An industry body of rising insurance professionals is urging their colleagues to build trust in the profession by exerting more effort into educating consumers.
The Chartered Insurance Institute’s New Generation Broking Group 2018-2019 released a report that recommended several actions to increase public trust. These include making sure clients understand why they need to purchase a particular product or level of cover, which can be done if a broker has adequate understanding of the customer and their needs.
The report suggested changing the focus of conversations from the price of the premium to the value insurance can provide for customers. Loyalty and honesty are also important, the report said, and brokers must be transparent about what they and insurance policies can and cannot do.
“Service is critical to building trust,” said Natasha Hookings, member of the New Generation Broking Group. “This means the personal touch, building relationships and making contact with consumers, which should be supported by technology to understand their needs and deliver adequate solutions.
“The market must evolve technology so that an excellent service can be delivered. Both people and technology are key as systems must work efficiently and break down data to help us better understand our customers’ needs.”
According to the New Generation Group, which is made up of rising stars in the broking profession, these actions are vital to tackle the increased risk of policies being voided or cancelled, claims either partially paid or not paid at all, and previous payments being recalled.
“The CII has long discussed the importance of trust and confidence in insurance,” said Matt Connell, CII director of policy and public affairs. “We believe both can be restored if professionals are crystal clear about what needs can be met by products and services. I recommend insurance professionals read this thought-provoking report from the New Generation Group.”