There are more home insurance products on the market now than there were back in 2008, latest Defaqto research shows.
Over the past three years, the group has seen a 15 per cent increase in the number of available policies, while 11 per cent more providers are operating within the market.
This means there are now 179 home insurance providers for consumers to choose from, leading Defaqto to call on companies to make the most of market competition.
Head of consulting Brian Brown said this involves "knowing what's changed as soon as it happens, being able to respond quickly and understanding how to communicate a product's unique selling point to really hit home with target consumers".
He noted that with the rise of the internet, providers now have fewer opportunities to engage directly with their target market, so they must take every opportunity to promote themselves as the best. |
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