Consumers who purchase an insurance product from a financial institution or association tend to be more loyal, and also have longer, more positive relationships with those institutions, according to a study from Affinion Group.
The data was collected in 2010 from 550 Internet households and the results were released Monday; the study was conducted for Affinion by Synergistics Research Corp.
More than nine in 10 respondents (91%) who had purchased insurance from a financial institution or association indicated that they were loyal to that institution; four in 10 called themselves “very loyal.” Seven in 10 who purchased through an association rather than a financial institution were more loyal to that association, compared with two thirds who called themselves loyal and purchased through a financial institution; the younger the respondent, the more loyal they were.
Younger consumers, ages 18 through 49, were more likely to buy their insurance through a bank or a credit union; the higher their income, the more likely they were to purchase coverage through these institutions. The length of the relationship with the institution was also longer for respondents with higher incomes. Respondents were also open to cross-selling from institutions from which they’d already bought insurance; six in 10 believed that improved the relationship.