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."
‘Growing societal need’
Three year term