Customer loyalty - Businesses 'punish' those who stay with a $3.6 billion slug every year

7news.com.au: Customer loyalty – Businesses ‘punish’ those who stay with a $3.6 billion slug every year

Originally published: 7news.com.au, 27 June 2019

Australian consumers loyal to their insurance, telco and energy providers are collectively paying $3.6 billion more than they need to every year.

The staggering figure was revealed by the NSW insurance monitor, Professor Allan Fels, on Wednesday.

Attrill said research conducted for comparethemarket.com.au by Pureprofile in June 2018 showed that most Australians were not motivated enough to switch to a cheaper car insurance policy until premiums increase by between $100 and $150 on the same policy, “mainly because they don’t think they can find a better deal.”

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