“51% of UK consumers wouldn’t consider themselves a loyal customer of their insurance provider” The Syndicate 2016 Insurance Report

The Syndicate Synopsis 2016
Complete the form to download the The Syndicate Synopsis 2016 report

Download The Syndicate 2016 Insurance Report to see the insurance customer engagement gap for yourself.

Each year The Protection Review launches The Syndicate, a research community committed to empowering the protection insurance industry. The Syndicate seeks to explore the consumer mind-set with regard to protection insurance and establish why people hold the views they do in order to determine the best way for the industry to respond.

This year’s report highlights a growing ‘engagement gap’ that exists in the relationship between insurers and their customers.

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  • 51% of UK consumers wouldn’t consider themselves a loyal customer of their insurance provider.
  • Consumers do not trust insurers to pay a claim, the third most cited reason consumers wouldn’t buy insurance.
  • 55% of people agreed that savings are a more reliable way of preparing for financial problems than protection.
  • Customers have become obsessed with price, naming it as the number one barrier to purchasing insurance.
  • Only 35% of holders had heard from their insurer in the past 2 years.

The insurance industry is facing its greatest challenge yet. Insurers must close the engagement cap before it gets wider and start building trusted and loyal relationships with their customers. This is the time to bring the insurance industry into the 21st century.

See for yourself: Complete the form to download the full report synopsis.

 

 

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