Research puts consumer habits to the test

Recent independent research has identified that more families have long-term relationships with banks compared to insurers, and that the insurance market continues to be driven by price.

Undertaken by the Media Planning Group (MPG), the study found that participants had stronger ties with their banks than their insurance providers; they said their bank's service was satisfactory and liked the advertising and products they had on offer.

The study, which used a research panel of 50 families of two adults and up to four children, was designed to look into their lifestyle habits and purchasing preferences of personal lines insurance.

Denise Turner, head of insight and effectiveness at MPG, said: "This research gives us a great understanding of how consumers buy insurance and what shapes their decisions. Renewing car insurance, for example, has to be done on an annual basis."

She added: "The study also gives us great insight into how key players in the industry can engage with consumers to ensure they are at the top of the consideration list."

However, according to the research, while they might not relate to insurance companies so well, families recognise their advertising - 83% could remember a recent insurance commercial. The advertisements most remembered were for Sheilas' Wheels (14%), followed by Churchill (11%), esure, Direct Line and Elephant (all 9%). In addition, participants thought price-comparison websites were useful, with 55% having visited a quote-searching site to look for insurance.