News Non-Life14 Aug 2018

Australia:Motoring clubs drive insurance recommendations in motor & property sectors

| 14 Aug 2018

Two new studies have revealed that RACQ and RAC WA are Australia's Most Recommended Brands in motor and property insurance respectively for 2018.

The 2018 Motor Insurance Consumer Recommendation and Loyalty Study and The 2018 Property Insurance Consumer Recommendation and Loyalty Study, conducted by Engaged Strategy, each surveyed over 1,600 Australian motor and property insurance customers using advanced brand and customer experience metrics, including the popular Net Promoter Score.

The motor insurance study found that industry leader RACQ achieved a Net Promoter Score of positive 40%. This was substantially higher than the category average of positive 8%, with the lowest performing brand achieving a distinctly low Net Promoter Score of negative 14%.

Similarly, the property insurance study found that industry leader RAC WA achieved a Net Promoter Score of positive 37%, which again was considerably higher than the category average of positive 6%, and outstripped the lowest performing brand which scored negative 9%.

Engaged Strategy managing director, Christopher Roberts, explains that brands like RACQ and RAC WA understand that insurance as a product is for peace of mind in case something happens, but how these brands win is by offering their members more added value right now. Other insurance brands have started to offer discounts on a variety of goods and services, but nobody owns this territory better than motoring clubs. Their entire legacy began as ‘member’ organisations, as opposed to ‘commercial’ brands who also offer discounts. This distinction may seem small, but plays a huge role in how customers feel about recommending their provider.

“Being the most recommended brand in this category is not just about insurance features and service.  Offering their members more than simply insurance was the key to creating a clear positive point of difference that enabled their members to promote their brand,” Mr Roberts said.

In the motor insurance study, Australia’s largest insurers were assessed in the study, including AAMI, Allianz, APIA, Budget Direct, Coles Insurance, GIO, NRMA, RACQ, RACV, RACWA, Suncorp, and YOUI.

The largest property insurers in Australia were also assessed in the property insurance report, which included AAMI, Allianz, APIA, Budget Direct, Coles Insurance, CommInsure, NRMA, RACQ, RACV, RAC WA, and Suncorp.

Engaged Strategy is a strategic consultancy that focusses on helping businesses grow by developing fresh customer, marketing, digital and organisational strategies.


 

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