Independent financial research company Defaqto now offer a new research tool to enable motor insurance companies to compare the consumer appeal of specific and overall product features and to filter results by age, gender, affluence and claims history. With this information they can fine tune their products to meet the requirements of their target consumer markets.
Brian Brown, Head of Research at Defaqto said: “Research was conducted across 5,000 consumers asking them to rate which features of motor insurance were most important to them. This has enabled us to get very rich information about their preferences which we have integrated into our Aequos Online software. Our Analysis offers product providers a unique opportunity to understand which product features are most valued by certain consumer types which will assist them to optimise all parts
of the product lifecycle, from product development to underwriting, and from marketing to customerservices.
This enables insurers to:
• optimise their product development and design
• analyse and optimize the consumer appeal of existing and proposed product features
• propose and review product changes
• bundle product features
• identify existing features which are not valued by consumers
• optimise product propositions relative to the competition
• enhance customer segmentation and targeting
• improve the effectiveness of direct mail campaigns
• manage the product lifecycle competitively
• assist with the treating customers fairly culture
The five most sought after features and benefits are:
Ranking Feature or benefit Percentage of available motor
insurance policies offering this
1 Not losing No Claims Discount or being liable for
higher premiums if damage is not your fault 3%
2 No policy excess applied if involved in an accident
caused by an uninsured driver 13%
3 Protected No Claims Discount regardless of number
of accidents 18%
4 Protected No Claims Discount for up to a maximum
of one claim per year 25%
5 No excess applied following total loss (eg. vehicle
stolen and not recovered or damaged beyond repair) 4%
Source: Defaqto
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