The impact of Black Week on insurance contracts and the value of being well insured

The impact of Black Week on insurance contracts and the value of being well insured

According to a report by www.procontra-online.de, shows that customers' price sensitivity combined with savings intentions during Black Week and Black Friday also influence the vehicle insurance industry. In the context of the annual change of vehicle contracts, many customers have placed prices in the foreground, while their interest in adequate insurance protection takes a back seat. According to Google, nearly 30 percent of car policyholders have considered switching, but only 2 million have actually switched. This price sensitivity could impact the market and the industry.

The personal experience of a policyholder makes it clear that in damage situations, worries and fears are taken away and how communication and remediation work smoothly. This means that customers appreciate the added value of being “well insured” and pay less attention to small price differences. Good partners, reliable networks and fair treatment of one another are crucial. Given this experience, price sensitivity and insurance savings intentions may become less important as customers understand that the value of comprehensive insurance coverage goes beyond small annual savings.

The focus on cost efficiency and the desire for savings could also impact the products and services offered by insurance companies. There may be increased demand for low-cost insurance options, which could prompt the industry to adapt its product offerings to remain competitive. Customer loyalty and value-added concepts could become more important in order to convince customers of the long-term benefits of insurance protection and to distance themselves from short-term savings incentives.