Winning consumers’ trust can be tricky for insurers. According to Accenture, insurance companies score significantly lower than banks on the trust index, with only 29% of customers trusting insurers, versus 40% for banks. Competitive pricing and advice that helps people live safer lives are two ways that companies can build loyalty, though one Canadian insurer has found other ways of standing out.
“[It’s about] delivering on that promise that you give customers when you sell them an insurance policy, [as well as] communicating well with consumers, making sure that you keep that open two-way line of communication, you respond in a timely manner, and you use simple and plain language to explain things to consumers,” said Matthew Turack (pictured), president of CAA Insurance. CAA was recently named the most trusted insurance brand in Canada, and the second most trusted brand overall in the annual Gustavson Brand Trust Index.
“Consumers don’t necessarily always understand the legal speak or the complex wordings that are in our policies, so being able to take the time and sit there with consumers and give them an in-depth understanding of both what is in their policies, but also in the claims moment, hold their hand and make sure that you’re there for them, and make sure that they understand what’s going to happen next in the claims [process].”
CAA has also been focused on delivering products and services that put consumers first, including adjusting to their changing lifestyles. CAA’s MyPace program is an example, as it allows drivers to pay for insurance for every 1,000 kilometres that they drive. The product is aimed at motorists who drive less than 9,000 kilometres a year, since they pose less risk on the road.
Taking the temperature of issues that impact consumers, such as distracted driving or cannabis impairment, through studies and targeted campaigns is another way that CAA stays in Canadians’ good graces.
“It is one of our mandates that we continue to be involved with government and have great relations with all the different parties in government [as we] advocate for safe roads,” said Turack. “We’re one of the few organizations who can talk about advocating and being on the forefront of seatbelts when seatbelts came into play and the legislation around that, so it has been our mandate that we continue to advocate for consumers and their safety while they’re on the road.”
The consumer, after all, is at the centre of each and every insurance policy, and keeping them satisfied with the products they’re getting while also keeping them safe requires a bit of thought.
“It comes back to being innovative, and being creative as an insurance company, but also really putting consumers’ interests first. We created MyPace as a way of giving consumers choice and control over their auto insurance product,” Turack told Insurance Business. “This is not the last innovative idea we’re coming up with – this is just the start and we’re going to continue to find innovative and creative solutions for consumers that fit into their life needs.”
