Restricted cover reduces public trust in insurers
Restricted cover is the biggest threat to public trust in the insurance profession in the coming months, according to a poll of Chartered Insurance Institute members
A social media survey of 583 insurance professionals conducted in June showed three out of 10 think policies that limit the risks covered or the amount that would be paid out on a claim, are the biggest threat to the public’s perception of insurance.
Roughly a quarter (26 per cent) claimed limiting the cover was most likely to erode the public’s faith in the power of insurance; and 23 per cent felt claims inflation would result in reduced confidence in the profession’s ability to provide individuals and businesses with an effective safety net.
One in five said automation of processes could prove to be the biggest threat to public trust in the insurance profession.
Consumers expect good level of cover
Matthew Connell, Director of Policy and Public Affairs of the Chartered Insurance Institute, said insurers were right to recognise these threats to the public’s faith in the profession.
Connell commented: “Consumers don’t want to have to check up on whether their insurer is acting in their interests or not – they expect a good level of cover at a competitive price, and they want to be rewarded for coming back to the same insurer every year.
“Consumers want confidence that the insurer will pay out, an easy way to do business, rewards for loyalty, an appropriate level of protection offered by a policy and to know claims will be paid quickly with respect from the insurer.”