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Personal insurance: what criteria do households use to choose their contracts?

ReMark – a Scor Group subsidiary – has conducted a study of life and health insurance in 16 countries, covering more than 11,000 consumers in all. It identifies similarities in household behaviours, with clear markers before and during the subscription process.

The human dimension remains crucial to the creation of a relationship built on trust. The majority of consumers, especially those under 38 years of age, listen to advice from family, friends and financial advisors before making a decision.

One in ten policyholders still consult insurance companies' websites to find the information they need. On the other hand, social networks and price comparators continue to play a relatively marginal role.

Customers focus on four key points when taking out a policy:

  • For 46% of respondents, price remains the most important aspect.
  • For 26% of them, the subscription process must be as simple as possible.
  • 74% of consumers expect their subscription to be processed within 24 hours; however, it should be noted that 30% of people expect their case to be dealt with in less than an hour. This is a particularly high expectation among 18-22 year-olds.
  • Lastly, brand reputation is taken into account by 19% of respondents, rising to 50% in China.

This study also reveals that more than two thirds of existing policyholders want to receive information from their insurers on a monthly basis. ReMark sees this as a sign that they are likely to commit to a purchase as soon as they are offered relevant content and services.

In detail, and based on what they are currently sent, they state that the volume of information on new product launches exceeds their expectations, and that they are satisfied with the recommendations they receive in relation to health and well-being. However, they would like more financial advice, discounts and special offers.

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