The rise of online price comparison sites coupled with widespread frustration at the cost of motor insurance has encouraged consumers to shop around for the best possible deal. With claims eating into tight profit margins, motor insurance providers need to retain profitable customers and leverage the commercial opportunities this situation presents. Only intelligent use of data can enable them to deliver quotes that offer the best chance of conversion, based on individual risk; and to enhance the customer journey to create and retain profitable customer relationships.
With these challenges in mind, LexisNexis Risk Solutions commissioned a survey of 1,500 consumers to ask them about their motor insurance purchasing experiences over the past 18 months.
This report sheds light on the research findings and the commercial opportunities available for insurance providers to use data to help identify, acquire or retain profitable motor customers.