s difficult to be sure of what to do if you’re unhappy with your current insurance. Should you switch mid-term? What price is reasonable? What additional extras do you need? The insurance market can be incredibly confusing. Finding a policy that you find reasonable can sometimes fall to the side for convenience, meaning many are unhappy with their current insurance policies.
Are you thinking of switching insurance? Looking for a better policy that gives you more of a deal? Visit us at www.alternativeinsurancebrokers.com and we can help find you the best policy for your individual needs.