General Insurance Pricing Practices October 2019

Sector:Behavioural and experimental economics | Behavioural Economics | Finance | Insurance | UK Government
Client:Financial Conduct Authority
Document type:Report | Survey 
Tagged: behavioural consumer experiments UK

The Financial Conduct Authority commissioned London Economics (with subcontractors YouGov and Kudos Research) to carry out a study on consumers’ attitudes, search and switching behaviour in home and motor insurance. London Economics was lead contractor, responsible for refining the survey design, project management and reporting. LE also designed a stated preference component assessing consumers’ valuation of search and switching time and effort. The survey (11,707 consumers) was conducted using online and CATI methodologies, with cognitive testing beforehand and follow-up depth interviews. The panel was supplied by the FCA from customer contacts provided by insurance firms.