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Cost-of-living crisis changes consumer’s claims expectations
Publication date:
11 October 2022
Last updated:
18 December 2023
The cost of cost-of-living crisis is causing consumers to want claims paid faster and to feel more in control during the claims process, according to the findings of the latest Chartered Insurance Institute (CII) Public Trust Index.
The cost of cost-of-living crisis is causing consumers to want claims paid faster and to feel more in control during the claims process, according to the findings of the latest Chartered Insurance Institute (CII) Public Trust Index.
The quarterly index, which gathers insight from consumers and SMEs about their experience of buying, renewing and claiming on insurance products, revealed the speed of claims rose from the seventh highest priority for consumers in July 2021 to the third highest priority in July 2022.
Control over the claims process has moved from ninth priority to the sixth highest priority over the same period.
Matthew Connell, Director of Policy and Public Affairs for the Chartered Insurance Institute, said: “We launched the Public Trust Index to help measure trust in the insurance profession, and our findings today reveal the desire for faster claims processes – for example – comes during times of stress and uncertainty.
“The last time consumers felt this strongly was during lockdown in May 2020. Consumers do rate the value of the premiums they are paying as important, but quality of complaints handling, and the clarity on policy wording is rated higher.
“With the FCA’s measures on renewal premiums in place for less than a year, the Public Trust Index shows this is an area of greatest dissatisfaction. It’s likely consumers feel that they should be rewarded for their loyalty, not penalised, and put at a financial disadvantage.”
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.