According to a new report from consultancy firm Capgemini, more and more people in the UK are likely to shop around for their car or home insurance and purchase their policies online.

Capgemini's World Insurance Report found that UK customers are likely to shop around to see if they can secure a price for their insurance policy which is lower than the renewal price offered by their current insurer. 63% have changed insurance provider in the past 5 years – compared to the global average of 39%.
46% of consumers in the UK buy their policies online, compared with a global average of 24%.

The Report concluded that customer satisfaction does not necessarily equate with customer loyalty, and said that insurers need to do more to retain their business.

Bertrand Lavayssière, managing director, Capgemini Global Financial Services, said: "Rising internet use is increasing transparency in the industry, providing customers with better access to information on product specifications and pricing - and increased bargaining power. As a result, customers have become more self sufficient, price-sensitive and less loyal."

Malcolm Harrington, head of insurance consulting at Capgemini UK, said: "Customer satisfaction, while incredibly important, is no guarantee of customer loyalty."

In contrast to the United Kingdom, the report found that French customers place less emphasis on price but more on service than their global counterparts. Only 39% of French customers said price was their primary purchasing criteria, with 15% rating good service as a key purchasing criteria, compared to 9% globally.