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Car Insurance Renewals

The trend to shop around just got bigger!
Added - 21/06/2007

In the good old days of customer loyalty particularly with high street brokers commanding the lions share of the market car insurance renewals were the indication and benchmark of customer satisfaction and a very important element of business income.

Over the years with the development of varying marketing approaches the element of customer loyalty has diminished and the inline with rising costs shopping around for the cheapest premiums prices has become the norm. Car insurance renewals are an extremely important resource to most insurance companies but many neglect the opportunity of contact prior to the renewal date, some leaving the contact right to the last minute.

The biggest factor in the latest drop in retention of car insurance renewals comes from the transparency offered by the insurance aggregator companies who are now the driving force behind the market place. Price has never been so relevant and the entire industry is finding itself under strict pressure to be competitive or simply lose out.

This is becoming more obvious with latest survey between three SME personal lines brokers who are noticing consistent drops in there renewal retentions despite carrying out their traditional invite procedures. Margins are being heavily hit in new business as well as car insurance renewals and the focus of control has definitely drifted in favour of the consumer and aggregator.

Times are a changing in the motor insurance sector and whether the insurance providers and direct insurers can sustain this pressure is yet to be determined, one thing that is plainly clear is that car insurance renewals are completely price driven and the ease of shopping around has enabled motorists to view market rates much clearer than ever.

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