Consumers who buy insurance through banks and other financial institutions tend to maintain long relationships with those institutions.
Affinion Group Inc., Stamford, Conn., has published this finding in a summary of results from a study of 550 Internet-enabled households that had purchased insurance products through financial institutions or associations.
About 91% of the individuals who bought insurance from a financial institution said they were loyal to that institution, and 40% said they were very loyal.
About two-thirds of those who bought insurance through financial institutions said the insurance relationship is a primary reason they will maintain the account relationship over the next year.
The average customer who bought insurance through a financial institution had an account with the institution for about 8.1 years.