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Insurance -
Prudential: Customers prefer insurance quality, not price - 22/01/2008
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A conference of insurance industry leaders, hosted by life insurance providers PruProtect, has heard that price is less of a customer concern than has been suggested.
Research from the life insurance firm has revealed that 42 per cent of consumers consider the 'extent' of insurance cover as the most important thing.
By contrast, just 25 per cent say that they consider expense as their biggest concern when buying insurance.
Speaking to the conference, chief executive at PruProtect Sammy Rubin commented: "It's encouraging to see consumers are starting to move away from price and placing more importance on what really matters to them."
The comparative lack of insurance sales in the UK has been often spoken of - with a so-called "insurance gap", between protection purchased and cover estimated by insurers to be required by the public, of £2.3 trillion.
Mr Rubin added: "Is there a way for us to tackle consumer disengagement differently?
"It’s a win-win for insurance companies to support people in being healthy - it helps to turn the sale of protection products into a more positive drive than that which consumers currently view as a fairly negative purchase."
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