Some interesting stats in Department for Business, Energy and Industrial Strategy’s most recent Public Attitudes Tracker, released last week.
Insurance products saw the most shopping around – at 48% for car and 42% for home. Energy with a strong conversion rate of 28% switching from 33% of those shopping around – showing that where customers are engaged retention is possibly poor. With a 2nd place overall on the switching (when looking at bill payers only), perhaps the energy industry is not doing as bad as we think on engagement. Although not a chance to celebration and clearly room for improvement, especially on getting customers to shop around – we really should be getting that figure much higher. There is perhaps opportunity to link in with other industries to increase engagement. Price Comparison Sites already do this by offering multiple products, but other channels could look at increasing their reach by adding in other services. There are not a large number of suppliers offering insurance products, for instance.
Other interesting take outs:
🔹Eight in ten (81%) of the public said they were either very concerned (35%) or fairly concerned (46%) about Climate Change.
🔹The proportion of people who supported renewable energy was 80%. Only 2% opposed Renewable Energy (who are these people!?).
🔹The proportion of people who had any awareness of the concept of Net Zero was 63%.
🔹Two thirds (66%) were aware of consumer dispute resolution services.
🔹Levels of trust were highest for Citizens Advice (81%) 👏👏
❌Levels of trust were lowest for energy suppliers. Four in ten (41%) people trusted energy suppliers a lot or a fair amount but almost half (48%) said they did not trust them very much or did not trust them at all.❌ MUST TRY HARDER!
In all, across all industries, it doesn’t paint a great picture. More engagement needed, and more collaboration between industries which may see an incresae in the dundeld product stats below.
