- For the first time a true picture of provider-by-provider customer experience has been compiled, underpinned by research conducted amongst thousands of UK insurance consumers.
- Defaqto, which provides technology and data to 80% of UK general insurance providers, has launched a ‘GI Customer Experience Insights’ report and portal to provide access to the data.
- Prior to this research, there has been no clear understanding of satisfaction with experience of quote and buy, in-life queries and changes, claims, renewals and complaints.
Defaqto, one of the UK’s most trusted sources of financial product and market intelligence, has today announced the launch of an industry first ‘GI Customer Experience Insights’ report and interactive portal.
The new dataset and tools are designed to provide independent and trusted insights into how customers feel about their experience with insurers. The insights cover: satisfaction with experience of quote and buy, in-life queries and changes, claims, renewals and complaints; importance of the service elements across the general insurance product lifecycle; likelihood to renew and recommend; and switching behaviour, purchase preferences, and attitudes towards financial services.
The data derives from an objective, 39-point framework to measure the true experience of 14,500 UK insurance customers, providing whole of market data across the four major lines of personal insurance. Unlike other sources of customer feedback, the data collection method cannot be impeded by fake or biased reviews or bots, which are prevalent on digital review sites.
The launch comes as the first in a series of significant developments from Defaqto this year that have been designed to support the GI industry.
John Milliken, CEO of Defaqto, said: “Defaqto is dedicated to helping everyone make smarter financial decisions. We do not believe that anyone else is taking this kind of structured approach to providing the industry with regular research and insights to help providers make more informed decisions.
“Recognising differences between types of consumers enables providers to tailor their strategies to improve satisfaction and trust among segments. By addressing these disparities through tailored messaging and communication, providers can enhance their overall customer experience, foster greater loyalty, and expand their market reach.”
The survey data is being provided on a named basis, so insurers can benchmark their own performance against each of the criteria, and also see how their key competitors measure up.
John Milliken added: “Overall our research paints a positive picture of the industry. The great news is that 63% of respondents rate their personal experience with insurance services as generally better than with financial services as a whole and 70% rate their trust of GI providers with a score of 8 out of 10 or more. However there was huge differentiation in the survey with the best providers scoring on average over 40 percentage points higher than the lowest performers when it comes to customers rating their experiences.
“The new portal enables insurance providers to interrogate the data on an almost infinite number of parameters to strengthen their proposition and position in the market and gain insight into their competitors’ customers.”
Market and product category level insights are available through the report whilst product category and named provider level insights are accessible through the interactive portal. The portal also enables interrogation of the data, visibility of performance, benchmarking against named competitors and the production of bespoke exportable reports.
For more information visit https://www.defaqto.com/gi-cxi