Restricted cover is the biggest threat to public trust in the insurance profession over 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.
Matthew Connell, Director of Policy and Public Affairs at the Chartered Insurance Institute, said insurers were right to recognise these threats to the public’s faith in the profession.
The Chartered Insurance Institute’s Public Trust Index, produced by a survey of 1,000 consumers of home, motor and travel insurance, shows consumers want insurers to be like a good butler: quietly getting on with their job when they are not needed, attentive and responsive when they are needed.
Mr Connell said:
“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.”
Content provided by The Chartered Insurance Institute (CII)
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The Chartered Insurance Institute is the professional body dedicated to building trust in the insurance and financial planning profession. Our strapline Standards. Professionalism. Trust. embodies our commitment to driving confidence in the power of professional standards: competence, integrity and care for the customer.
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