Majority of consumers have low levels of trust in insurance providers
Just 1.36% of consumers believe that insurance brokers and providers “always” work in the best interest of their customers.
The harsh statistic comes as the industry continues trying to improve its reputation among the general public, and to distance itself from the miss-selling scandals that have hit lending providers.
Research commissioned by Insurance Times shows that 46.8% of consumers believe that brokers/ insurers “hardly ever” act in customers’ best interests, and 10.39% say that they “never” do. However a healthy 41.45% are more trusting, believing that brokers/ insurers act in consumers’ best interests “most of the time”.
The research asked consumers if knowing that a firm had Chartered status would affect their decision to use that broker/ insurer? While 43.31% said that they’d be more likely to use a Chartered company, for 50.66% it would not affect their decision. A minority of 6.03% would be less likely to use a Chartered company.
The results are a blow to the aims of the Aldermanbury Declaration, the industry initiative to improve standards of professionalism and to win public trust, which is now about halfway through its journey to full implementation of all measures by December 2013.
For a progress update on the Aldermanbury Declaration click here to view the latest edition of The Knowledge: People and Talent.
Research was conducted by consumer agency Consumer Intelligence on behalf of Insurance Times, and questioned a panel of 2205 consumers.
Do you believe that insurance brokers/ providers are working in your best interest as a customer?
| Always | 1.36% |
| Most of the time | 41.45% |
| Hardly ever | 46.8% |
| Never | 10.39 |
Would knowing that an insurance broker/ provider had Chartered status affect your decision to choose them?
| I would be more likely to use the company | 43.31% |
| I would be less likely to use the company | 6.03% |
| It would not affect my decision | 50.66% |
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