The vast majority of businesses and consumers feel overwhelmingly positive about their insurance providers and most of the insurance policies they buy, according to research by legal firm DWF. It found that 93% of consumers and 94% of businesses are satisfied with the service they receive from their current insurers.
The Future of Insurance report – based on a survey of 2,000 consumers and 403 insurance purchase decision makers at businesses in the UK – reveals that the pandemic has positively reinforced buyers’ perceptions of insurance, with nearly half of consumers (41%) and businesses (42%) reporting that the pandemic has made them appreciate the importance of insurance policies much more.
However, both groups believe the insurance buying process could still be improved, with 66% of consumers and 70% of businesses stating that choosing or buying an insurance policy is always a difficult process. Both sets of buyers would like to see clearer policy documents, with policies written in plain English and greater clarity around product information, especially more transparent explanations of any caveats or exclusions.
Younger consumers (aged 18-24) are more open to new approaches from insurers. More than seven in ten of this age group are interested in personalisation and customisation in their insurance policies, whereas 43% of over 65s are not, suggesting an opportunity for insurers to use innovation to engage with existing customers and attract new ones.
Claire Bowler, global head of the insurance sector at DWF, said: “There are some parts of the research that insurers will hopefully find of interest for their product lines and development, specifically around businesses and consumers wanting a more nuanced, tailored and responsive service from their insurers. Younger customers in particular seem willing to pay for more innovative, personalised and customised products which gives insurers the perfect opportunity to refine their offering, develop new solutions and forge enhanced relationships with their customers.”
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