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    • 09/24/15
    • Financial Services
    • Media and Entertainment
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • Consumer Panels
    • Shopper
    • United States
    • English

    GfK Announces Management Board Changes

    GfK SE announced that Debbie Pruent will retire and be replaced by David Krajicek as Chief Commercial Officer for the Consumer Experiences Sector.

    • 09/22/15
    • Financial Services
    • Automotive
    • Connected car
    • Global
    • English

    A tale of meerkats, robots, and italian tenors

    One of the more surprising British financial facts of recent years is that, despite an advertising arms race from price comparison sites urging consumers to shop around when renewing insurance, switching between providers has actually decreased.

    Motor insurance is perhaps the most striking example. According to our Financial Research Survey (FRS), switching motor insurance providers has fallen to its lowest level since before the financial crisis, while those electing to simply auto renew without taking out any quotes at all, now stands at almost 40% – the highest since 2009.

    Less switching appears to have been heavily influenced by falling premiums. Like many drivers recently I have experienced a pleasant surprise when renewing my car insurance – it has got cheaper and this is not just because I drive a safe unfashionable car more John Craven than Lewis Hamilton.

    For the majority of drivers prices have also dropped, falling by an average of 10% since 2012, knocking around £50 off the average bill. And so while messages from the likes of meerkats, robots, and Italian tenors advising me to shop around for car insurance don’t go unnoticed, I have stuck with the same insurer.

    However, things may be about to change. Premium prices are beginning to rise reflecting a general increase in claims. Over the last six months the majority of insurers have issued warnings that prices are going up. In addition, the announcement by Chancellor George Osborne in the summer Budget that Insurance Premium Tax is going up from 6% to 9% in November is expected to add £12 to the average comprehensive policy. With price overwhelmingly dictating opinion as the main reason for picking a provider, the expected future uplift in premiums is likely to cause increased switching in the coming months.

    The worrying aspect for insurers is that despite the recent fall in premiums, the public’s view of insurers is still pretty awful. Motor insurance is perceived by many as a necessary evil rather than a positive purchase. This underlying mistrust even extends to a notion that the forced purchase of motor insurance enables insurers to exploit motorists and make easy profits. In reality, the industry is barely profitable at best due to fierce competition between providers and rising claim costs.

    This lack of trust has manifested itself over the last 18 months in falling levels of satisfaction and recommendation. Complaints to the Financial Ombudsman Service about general insurance are also on the rise – up 16% in the first six months of 2015 compared with the previous six months.

    Overcoming trust issues are particularly difficult across insurance because customer touch-points are so limited. Typically, interaction between insurers and customers is limited just to the annual renewal notice, meaning that insurers rarely have any positive evidence regarding what they offer. Some insurers are now addressing these issues by talking less about price and more about the inherent value that comes with being insured.

    But the real game changer could be the rapidly emerging Internet of Things with its potential to provide specific behavior based data. This could revolutionize the insurance industry by making sure that the risk of insuring a person, vehicle or property is better understood and is priced accordingly. By doing this insurers could offer genuine personalized products thereby differentiating themselves beyond price. As Aleksandr the Meerkat would say, Simples!

    For more information, please contact Jamie Talmage at jamie.talmage@gfk.com.

  • Social media: Separating customer sentiment from the noise
    • 09/14/15
    • Automotive
    • Connected Consumer
    • Global
    • English

    Social media: Separating customer sentiment from the noise

    The GfK Social Media Intelligence solution helped our client to understand customer sentiment about a new car model, allowing it to sharpen its marketing approach.

  • Social media: Separating customer sentiment from the noise
    • 09/14/15
    • Automotive
    • Belgium
    • English

    Social media: Separating customer sentiment from the noise

    The GfK Social Media Intelligence solution helped our client to understand customer sentiment about a new car model, allowing it to sharpen its marketing approach.

  • Social media: Separating customer sentiment from the noise
    • 09/14/15
    • Automotive
    • Greece
    • English

    Social media: Separating customer sentiment from the noise

    The GfK Social Media Intelligence solution helped our client to understand customer sentiment about a new car model, allowing it to sharpen its marketing approach.

  • Social media: Separating customer sentiment from the noise
    • 09/14/15
    • Automotive
    • Singapore
    • English

    Social media: Separating customer sentiment from the noise

    The GfK Social Media Intelligence solution helped our client to understand customer sentiment about a new car model, allowing it to sharpen its marketing approach.

