Time for Insurers to Claw Back the Customer from the Meerkat

What was once an industry commonly buffered by brokers and advisors is increasingly at the direct mercy of the individual. Consumers can – and will – delve deep into the market and switch providers at ease. Many independent bodies support this course of action; endlessly encouraging customers to shop around to get a better deal, often at the expense of true and lasting value. Insurance brands using these sites have become little more than logos against competing costs, and a commoditised market that leaves scarce room for innovation and growth. The aggregators are suffocating brand identity and values.

What's more, aggregators are going to be in very hot water come 2018 when the new GDPR comes into play; a piece of legislation that will fundamentally change the way businesses can collect, store and use customer data. Insurers simply cannot afford to be over-reliant for much longer and must take this as an opportunity to transform the current model and reclaim the market. It's high time insurers return to dealing direct with customers and put people before the policy. Take control of customer relationships, cut out the middle man and deal direct. If you are an insurer struggling against the aggregator tide, take this report as a warning; question your policy model and start building your growth strategy around the customer you want and the customer you can keep.

Combining our research with YouGov to analyse the problem faced by insurers today, this report explores ways in which this can be overcome and – ultimately – recognise and draw out the opportunity for businesses to increase their value and surmount the disruption caused by aggregators. It’s time to put the Meerkat back in his cage and time for insurers to sustain loyalty from the outset so that when it comes to month eleven, your customers have a solid reason to renew, rather than being lost to irritating jingles and toy rodents. Now is the time to repair the market and offer something aggregators simply cannot: long term valuable relationships.