A quarter of consumers 'would prefer' all in one insurance policies

clock

Over a quarter of consumers say they are open to the idea of having a single insurance policy to cover all their requirements, a report from Majesco has found.

When asked if they would prefer a single policy for all requirements, 14% said definitely yes, while 28% said probably yes, compared to 6% definitely not and 22% probably not.

The biggest obstacle seen by consumers was getting the right price, which 43% of consumers said would prevent them from having all their insurances with one provider.

The findings come from the report Assessing the Quality of the Customer Experience: The 2015 Majesco Report on the UK Insurance Industry, from a survey of 1000 UK adults with insurance.

Different renewal dates was seen as an obstacle by 35% while 29% were concerned about getting the right level of service across different products.

Among respondents 11% said nothing would prevent them putting their insurances with one provider.

The report warns that there are few providers who could offer "family policies" and that it presents an opportunity for a newcomer to gain market share.

The report also found that 55% of those with life, pensions and ISA insurance were contacted by post, while 62% would prefer to be contacted by email, 7% would prefer in person contact, compared to 12% who receive in person contact from their insurer.

Vidyesh Khanolkar, vice president of Majesco (UK), said at the report's launch:"People want these sort of products.

The reason why they are apprehensive of going for these products is they don't know they will have dependable and predictable servicing and pricing around these new products."

Further reading 

Less than half choose life insurer on price

More on Individual Protection

CMA clears Aviva/AIG Life acquisition

CMA clears Aviva/AIG Life acquisition

Full decision to be published shortly

Cameron Roberts
clock 28 March 2024 • 1 min read
Legal & General pays out £921m in individual protection claims

Legal & General pays out £921m in individual protection claims

“High levels of deliberate misrepresentation”

Jaskeet Briah
clock 28 March 2024 • 2 min read
22% of adults without children delay taking out protection: L&G

22% of adults without children delay taking out protection: L&G

11% were putting off financial decisions until marriage

Jaskeet Briah
clock 27 March 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read