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TRUST IN INSURANCE WAS IMPROVING BEFORE CORONAVIRUS

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Open-access content 26th June 2020

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Before the Covid-19 outbreak, consumer and business trust in the insurance profession was improving, the latest CII Public Trust Index has revealed.

A survey of 1,000 consumers and 1,000 small and medium-sized enterprises (SMEs) in January and February 2020 revealed that overall, consumer and SME satisfaction with insurance increased after October 2019.

The poll showed that knowing exactly what an insurance policy covered and excluded was only ranked the seventh most-important factor out of 50 for SMEs, and the eighth most-important factor out of 50 for consumers when buying insurance.

Before the coronavirus outbreak resulted in unprecedented government guidance to stop the spread of the coronavirus, loyalty, complaint handling, ease of doing business and assessing risk individually was ranked by SMEs as more important than understanding the extend of cover when buying and renewing insurance.

For consumers, loyalty, speed of claims, price and complaints handling were ranked as more important than knowing what a policy covered and excluded.

To find out more, visit: cii.co.uk/87789

Image credit | iStock

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