Smartquotes Omnibus Research A Presentation Prepared For smartquotes.ie                March 2013                    By   ...
2                    Table of Contents  Research Methodology  Sample ProfileMAIN FINDINGS:  SECTION 1: Household Income  S...
3                Research MethodologyA number of questions were placed on the Amárach Research MarchOmnibus to investigate...
4                           Sample Profile                          (Base: All respondents - 1018)         Gender         ...
MAIN FINDINGS
SECTION 1: Household      Income
7                          Household Financial Responsibility           Responsibility of respondent in                   ...
8                       Drop in Household Income before Unable to                                      Meet Bills  Monthly...
9    Drop in Household Income before Unable to                   Meet BillsOf the total sample 24% said that they would be...
SECTION 2:Switching and Cancellation  of Financial Products
11                                            Financial Products – I                             Products                 ...
12                                            Financial Products – II             Switched Financial Products             ...
13                         Why are Products being Cancelled? – I           Health Insurance                           Pens...
14                        Why are Products being Cancelled? – II                Income                              Home I...
15                  Why are People Switching Financial Products – I                    Car Insurance                      ...
16                  Why are People Switching Financial Products – II                  Health Insurance                    ...
17                          Why are People are Downgrading Financial                                        Products – I  ...
18                          Why are People are Downgrading Financial                                        Products – II ...
19                    Financial Products Most Likely to be Cancelled if                            Faced with Financial Co...
SECTION 3: Household      Charge
21                                            Household Charge                     Do you own your                        ...
Smartquotes Insurance Research 2013
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Smartquotes Insurance Research 2013

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Results of a survey of Irish consumers about drivers of insurance purchasing for Smartquotes.

Further details here: http://www.smartquotes.ie/blog/

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Smartquotes Insurance Research 2013

