Context
The Premium Credit Insurance Index indicates that customers are putting more effort into shopping around for the best insurance deals.
Key points to note and next actions
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 on 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.