Just 5% of UK consumers say two-for-one cinema tickets or long-term ‘discounts’ attract them to insurers or brokers.
Claiming Loyalty
Just three in 10 UK adults trust their insurance provider and would opt out of having any insurance given the choice.
This is the stark finding of Love2shop’s Claiming Loyalty Report – a UK-wide survey of consumer attitudes to insurance.
Movie deals and restaurant discounts no longer cut it. Consumers want instant rewards, with 82% willing to remain loyal if the rewards are right. So can customer loyalty really exist in an industry built on switching providers?
Our report dives into the data to reveal how, for insurers, customer loyalty is the way forward.
Rewarding lives
A third of UK consumers say they would adopt a healthier lifestyle if their life or health insurer incentivised them with rewards. Helping people improve their health reduces risk and motivates loyalty – because your brand cares.
Rewarding safety
More than half of drivers would be more careful behind the wheel if they could earn rewards or safer driving. Drivers typically get the fewest incentives, so incentives are particularly influential for them.
Rewarding security
Just 38% of people believe home insurance is value for money. It’s a hidden expense people don’t ‘get’ until they need it. Helping customers appreciate home insurance will prevent them turning their backs on this vital safety net.
They entrust insurers and brokers to offer security for their most prized possessions, form homes to pets to their own lives.
They want to feel valued rather than won.
Show them they really matter with these 3 steps:
Download the Claiming Loyalty Report or fill in our enquiry form.
Speak to our expert team about how our products and services can drive loyalty.
Start building an engagement strategy that shows customers they are important to your business.
Switch or renew
2024 is the Year of Loyalty. After a challenging few years, customers want brands to engage with them and build trust. Our data shows that in the insurance sector that means rewarding them for doing the right thing and doing it regularly, in order to prevent them switching suppliers.
The Claiming Loyalty Report reveals 83% of women and 80% of men found instant rewards more attractive than discounts and deals, making providers who make the switch more appealing to both existing and new customers.
56% of customers classed as ‘loyal’ will spend more on a product even if there are cheaper options available. UK workers would feel valued if they received a multi-retailer gift card from their employer.
72% of women said they felt their insurer didn’t value them.
Restoring customer loyalty in insurance
Insurance brokers and providers have for years built the market around switching for the best deals. But that has created a disconnect that is now seeing people consider insurance as something they can opt out of to save money.
It’s time for the insurance sector to focus on loyalty. Modern consumers want to trust the brands and services they engage with and they want rewards and incentives that make a real difference to their everyday lives.
Earning consumer trust and rewarding loyalty is the way to build a new generation of insurance customers who want to find a brand that values them and stick with it.
Love2shop has helped over 150,000 business just like yours create a culture of customer reward and incentivisation that can transform customer engagement.
Our data-driven solutions, delivered by out expert team, allow you to quickly build an effective loyalty strategy to make customers feel valued and commit to your brand.
Contact our team today to discuss how Love2shop can support your goals.
Enquire Today
Fill in your details to make an enquiry about Love2shop products and services, and how they can help you deliver more effective student support.
By clicking “send” you confirm that you have read, understood and accept our website T&Cs, privacy policy and cookie policy.
* Required field