At the end of the day it’s during the claims process that a policyholder will truly find the value in their coverage and insurer… and if the Chartered Insurance Institute’s (CII) latest trust index is anything to go by, it looks like providers are improving their delivery against what is expected of them.
“In the motor, travel, and home insurance markets, consumers’ experiences of making a claim are significantly more in line with their expectations than they were a year ago,” noted the CII, whose UK-wide poll of 1,000 consumers and 1,000 small businesses pointed to improved numbers particularly when it comes to claims.
“This was true of the speed with which their claim is processed, the amount of respect shown to them by their insurer throughout the process, and the amount of control they have over their lives while their claim is being paid.”
In this year’s edition of the trust index, the expectations-performance gap in terms of claims processing speed stood at 5.43, which is lower than 2018’s 7.12. A narrower gap means insurers are increasingly trusted to deliver.
When it comes to respect for the customer, the figure was reduced to 4.84 from 6.39 previously. As for the control over the process, the gap was sharply narrowed from last year’s 6.06 to 3.43 this time around.
