Ideas & musings about consumer behaviour

The importance of brand relationship and trust in the Motor Insurance Industry

“Australian consumers seem to be some of the least trusting of insurance companies in the world, according to new research from Ernst & Young.

  • 53% of surveyed Australian consumers trust insurers, compared to 78% for supermarkets and 71% for banks.
  • 50% of consumers report no interactions with their insurer in the last 18 months”.

A recently conducted research study by Global Reviews in Q3 2018, pointed out that the biggest motivating factor for a consumer to choose a particular motor insurance brand in their initial stages of search is ‘trust’.

The challenge lies not in the fact that Australian consumers don’t trust insurance companies, but in their ability to combat that mistrust and win over prospects.

Our research study revealed that despite ‘trust’ being the most important factor when prospects begin their search, there are other factors that come into play when consumers decide to finally purchase a motor insurance.

With the help our research study and the analysis we derived, we condensed our recommendations into steps that motor insurers could take to leverage a higher market share:

Step 1: Understand the search pathway of your prospects:

  • 74% of consumers begin with an initial brand preference in mind.
  • 65% of consumers choose their initially preferred brand.

Step 2: Understand which brands make the cut and which factors other than trust influences the purchase behavior of your consumers:

Top 4 Brand Performers:

Step 3: Identify the issues faced and corresponding opportunities in your prospects’ search journey:

Interesting data from our research study: Our research shows that the prospects value a form that is easy to interact with and has help features.

Step 4: Analyse industry best practices:

  1. Coles Insurance presents :-
  • Fewer Questions in a One Page Quote
  • Pre-selected cover type option with “tick” to indicate correct form completion.

2. Irish health insurer VHI : :

  • Incorporates a conversational design to better match products to needs.
  • VHI avoids having to display a large product range or unwieldy product names.
  • As the conversation progresses, in real-time the tool begins to match products to needs, narrowing down the number of suitable plans.

3. UK health insurer Beagle Street delivers a more interactive tool where:

  • Consumers can modify key quote criteria without having to re-enter the whole process.
  • Quote prices automatically adjusts to reflect new criteria.

4. US home insurer Lemonade’s quote process is a conversation:

Building trust is all about understanding what your prospects look for in your brand. A simple, seamless and confidence building user experience could be the key to ensuring your brand gets to right person, at the right time while offering the right information.

At Global Reviews, we identify pain points of brands that are not visible. We conduct research, analyse specific issues and offer solutions that help brands realise the missing ‘Why’ of their strategy and implementation process.

We believe tailored data is the answer to all your problems. Give us a call to discuss how our data can help you realise your brand’s full potential:

Darren Watson – Senior Commercial Director
T:         +61 3 9013 0531
M:        + 61 413 017 959

Tony Carveth- Senior Commercial Director

T:         +61 3 9013 0531
M:        +61 438 081 496


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