CII trust tool
01 November 2019
15 November 2019
Policy and Public Affairs
Every quarter, the Chartered Insurance Institute (CII) conducts research with consumers and SMEs about their experience with buying, renewing and claiming on insurance products.
This trust tool shows the detailed results of the survey and allows you to drill down into the individual statements that drive the opportunity scores.
The opportunity scores measure the distance between consumer expectations and delivery – the bigger the gap, the bigger the opportunity to build trust by doing something about it.
As a rough guide:
- If the scores are 8 or above, there is a big gap between expectations and delivery, and urgent action is needed across the sector to improve trust
- If the scores are around 4-6, investment in this area is likely to pay dividends in terms of improved trust
- If the scores are 3 or below, increased investment will still improve consumer trust, but at a slower rate
The tabs in the spreadsheet show different results from the research. They include:
- An overall satisfaction score for the sector.
- Reasons for taking insurance.
- A ranked opportunity score by statement. This allows you to tell how consumers react to different statements about insurance, such as "The premium doesn’t increase because I’m not a new customer anymore" and "I am happy to pay a little extra for a brand that I recognise". The scores rank both the importance consumers place in these statements, and how they think their insurer is performing.
- The ranked opportunity scores are also split by age, gender, ethnicity and product, to give a more granular view of how trust is developing, and where the opportunities are to increase trust in insurance.
Using the trust tool: attitudes to data
By comparing the weight that consumers give to different answers in the Trust Index, we can build a detailed picture of consumer attitudes to complex issues, such as the use of personal data.
The tool shows that consumers want insurers to have a lot of data that is relevant to the risk they are insuring. Of the 49 statements tested in the survey, the 11th biggest gap between expectations and delivery was "My insurer assessed my risk individually, rather than using generic assumptions".
However, it is also clear that consumers are much less interested in sharing information that is not relevant to the risk being covered – there was a much smaller gap in expectations and delivery when it came to the statement "My insurer knows me and what is important to me": this statement only had the 37th highest rating out of 49.
The message is that people want insurers to have as much data as they need to assess risk, but they not interested in having an over-familiar relationship with their insurer. If insurers want consumers to share a wider range of data with more enthusiasm, they will have to change their proposition from traditional insurance products to a wider, lifestyle offering that helps them to actively manage their risk.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.