  • Actionable ideas enhance SUV launch campaign
    • 09/03/15
    • Automotive
    • Global
    • English

    Actionable ideas enhance SUV launch campaign

    GfK helped this car manufacturer to understand consumer responses to its upcoming TV campaign in preparation for a new product launch.

  • Actionable ideas enhance SUV launch campaign
    • 09/03/15
    • Automotive
    • Singapore
    • English

    Actionable ideas enhance SUV launch campaign

    We helped this car manufacturer to understand consumer responses to its upcoming TV campaign in preparation for a new product launch.

  • Tire Trends in Europe
    • 08/18/15
    • Automotive
    • Global
    • English

    Tire Trends in Europe

    What are the key trends in tire purchase across the major European markets and the importance of SUV's on the market.

  • What is the connected car?
    • 08/11/15
    • Technology
    • Automotive
    • Connected car
    • Global
    • English

    What is the connected car?

    Early adopters, especially Gen Y, are looking for a more connected driving experience. Find out how safety, autonomous driving and entertainment are driving demand for connected features

    • 07/28/15
    • Automotive
    • Global
    • English

    What can Leading Edge Consumers (LECs) tell us about the car of the future?

    According to our Connected Car study, the car of the future is almost here. The arrival of connected vehicles will usher in a new era in automotive history and features that could not have been imagined a short while ago will soon come as standard with most new car models. But how widely do the new features on offer appeal to drivers? Our survey of 5,800 consumers in Brazil, Russia, China, Germany, the UK and US provides clues to their attitudes towards seven new connected car concepts. The results give much needed insight into how connected cars are likely to be received by the mass market and Leading Edge Consumers (LECs) – a highly influential group who often lead the way in the adoption of new technologies.

    15% of respondents in our global study are defined as LECs. As is often the case with LECs, this group of early adopters and influential consumers is dominated by young males. 64% of LECs in our survey were male and 61% were classified as young. Although just a small sub-set, this group is well and truly in the driving seat when it comes to shaping the car of the future. Automotive manufacturers need to take time to understand the needs and motivations of this important group because LECs are, without a doubt, significantly more likely than other respondents to welcome new connected car concepts. They over-index on all seven concepts tested and are keen to embrace the possibilities afforded by new technologies. But instead of just being ahead of the curve and more likely to welcome new concepts, LECs have a different set of priorities when it comes to new features.

    “Ultra Safe” and “Data Tracker” – features that enhance safety and enable drivers to track consumption, run diagnostics and access accident data – are rated most highly by both LECs and non-LECs. However, whereas general consumers perceive “Life Manager” – a feature that enables a car to communicate with other connected devices – as being least appealing at 62%, LECs clearly can appreciate the benefits offered at 84%. Similarly, while a car that understands their entertainment preferences appeals to 68% of general consumers, it appeals to 90% of LECs.

    How can transport in five years’ time look like?

    When we asked consumers about what transport methods they expect to be using daily in five years’ time, LECs were far more likely to be sharing cars than non-LECs. Half of LECs expect that they will be car-pooling compared to less than a third (32%) of non-LECs. Car clubs (pay-as-you-go) are likely to be almost twice as popular amongst LECs than non-LECs (47% compared to 24% respectively). The willingness of this highly receptive audience to drive cars other than their own offers manufacturers the opportunity to use car club models to showcase new functionality and drive demand.

    In line with data from LECs and as adoption increases, we anticipate there will be greater demand for a range of “lifestyle” benefits as consumers start to understand the many possibilities the connected car brings. While entertainment and lifestyle management related components are, as yet, only achieving strong appeal amongst this smaller, highly technology literate sub-set, we believe it is only a matter of time before these functionalities go mainstream.

    Background Leading Edge Consumer See our infographic about the Leading Edge Consumers and how they are driving the connected car market. Leading Edge Consumers are the consumers who are most likely to shape the future – those are early buyers, who are passionate about the auto-tech industry, and/or they influence others.

    Frank Haertl is Global Lead Automotive for GfK.

    Get our Connected Car report:

    GfK’s Connected Car Report: Download our free preview report or get the full insights in our global report, which is available to purchase now. It contains detailed market-by-market analysis and brand specific insight. For your definitive guide to the road ahead or any further information, contact us.

    For more about our offerings, visit our Automotive pages.

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  • Where are the tire tracks leading us to?
    • 07/23/15
    • Automotive
    • Global
    • English

    Where are the tire tracks leading us to?

    Which ASEAN markets will follow Indonesia and experience strong growth? And what will this mean for the car tire market in the region?