Recent research conducted by Hippo.co.za shows that 60% of South Africans have changed insurers, 51% of whom have done so in the last two years. Almost half of the 51% have the same underwriting conditions as they had with their previous insurers.
“Due to the easy access of digital media and online comparison services, consumers now have more power at their fingertips to easily compare and switch from one brand to the next,” says Derek Wilson, Head of Hippo.co.za the insurance and financial comparison website, “We have seen huge growth in online visitors who are comparing prices and benefits from a range of insurance and other financial providers and then switching brands.”
Why are people switching?
One of the biggest determining factors remains price due to high living costs. People are making use of online services to compare and search for better deals. At least 8 out of 10 Hippo.co.za customers have saved an average of R348 per month* on their car and home insurance by comparing and switching using Hippo.co.za.
A higher excess results in lower monthly premiums but it will mean more money out of the consumers pocket in the event of a claim. Consumers look at excess amounts from other insurance providers in order minimise the cost to them should they claim.
People who compare online also consider the benefit versus premium factor. Consumers are aware of the importance of comparing like for like, as some insurers offer additional benefits such as emergency services and compensation for losses that are usually not covered, such as food spoils due to loadshedding.
“Consumers are not only saving money by comparing and switcing providers online, they are also saving time and avoiding the hassle of having to call around for better deals,” Wilson concludes.
Established in 2007, hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of SA providers across financial products such as car insurance, home insurance, life insurance, medical and more. Hippo is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. At least 8 out of 10 people could save an average of R427** per month on their car insurance.
Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, is in no way influenced by the fee hippo.co.za charges its partners or any other factors other than the price of the product being compared.
For more information, visit us on www.hippo.co.za, connect with Hippo on LinkedIn, http://www.linkedin.com/company/hippo-comparative-services-pty-ltd/, like us on Facebook, www.facebook.com/HippoSA, and follow us on Twitter @Hippo_co_za and YouTube, http://www.youtube.com/user/hippocompare.
Hippo Comparative Services (Pty) Ltd is an authorized financial services provider (FSP number: 16357).
*Based on a representative market research survey conducted by Kaufman Levin Associates, on behalf of Hippo.co.za. Figures as in May 2015. Risk Profile Dependent.