RSA’s insight partner, Foresight Factory, analyses the findings from the recent home insurance research project commissioned by RSA. We surveyed a total of 1,226 respondents aged 18+ who either own or rent a home and who have purchased home contents insurance.
This survey covers a range of topics from path to purchase, expectations for insurers and appetite for future innovation concepts. Additional key insight from this research project will be published during October. For this first article we will be exploring the reasons behind a customer purchase.
Pre-Transaction: Consumer decision making
Our questionnaire examined the decision-making process in the purchase of home insurance and also probed brand choice. We identified thirteen factors (including items such as cost, service, reliability, trust and functionality). The top three factors that we will explore in more depth are (1) good value for money at 52%, (2) good quality cover (42%) and (3) are easy to deal with (34%).
Good value of money: Offers, deals, cash rewards, loyalty discounts – the psychological benefits of getting more are constantly craved by consumers, who are seeking to maximise their purchasing – that is, getting the right product and the best value. This mentality is commonly seen in other purchase categories in our daily life, and in this case, is the key determinant in brand choice in insurance. Price competitiveness is especially influential when purchasing goods/services of high homogeneity.