< News | 09.07.2018

CII report findings on building consumer trust

CII report findings on building consumer trust

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)

Share

Related articles

A Disruptive World

A Disruptive World

The fifth Kent Conference was held in March, playing host to more than 160 people from different sectors of the profession, all focused on the theme of  ‘A Disruptive World’.

Liverpool members learn the magic touch

Liverpool members learn the magic touch

Members in the Liverpool area are being offered a free continuing professional development (CPD) event with a difference on 21 June.

WOMEN HEADING FOR POVERTY IN LATER LIFE

WOMEN HEADING FOR POVERTY IN LATER LIFE

The Chartered Insurance Institute (CII) has launched a new report with Insuring Women’s Futures (IWF)