According to June survey of Chartered Insurance Institute (CII) members, which polled 583 insurance professionals, restricted cover is the biggest threat to public trust in the profession in the coming months.
Three in 10 respondents said that policies with limits to the risks covered or the amount paid out per claim were the biggest threats to the perception of the insurance industry, while a quarter (26%) said that limiting cover would 'erode the public's faith' in the power of insurance. Similarly, 23% felt that claims inflation - spurred on by the current economic backdrop - would reduce confidence in the effectiveness of the safety net provided by insurance.
A fifth of respondents said automation of processes during claims would be the biggest threat to public trust.
Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said insurers were right to recognise the threats to the public trust in the profession. The CII's Public Trust Index, which explores the results of a survey taken by 1,000 home, motor and travel insurance consumers, shows consumers want insurers 'to be like a good butler: quietly getting on with their job when they are not needed, attentive and responsive when they are needed'.
Connell said:
“Consumers don’t want to have to check up on whether their insurer is acting in their interests or not – they expect a good level of cover at a competitive price, and they want to be rewarded for coming back to the same insurer every year.
“Consumers want confidence that the insurer will pay out, an easy way to do business, rewards for loyalty, an appropriate level of protection offered by a policy and to know claims will be paid quickly with respect from the insurer.”
