Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

New Zealanders get savvy with online insurance shopping

25 October 2017

New Zealanders get savvy with online insurance shopping

National market research commissioned by Youi NZ has revealed New Zealand consumers were becoming savvy with online shopping for their home, contents and car insurances.

The research conducted by Colmar Brunton showed New Zealand householders and car owners were turning to the internet to check out their insurance options with one-quarter of the nation’s householders (25 percent) and almost a third of car owners (28 percent) shopping online for insurance.

Youi CEO Frank Costigan said “the research showed New Zealand customers were changing their shopping behaviour, with many now choosing to do business, especially when shopping for their insurance, online.”

“New Zealanders aged 18 to 29 years were the group most likely to shop online for their home and contents insurance (46 per cent) followed by those aged 30 to 44 years (41 percent). Only ten percent of householders aged over 55 years would shop online.

“The research showed that when it came to shopping for car insurance there was an even greater number of New Zealanders going online with 28 percent opting for the convenience of the net.

“The research again showed the younger generations more likely to go online. Those aged 30 to 44 years were the most willing (48 percent) to shop for car insurance online followed by 18 to 29 years old (42 percent). Only 14 percent of car owners aged over 55 would shop online,” said Mr Costigan.

The study showed Auckland car owners were the most likely to use the web (36 percent) while 33 percent of owners in Wellington would do so followed by 27 percent in Waikato. Only 17 percent of Canterbury car owners would opt for an online car insurance quote.

“While New Zealand remains a heavily consolidated insurance market, with the two major players dominating, the research showed consumers were prepared to research online, which is critically important for a new entrant like Youi.

“As a result, in April this year we significantly modified our operations to enable New Zealand customers to complete a full online quote and purchase, without the need to speak to a sales advisor. Importantly, we have provided customers with a ten percent online discount to reflect the lower cost of this sales model.

“At Youi, we listen to consumers and make changes in response. The Youi Wall is a great example of customer feedback for all to see, with a 93% satisfaction rating from nearly 4,000 comments in the last 12-months,” said Mr Costigan.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>