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Trust in insurance was improving before Coronavirus
Publication date:
27 May 2020
Last updated:
25 February 2025
Author(s):
Chartered Insurance Institute
Before the coronavirus outbreak consumer and business trust in the insurance profession was improving, the latest Chartered Insurance Institute Public Trust Index revealed.
A survey of 1000 consumers and 1000 small and medium-sized businesses this survey took place over two waves of 500 consumers/SMEs – the first took place in October 2019 and the second took place in January/February 2020 revealed that overall, consumer and SME satisfaction with insurance increased slightly between 2019 and February 2020.
The poll showed knowing exactly what an insurance policy covered and excluded was only ranked the seventh most important factor out of 50 for SMEs and the eighth most important factor out of 50 for consumers when buying insurance.
Loyalty, complaint handling, ease of doing business and assessing risk individually was ranked by SMEs as more important when buying and renewing insurance. For consumers, loyalty, speed of claims, price and complaints handling were ranked as more important.
Matt Connell, director of policy and public affairs of the Chartered Insurance Institute, said in light of headlines relating to travel and business interruption insurance and the nation’s experience of making claims as a result of the coronavirus it will be interesting to see how consumers’ and SME’s confidence that policies will pay out for risks that are relevant to them will be affected by their experiences with Coronavirus.
He said: “The CII Public Trust Index is the only index that tracks public trust in insurance for consumers and SMEs on a quarterly basis. The data that we have gathered will form an important baseline so that we can understand the impact on trust in insurance of recent events, when we publish the next round of results in the summer.”
“In addition, the CII trust index is the only index that identifies issues with trust in insurance – such as the confidence people have that all their relevant risks are covered, or the speed in which claims are paid – and identify ways in which insurers can change the way they operate to improve trust in future. As a result, we expect the trust tool to play a key role in improving trust in insurance through 2020 and beyond.”
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.