Insights: Re-setting consumer expectations on claims

The life insurance industry finds itself in an unusual position. Despite the numerous reputational issues faced by the banking sector in recent years, more people still have a higher degree of trust in banks (22%) than they do in insurers (19%)[1]. Consumer scepticism seems to stem principally from the perceptions people have around policy payouts. In a recent survey, only 8% of consumers believe that insurers have got better at paying claims, while 48% believe they've got worse[2]. The average consumer also expects insurers to pay only half of life cover claims, when the realit...