Consumers want insurance claims paid faster during the cost of living crisis
Latest findings from the Chartered Insurance Institute reflect a desire for faster payouts from insurers, as well as more control in the claims process
The cost of living crisis has changed consumer claim expectations, according to the most recent Public Trust Index published by the Chartered Insurance Institute (CII).
Consumer priorities have changed, with the speed of claims rising from seventh-highest priority in July 2021 to third-highest priority in July 2022. Control over the claims process has moved from ninth priority to sixth-highest priority in the same period.
Matthew Connell, Director of Policy and Public Affairs for the CII, said: “We launched the Public Trust Index to help measure trust in the insurance profession, and our findings today reveal the desire for faster claims processes – for example – during times of stress and uncertainty.
“The last time consumers felt this strongly was lockdown in May 2020. Consumers do rate the value of premiums they are paying as important, but quality of complaints handling, and the clarity on policy wording, is rated higher.
“With the FCA (Financial Conduct Authority) measures on renewal premiums in place for less than a year, the Public Trust Index shows this is an area of greatest dissatisfaction. It’s likely consumers feel that they should be rewarded for their loyalty, not penalised, and put at a financial disadvantage.”
The index, published every three months, gathers insight from customers and small- to medium-size enterprises about their experiences buying, renewing and claiming on insurance products.
There are also specific insurance benefits that employees are seeking, like discounts and free lunches, to support them during the cost of living crisis.