“Fostering Trust in Insurance”, report takes a look at the concept of trust and its growing importance to consumers – and by extension to insurance propositions – in an era of GDPR-led data protection and a digital, connected world. The report discusses not only the extent to which trust is sought by consumers, but highlights two key routes to achieving trustworthiness within the insurance market, including case studies of brands taking these steps.
Being trusted is key to any service provider’s business. For insurance providers, where the product being sold is essentially a promise to pay out when the unthinkable or unfortunate happens, it is a foundational characteristic. However, a number of opportunities exist to enhance the transparency and credibility providers can offer – engendering far greater trust from consumers.
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Of eight characteristics defined and researched in our consumer survey, trust emerged as the most important when respondents were asked to place statements in order of agreed sentiment. Almost two thirds of individuals were characterized as “trust-driven”.
Transparency can be achieved by being honest and open with the customer on how their money is being used; being clear and fair about any changes in terms or alterations to premiums; and by making efforts to ensure policy terms and coverage are as easy to understand as possible.
Credibility can be won by working to earn and encourage positive reviews; offering measured and personalized responses to feedback, regardless of whether it is negative or positive; and by letting actions speak louder than words by ensuring fair and fast payment of claims.
Reasons to buy
Evaluate important changes in consumer behavior and identify profitable markets and areas for product innovation.
Analyze current and forecast behavior trends in each category to identify the best opportunities to exploit.
Detailed understanding of consumption by individual product categories in order to align your sales and marketing efforts with the latest trends in the market.
Investigates which categories are performing the best and how this is changing market dynamics.
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