Consumer Trust for Insurers Low, According to Latest Study
October 27, 2011

Only 48 percent of consumers in both the United States and the United Kingdom trust their insurance providers, according to a new study recently commissioned by Pitney Bowes Business Insight, a software solutions provider that provides products to the insurance industry.

Only 41 percent of respondents reported in the study that they trust insurance companies to do what is right, and 45 percent of customers believe that, if they shared their problems with their insurance providers, they would receive a caring response, according to the study.

When it comes to electronics, 47 percent of survey participants said they trust self-service technologies like e-commerce platforms and online accounts.

Fifty-three answered affirmatively when asked whether they feel satisfied with the treatment they receive from their insurers, along with the relationship in general and service provided.

The study also found that 32 percent of respondents think that their insurance providers are doing a good job of implementing policies that favor the customer’s best interest.

“One of the major struggles for the insurance industry is commoditization and customer churn,” says Bill Sinn, strategic marketing director, Pitney Bowes Business Insight.

According to the study, the majority of consumers said they believe “improv[ed] customer communication” is crucial for developing trust with insurers, and some cited that higher levels of quality, clarity and transparency would be most helpful in communications from their insurance providers.

The full study, titled “The Role of Trust in Consumer Relationships,” is available here.

This story is an original story by AGRR™ magazine/™. Subscribe to AGRR™ Magazine.
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