1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
Fostering Trust in Insurance

Fostering Trust in Insurance

  • February 2018
  • 22 pages
  • ID: 5342344
  • Format: PDF
  • By GlobalData

Summary

Table of Contents

Search Inside

Fostering Trust in Insurance

Summary
Of eight characteristics defined and researched in our consumer survey, trust emerged as the most important when respondents were asked to place statements in order of agreed sentiment. Almost two thirds of individuals were characterized as “trust-driven”.

Being trusted is key to any service provider’s business. For insurance providers, where the product being sold is essentially a promise to pay out when the unthinkable or unfortunate happens, it is a foundational characteristic. Despite this, trust in the insurance industry is low.

Various studies and surveys in recent years have demonstrated low trust levels in the insurance industry.While a modicum of trust already exists in the market for it to function, this can be seen as only enough for marriages of convenience or necessity. Transparency can be achieved by being honest and open with the customer on how their money is being used; being clear and fair about any changes in terms or alterations to premiums; and by making efforts to ensure policy terms and coverage are as easy to understand as possible.

Credibility can be won by working to earn and encourage positive reviews; offering measured and personalized responses to feedback, regardless of whether it is negative or positive; and by letting actions speak louder than words by ensuring fair and fast payment of claims.New business models within the insurance industry are redefining how trust may be earned - be it through simply enhancing clarity via use of technology, being more flexible on contract terms, or shifting revenue models to give money back or to charitable causes.

The report "Fostering Trust in Insurance", takes a look at the concept of trust and its growing importance to consumers - and by extension to insurance propositions - in an era of GDPR-led data protection and a digital, connected world. The report discusses not only the extent to which trust is sought by consumers, but highlights two key routes to achieving trustworthiness within the insurance market, including case studies of brands taking these steps.

Companies mentioned in this report: Aviva, Liberty Mutual, DAS, Amazon, Trip Advisor, Reviews.co.uk, Trustpilot, Swinton, Saga, Privilege, Petplan, More Than, LV=, Hastings Direct, esure, Direct Line, AXA, Animal Friends, Admiral, Lemonade, Bought By Many, Kinsu.

Scope
- Of eight characteristics defined and researched in our consumer survey, trust emerged as the most important when respondents were asked to place statements in order of agreed sentiment. Almost two thirds of individuals were characterized as “trust-driven”.
- Transparency can be achieved by being honest and open with the customer on how their money is being used; being clear and fair about any changes in terms or alterations to premiums; and by making efforts to ensure policy terms and coverage are as easy to understand as possible.
- Credibility can be won by working to earn and encourage positive reviews; offering measured and personalized responses to feedback, regardless of whether it is negative or positive; and by letting actions speak louder than words by ensuring fair and fast payment of claims.

Reasons to buy
- Enhance your view of the customer with nuanced segmentation that focuses on the importance of trust as a purchase-decision driver versus other motivations.
- Benchmark and consider your approach to customer servicing against a view of how consumer demands are shifting and what approaches other players are taking.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
20% Off

($1295)

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
UK General Insurance: Key trends and Opportunities to 2023

UK General Insurance: Key trends and Opportunities to 2023

  • $ 3999
  • January 2020

UK General Insurance: Key trends and Opportunities to 2023Summary’UK General Insurance: Key Trends and Opportunities to 2023’ report provides in-depth market analysis, information and insights into ...

Mexico General Insurance: Key trends and Opportunities to 2023

Mexico General Insurance: Key trends and Opportunities to 2023

  • $ 3999
  • January 2020

Mexico General Insurance: Key trends and Opportunities to 2023Summary ’Mexico General Insurance: Key Trends and Opportunities to 2023’ report provides in-depth market analysis, information and insights ...

Argentina General Insurance: Key trends and Opportunities to 2023

Argentina General Insurance: Key trends and Opportunities to 2023

  • $ 3999
  • December 2019

Argentina General Insurance: Key trends and Opportunities to 2023Summary’Argentina General Insurance: Key Trends and Opportunities to 2023’ report provides a detailed outlook by product category fo ...


ref:plp2018

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on