Fostering Trust in Insurance

Fostering Trust in Insurance

Summary

"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 providers 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. Despite this, trust in the insurance industry is low. If Lemonades Dan Arielys assertion is to be believed, the market inherently encourages dishonesty by all. However, a number of opportunities exist to enhance the transparency and credibility providers can offer - engendering far greater trust from consumers.

Scope

- 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

- Enhance your view of the customer with nuanced segmentation that focuses on the importance of trust as a purchase-decision driver versus other motivations.
- Benchmark and consider your approach to customer servicing against a view of how consumer demands are shifting and what approaches other players are taking.

Executive Summary
Trust is a key driver
Trust in insurance is low
Trust will increase in importance
Transparency is required
Credibility must be won in an online world
New business models are emerging
Appendix

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