Insurance Customers Working Harder to Shop Around, According to Premium Credit Research

The Premium Credit Insurance Index indicates that customers are putting more effort into shopping around when searching for the best insurance deals.

Owen Thomas, Chief Sales Officer for Premium Credit said: “The numbers of insurance customers spending more time on shopping around are growing rapidly which is inevitably due to the impact of the cost-of-living crisis affecting the economy in general.

“The insurance industry has however made it easier for people to shop around and innovation across the sector makes comparing prices and levels of cover worthwhile. Premium finance is specifically designed for insurance buyers to help make important insurance policies affordable and improve cashflow while also being more convenient.”

Premium Credit’s Insurance Index findings:

  • 71% of adults use some form of credit to pay for one or more types of cover.
  • 62% of customers say they are now working harder to find the best price and quality of cover compared with 53% last year and 43% in 2022.
  • 66% of people that are spending more time comparing prices and quality of cover say they are motivated by rising prices.
  • Nearly a quarter (24%) say increased innovation in the insurance industry has made it worthwhile to spend more time on shopping around and 20% say they are more confident using digital technology so find it easier to shop around.

The research also shows that one in seven (14%) adults have found it more difficult to secure credit, such as mortgages, credit cards or loans, since the cost-of-living crisis started. Around one in five (20%) say they have been turned down for various forms of credit during that period.

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About the author

A compliance technical expert, Al is UKGI's Senior Technical Resources Consultant providing 'back-room' technical support which includes everything from assisting Consultant colleagues with challenging or unusual queries, to updating UKGI's compliance manual, to writing and delivering training, workshops and webinars.

Al Haughton UKGI

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