March Summit White Paper: 5 ways to increase consumer trust in protection
We've launched our second White Paper describing 5 ways to increase consumer trust in protection.
Written after the recent Protection Review Summit in London on 9 March, the White Paper summarises the debate and sets out the recommendations from the discussions.
The event delivered two hours of positive straight talking and heated debate about customer perceptions of the industry. Another action-oriented event where everyone was constructive, added value and focused on customer outcomes.
Here are the five steps.
- The industry should look at finding simple ways to explain what we’re about and to promote the 'social good' we do. Let’s not assume that everyone knows what insurance is and how it works. When people don’t understand something, they are more likely to distrust it.
- We support Tom Baigrie and LifeSearch’s contention the claim is our product and our reason for being. Here is where we should refocus our attention. Is the process fit for purpose?
- We encourage companies to empathise more with their customers. Find out how they feel about the product, application and claims process. Gain insights from those feelings and refine and improve the customer experience.
- We encourage everyone to work together as an industry to generate more positive stories that would help everybody; the customer, advisers, and the networks. More videos and articles about claimants and how their lives have changed. Every claim is a potential story. The more positive stories we get out there the better chance we have of changing perceptions.
- We encourage the development of new underwriting models. These could be simpler processes or could include non-contestability. We acknowledge the effect of price and margin is a fine balance. However, more trust amongst consumers and better engagement should help grow the market and help balance cost with revenue.
Thanks to our speakers David Mead (Future Proof), Jamie Leitch (SCOR), Melissa Collett (Fairer Finance) and Steve Casey (Square Health). Here's a short video of the main points they made in their speeches.
We look forward to working with providers, advisers, and reinsurers to put these recommendations in place.
And for the full White Paper - click here to download.
We'll be running the next Summit in May 2017. Get in touch if you want to partner with us.
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