Results of a survey of Irish consumers about drivers of insurance purchasing for Smartquotes. Further details here: http://www.smartquotes.ie/blog/

1. Smartquotes Omnibus Research
A Presentation Prepared For smartquotes.ie
March 2013
By
MMCL/MG
S12-249

2. 2
Table of Contents
Research Methodology
Sample Profile
MAIN FINDINGS:
SECTION 1: Household Income
SECTION 2: Switching and Cancelation of Financial Products
SECTION 3: Household Charge

3. 3
Research Methodology
A number of questions were placed on the Amárach Research March
Omnibus to investigate trends in switching and cancellation of
financial products. Additionally questions were also asked in
relation to the Household charge which is being introduced in 2013.
The omnibus survey is a syndicated survey whereby clients can
include 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 national
population. Due to the high proliferation of the internet among the
Irish population, the Amárach Research omnibus is completed fully
online.
Interviewing fieldwork dates were March 15th – 22nd.

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+
Munster
Female C2DE
F50-
55+
Conn/
Ulster

5. MAIN FINDINGS

6. SECTION 1: Household
Income

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 Responsible
Responsible €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 the
finances of your household?

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 your
normal bills?
* Denotes small base size.

9. 9
Drop in Household Income before Unable to
Meet Bills
Of the total sample 24% said that they would be unable to meet
their normal bills if their income dropped by between €1 and €50.
29% of people who said that their monthly household income
was between €1001 and €2000 said that a €1 to €50 drop in
income would see them unable to meet their bills.
24% of respondents who's monthly household income after tax
was between €1001 and €2000 said that a €51-€100 drop in
income would see them unable to meet bills.
Overall respondents in the €1001-2000 monthly income after tax
are in the most vulnerable category in relation to not being able
to meet bills if their income dropped.

10. SECTION 2:
Switching and Cancellation
of Financial Products

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
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 contributions
Q: Have you switched provider on any of these financial
services in the past 12 months ?
*Denotes small base

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 it
Other expenses were Other expenses were Other expenses were
more important more important more important
It was a product I Bad experience with It was a product I
could do without provider could do without
Bad experience with It was a product I Bad experience with
provider could do without provider
Q: Why did you cancel <insert financial product>?

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 it
Other expenses were Other expenses were Other expenses were
more important more important more important
It was a product I Bad experience with It was a product I
could do without provider could do without
Bad experience with It was a product I Bad experience with
provider could do without provider
Q: Why did you cancel <insert financial product>?
* Denotes low base

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 to
Q: Why did you switch provider on <insert financial product> in
the past 12 months?

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 to
Q: Why did you switch provider on <insert financial product> in
the past 12 months?
* Base too low for mortgage protection and income protection

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 me
Q: Why did you downgrade <insert financial product> in the last 12 months?

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 me
Q: Why did you downgrade <insert financial product> in the last 12 months?
* Base too low for mortgage protection and income protection

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 know
Q: Which of the following financial products would you be forced to cancel if faced with financial constraints?

20. SECTION 3: Household
Charge

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 you
are living in?