Trust Regained – How Insurers Can Win Back Customers
Insurance is vital for a happy society. Trust the foundation stone of insurance. If providers can not address the crisis in trust, they will continue to fail consumers, and risk being replaced by rivals who can.
This report takes a deep dive into the root causes of the lack of trust in insurance. It also spells out the remedies.
What you’ll learn about in this whitepaper:
- The greatest challenge facing insurance
- The scale of the crisis
- The consequences and root causes of low trust
- Ways to regain trust
Just one in five customers across the United States, the United Kingdom, France, Germany, Italy, Japan and Switzerland consider insurers trustworthy
Consumers with a low sense of trust exhibit are flighty. Brands must compete on price, leading to wafer-thin mark-ups on policies with budget-grade coverage.
Insurance is vital for a happy society. Trust the foundation stone of insurance. If providers can not address the crisis in trust, they will continue to fail consumers, and risk being replaced by rivals who can.
Key findings
21%
Customers who consider insurers trustworthy and the trend slopes downwardly.57%
Trust in financial services as compared to 75% trust in technology brands.30%
Of consumers either had tried or were very likely to try insurance from bigtech companies or insurtech.“You can have all the facts and figures, all the supporting evidence, all the endorsement that you want, but if you don’t command trust, you won’t get anywhere.”
Naill Fitzgerald
Former Chairman with Unilever