Engagement, switching and digital usage in consumer insurance markets: who does it and why it matters

Shane Byrne, Jane Kelly and Anuj Pratap Singh
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Jane Kelly: Central Bank of Ireland
Anuj Pratap Singh: Central Bank of Ireland

No 8/EL/22, Economic Letters from Central Bank of Ireland

Abstract: Consumers who switch providers can often get a better deal on their insurance. We show how price changes, time constraints, misperceptions that loyalty is rewarded and behavioural characteristics such as status-quo bias can help to explain engagement and switching in the private car and home insurance markets. Motivated by an interest in understanding any potential barriers to future digital adoption, we examine a range of factors associated with consumers who report discomfort in purchasing insurance online and find that these consumers are, on average, older, lower income, and less educated.

Date: 2022-12
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