  1. 1. Smartquotes Omnibus Research A Presentation Prepared For smartquotes.ie March 2013 By MMCL/MG S12-249
  2. 2. 2 Table of Contents Research Methodology Sample ProfileMAIN FINDINGS: SECTION 1: Household Income SECTION 2: Switching and Cancelation of Financial Products SECTION 3: Household Charge
  3. 3. 3 Research MethodologyA number of questions were placed on the Amárach Research MarchOmnibus to investigate trends in switching and cancellation offinancial products. Additionally questions were also asked inrelation to the Household charge which is being introduced in 2013.The omnibus survey is a syndicated survey whereby clients caninclude questions within the survey.A total sample of 1,018 was achieved with quotas set on gender, age,social class and region to achieve a sample aligned with nationalpopulation. Due to the high proliferation of the internet among theIrish population, the Amárach Research omnibus is completed fullyonline.Interviewing fieldwork dates were March 15th – 22nd.
  4. 4. 4 Sample Profile (Base: All respondents - 1018) Gender Age Social Class Region % % % % 15-24 Dublin Male ABC1 25-34 F50+ Rest of 35-44 Leinster 45+ MunsterFemale C2DE F50- 55+ Conn/ Ulster
  5. 5. MAIN FINDINGS
  6. 6. SECTION 1: Household Income
  7. 7. 7 Household Financial Responsibility Responsibility of respondent in Current monthly household relation to managing finances income after Tax (Base: All respondents – 1018) (Base: All responsible for managing finances – 930) % % €1 to €1000 10 €1001 to €2000 24 Jointly €2001 to €3000 18 Mainly ResponsibleResponsible €3001 to €4000 7 €4001 to €5000 6 €5001+ 4 Not Don’t know 16 Responsible 14 Refused Q: What is your current monthly household income after tax?Q: Are you responsible for managing thefinances of your household?
  8. 8. 8 Drop in Household Income before Unable to Meet Bills Monthly Household Income *€1- €1001 €2001 *€3001 *€4001 Don’t Refuse Total *€5001+ After Tax 1000 -2000 -3000 -4000 -5000 know d Base 930 92 227 167 65 58 37 151 138 €1 to €50 drop in monthly income 24% 54% 29% 14% 19% 3% 11% 26% 19% €51 to €100 drop in monthly income 21% 23% 24% 22% 5% 15% 15% 22% 24% €101 to €150 drop in monthly income 17% 14% 19% 19% 17% 13% 5% 20% 12% €151 to €200 drop in monthly income 12% 5% 12% 13% 12% 17% 10% 12% 15% €201 to €300 drop in monthly income 9% 3% 7% 13% 10% 12% 8% 8% 12% €301+ drop in monthly income 17% 0% 10% 19% 37% 39% 50% 12% 17%Q: By how much would your monthly household income after tax have to fall before you would be unable to meet yournormal bills?* Denotes small base size.
  9. 9. 9 Drop in Household Income before Unable to Meet BillsOf the total sample 24% said that they would be unable to meettheir normal bills if their income dropped by between €1 and €50.29% of people who said that their monthly household incomewas between €1001 and €2000 said that a €1 to €50 drop inincome would see them unable to meet their bills.24% of respondents whos monthly household income after taxwas between €1001 and €2000 said that a €51-€100 drop inincome would see them unable to meet bills.Overall respondents in the €1001-2000 monthly income after taxare in the most vulnerable category in relation to not being ableto meet bills if their income dropped.
  10. 10. SECTION 2:Switching and Cancellation of Financial Products
  11. 11. 11 Financial Products – I Products Cancelled in past Held 12 months (Base: All respondents – 1018) (Base: Don’t have each financial product) % Car insurance % that have % that do not have cancelled financial product Home insurance financial product mentioned in past 12 months Health insurance Car insurance 10%  10% Life insurance Home insurance 42%  7% Health insurance 56%  19% Mortgage protection Life insurance 62%  9% Pension contributions Mortgage protection 79%  3% Income protection Pension contributions 82%  7% I hold no financial products Income protection 91%  5% Q: Have you cancelled any of these financial services in the past 12 months?Q: Which of these financial products do you have?
  12. 12. 12 Financial Products – II Switched Financial Products Downgrading of financial in past 12 months products (Base: Those who held each (Base: Those who held each financial product - 894) financial product - 894) % % Car insurance Health insurance Home insurance Home insurance Health insurance Car insurance *Income protection Life insurance Life insurance Other Mortgage protection Q: Have you downgraded any of the following financial Pension policies in the past 12 months? Other = mortgage protection, income protection and pension contributionsQ: Have you switched provider on any of these financialservices in the past 12 months ?*Denotes small base
  13. 13. 13 Why are Products being Cancelled? – I Health Insurance Pension Life Insurance Contributions (Base: All who cancelled (Base: All who cancelled (Base: All who cancelled life health insurance – 110) pension contributions – 63) insurance - 53) % % %No longer afford it No longer afford it No longer afford itOther expenses were Other expenses were Other expenses weremore important more important more importantIt was a product I Bad experience with It was a product Icould do without provider could do withoutBad experience with It was a product I Bad experience withprovider could do without providerQ: Why did you cancel <insert financial product>?
  14. 14. 14 Why are Products being Cancelled? – II Income Home Insurance Mortgage Protection Protection (Base: All who cancelled (Base: All who cancelled home (Base: All who cancelled income protection – 45) insurance – 27)* Mortgage Protection - 26)* % % %No longer afford it No longer afford it No longer afford itOther expenses were Other expenses were Other expenses weremore important more important more importantIt was a product I Bad experience with It was a product Icould do without provider could do withoutBad experience with It was a product I Bad experience withprovider could do without providerQ: Why did you cancel <insert financial product>?* Denotes low base
  15. 15. 15 Why are People Switching Financial Products – I Car Insurance Home Insurance (Base: All who switched car (Base: All who switched home insurance – 344) insurance in last 12 months – 165) % % Saved money by doing so Saved money by doing so Had bad experience with Had bad experience with previous provider previous provider It was recommended to me It was recommended to me by a family member by a family member Had other policies with the Had other policies with the company I switched to company I switched toQ: Why did you switch provider on <insert financial product> inthe past 12 months?
  16. 16. 16 Why are People Switching Financial Products – II Health Insurance Life Insurance (Base: All who switched health insurance (Base: All who switched Life provider in last 12 months – 87) insurance in last 12 months – 45) % % Saved money by doing so Saved money by doing so It was recommended to me It was recommended to me by a family member by a family member Had bad experience with Had bad experience with previous provider previous provider Had other policies with the Had other policies with the company I switched to company I switched toQ: Why did you switch provider on <insert financial product> inthe past 12 months?* Base too low for mortgage protection and income protection
  17. 17. 17 Why are People are Downgrading Financial Products – I Health Insurance Home Insurance (Base: All who downgraded health (Base: All who switched Life insurance – 135) insurance in last 12 months – 45) % % I could no longer afford that I could no longer afford that particular policy particular policy Other expenses were more Other expenses were more important important It is a product that is not that Our house value has fallen important to me It was a product that is not that important to meQ: Why did you downgrade <insert financial product> in the last 12 months?
  18. 18. 18 Why are People are Downgrading Financial Products – II Car Insurance Life Insurance (Base: All who downgraded car insurance – (Base: All who switched Life 95) insurance in last 12 months – 46) % % I could no longer afford that I could no longer afford that particular policy particular policy Other expenses were more Other expenses were more important important It is a product that is not that It was a product that is not important to me that important to meQ: Why did you downgrade <insert financial product> in the last 12 months?* Base too low for mortgage protection and income protection
  19. 19. 19 Financial Products Most Likely to be Cancelled if Faced with Financial Constraints (Base: All who hold a financial product – 894) % Health Insurance Home insurance Car insurance Life insurance Pension contributions None Don’t knowQ: Which of the following financial products would you be forced to cancel if faced with financial constraints?
  20. 20. SECTION 3: Household Charge
  21. 21. 21 Household Charge Do you own your Property tax home? % % €50-€100 Own it jointly €101-€200 No €201-€300 Owns home €301-€400 €401-€500 Don’t know Yes €501-€1000 €101+ (Base: All respondents – 1018) Don’t know (Base: All who own home – 614) Q: How much do you think you will have to pay in property tax in 2013?Q: Do you currently own the home that youare living in?

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