Price, Product & Service Drive Life Insurer Choice
Media Release: Thursday, 26 February 2020
79% of consumers rate price as the most important factor for them when purchasing life insurance with 40% saying lower premiums would drive them to switch provider according to the latest findings from NobleOak’s annual Life Insurance industry survey.
Product features remain a key, including claims reputation, and service also stands out as a driver of consumer shopping habits.
“Delivering value is crucial for the sustainability of the Life Insurance sector and that means not only delivering affordable premiums, but high-quality products that are backed up by first class service, giving consumers confidence in what they’re purchasing,” said NobleOak CEO, Anthony R Brown.
59% of respondents cited product features as the second most important driver for them when purchasing life insurance with 58% flagging claims reputation of the provider. Importantly service levels were key both for purchasing life insurance (31%) and considering switching (9%).