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Insurance has
changed drastically over the last few decades. Time was that people
would have one insurance company that they stayed with throughout
their lifetimes but now there is a huge choice and many of us have
one insurer for our car, one for for our home, a different one to
cover our life or health provisions; and increasingly we change
these insurance regularly, partly because the companies themselves
encourage us to do so! Many insurers offer substantial discounts to
attract new clients to switch to them from their competitors; the
theory is that once these people become customers they will buy all
sorts of other insurance or other financial services too. The
trouble with this theory is that the public has become wise to it
and the huge spread of Internet access in the UK has made it much
easier for them to get instant quotes from other providers every
time a policy is due and switch again in exchange for yet another
new customer discount. Indeed the 'churn' rate for most policies is
accepted to be around 25% a year. In an age when so many
different insurance companies belong to a relatively small number of
financial institutions this means that one subsidiary of a company
can be offering greatly reduced premiums in order to attract
business away from another subsidiary of the same company;
topsy-turvey economics if you ask me but we may as well take
advantage of it whilst it lasts.
Welcome, then, to
one of the biggest insurance resources in the UK. |
