While price is a primary reason for landlords to shop around for insurance, a negative claims experience is now an equally significant driver for switching providers, new analysis from insight partner Consumer Intelligence has revealed.
The research found that while 26% of landlords who switched insurer did so for the cheapest policy available, an identical 26% were driven to switch by a bad claims experience with their previous provider. This highlights a major blind spot for insurers who view the market solely through the lens of price, the firm said.
This analysis is released alongside the launch of Consumer Intelligence's new service which encourages insurers to see the ‘Market in Full Colour ’- a richer, multi-dimensional perspective essential for navigating the current landscape.
“Focusing only on price gives you a black-and-white picture of the market, but the reality is in full colour,” said Ian Hughes, Chief Executive of Consumer Intelligence.
“Our research proves that landlords are sophisticated buyers. They weigh the policy, the brand, and their personal experiences right alongside the premium. A single bad claim can completely erase a long-term price advantage. That’s why we’re challenging the industry to look beyond the price line and see the whole picture.”
The Consumer Intelligence data suggests:
- The traditional “black-and-white” view shows that 75% of landlords actively shop around, and 55% were quoted a higher price at their last renewal, confirming price sensitivity is high.
- However, a “full-colour” perspective reveals more profound truths. Over half (53%) of landlords ultimately switch, driven by a blend of factors. 27% of those who switched found a policy with better coverage for a lower price, demonstrating a complex trade-off between value and cost.
The new Landlord Insurance Market Benchmarking service from Consumer Intelligence is designed to help insurers by integrating layers of insight, including customer behaviour, proposition value, and brand experience, with competitive price tracking.
“In the post-GIPP world, understanding these deeper drivers of value is the key to sustainable growth,” continued Hughes. “Our new service gives insurers the clarity and context to make smarter decisions, build loyalty, and succeed in a market that demands more than just a competitive price.”
