Insurance insights: how UK consumers evaluate and purchase personal insurance

Personal insurance can be a tricky shopping experience for the average consumer.

When the very nature of a purchasing decision comes down to uncertainty about the future, habits around evaluating and selecting insurance providers can vary quite a bit. We surveyed UK consumers to learn more about what helps them decide on the right insurer, plans, and coverage for them. 

Top UK insurance takeaways

Online reputation is very important when selecting an insurer

Reviews are an important part of evaluating an insurer’s online reputation

59.5% said they read reviews on multiple sites.

Guides on selecting insurance are also an impact factor 

28.5% of UK consumers said they read online guides before selecting personal insurance.

Nearly all UK consumers compare quotes from different insurers

A fourth of UK consumers use comparison aggregator sites to select the right insurance

27.7%, to be exact.

UK consumers consistently look for a better insurer

Almost half of UK consumers begin to look for a new policy 2+ months before renewal 

33.5% look 2-3 months before and 13.6% look 4+ months before.

A quarter of UK consumers aged 18-34 use Trustpilot to compare insurers

UK consumers aged 18-34 prefer going with a higher quote and better coverage

33.2% chose higher quote with better coverage compared to the 24% of all age group respondents who selected the same.

Takeaways for your insurance business:

• The majority of UK consumers are looking heavily into an insurance business's online reputation. Building a strong reputation is crucial for your brand. 

• Having positive reviews is essential for consumers and creating informative content around selecting reviews can help you stand out from your competitors. 

• Over half of UK consumers are considering switching insurers each year. Give them a great customer experience and a reason to stay. 

• Younger consumers are more willing to spend more for a higher quote and better coverage than older age groups.

• Around a quarter of UK consumers aged 18-34 use Trustpilot to compare insurers. Make sure you’ve built a strong profile page and number of reviews.

Building a strong presence on Trustpilot doesn’t just help you reach that 27% of consumers who are using Trustpilot to compare insurers. It also helps you build trust in your brand, expand your reach and acquire new customers, and turn your customer feedback into analytics to improve your business. 

*Results based on a survey of 500 UK consumers the week of October 16, 2023