The insurance-buying public is fed up with new customers getting cheaper premiums at renewal but is still confident their claims will be settled quickly, according to a new report from the CII.
The CII has launched its new Public Trust in Insurance Barometer, which has been designed to measure consumer confidence in insurance. The Barometer reveals where people are confident in the insurance profession and areas for improvement, and is based on detailed research among consumers, SMEs, insurers, regulators and public bodies.
The report finds that consumers are most frustrated by new customers being offered cheaper premiums than existing customers, but that those who have claimed on their insurance have been pleased with their insurer's performance.
When it comes to buying insurance, consumers believe the most important area is to have a good relationship with the insurer (62%), that their loyalty is rewarded (58%) and that they have sufficient protection in the product (57%). Yet, research among those buying insurance shows insurers perform poorly in terms of loyalty, with only 37% of consumers believing insurers are loyal and 38% feeling they have a relationship with them.
The research revealed that price is relatively unimportant to consumers when buying insurance, however the fact that a new customer can get a cheaper price than an existing customer is a key concern and is destroying trust in insurance.
Read our article on the CII Public Trust report here. (LINK TO PAGE 16 WHEN UPLOADED)