News Price Still No 1 Driver For Insurance



Price still No.1 driver for insurance
11th October 2021

By Karen Pickwick

Insurance comparison website Compare By Review has surveyed 500 UK pet owners to understand how they buy insurance, what they look for when comparing providers and what is most important for their pet’s well-being.

Of those surveyed, the majority (28.6%) said they used comparison sites when deciding on which provider to go with although more than 20% of consumers were unsure whether they actually trusted comparison sites!

Unsurprisingly, Compare By Review’s data showed that price was still the No.1 factor when it comes to choosing a pet insurance provider. Over 77% said it was ‘extremely important’ to ‘very important’, and 24.7% (the majority) ranked it as the most important element of their decision making.

The research revealed, however, that quality and reviews were becoming equally important in the customers’ buying journey, with 78% seeking out provider reviews before buying a policy, while 21.6% and 21.2% ranked service quality and reviews as the most important factor when buying insurance, respectively. The least important factor was ‘personal recommendations’, which accounted for only 11.4% of the vote.

On this market shift, Compare By Review CEO, Mark Gordan, said: “In a highly competitive industry, customers are always going to be looking for the best deal. Nine times out of 10, this means a race to the bottom of price.”