This week, Gravytrain’s CEO, Kevin Taylor, talked to POSTonline.co.uk about Gravytrain’s survey. The study, which involved 2200 consumers from the UK, reveals that customers who use price comparison websites are more likely to buy from brands they recognised and trusted, rather than from those companies just offering the cheapest quote.
The survey found that 35% of customers “always” chose to buy from respected insurance providers, while 20% chose to buy from the insurance company who offered the lowest quote.
43% of the 55 and over age group stated that they always buy insurance from brands they recognise, while 31% of those in the 18 to 24 range choose the insurer who provided the lowest quote.
Kevin says that it’s easy for insurance providers to think that having the best price on a comparison website is key, especially in today’s tough economic climate. Even though having a competitive price is important, the results show that brand recognition and trust is crucial for customers.
Kevin suggests that, “Insurers and brokers should look to broaden their marketing spend beyond the confines of price comparison sites to other media channels. This means implementing a multi-channel marketing campaign to successfully engage with consumers to build brand recognition and trust.”
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