Price is a reason for choosing a provider for 48% of life, pensions and ISA customers while brand trust and loyalty came into consideration for 47%, a report by Majesco has found.
For those on incomes of £75k-£149.9k the most commonly cited reason for choosing a provider was quality, rather than price.
The findings come from Assessing the Quality of the Customer Experience: The 2015 Majesco Report on the UK Insurance Industry, based on a survey of 1000 UK adults with insurance.
Among the under 35s, the importance of service was higher than those over 35, while price was less of a factor for under 35s.
The report also found that 58% of respondents were willing to recommend their insurer for a discount on their renewal of 10-20%.
Less than a third (30%) would recommend their insurer without the offer of any additional benefits, and 11% would not be induced to recommend them by anything.
A cuddly toy would encourage 4% of respondents to recommend their insurer.
Vidyesh Khanolkar, vice president of Majesco (UK), said at the report's launch: "It's not price alone.
"Customers are seeing this as a non-commodity, insurers need to respond and see how they can treat this as a non-commodity and come up with differentiated propositions."
He added: "As income increases, the importance of price goes down quite drastically and the importance which consumers attach to quality of service goes up pretty fast."
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