• Home
  • COVID-19
  • Life
  • Critical illness
  • Income protection
  • Health
  • Employee benefits
  • Regulation
  • Diversity
  • Mental health
  • Events
  • Industry Voice
  • Newsletters
  • Sign in
  •  
    •  

      Personalise your on site experience.


      Download and use the apps.


      Access your subscription from outside of the office.


      Get relevant news and insight straight to your inbox.

      • Sign in
     
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
    • Instagram
  • Register
  • Events
    • Upcoming events
      event logo
      Mental Health & Wellbeing 360
      • Date: 25 Mar 2021
      • Digital Conference,
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up

  • Industry Voice
Cover Magazine
Cover Magazine
  • Home
  • COVID-19
  • Life
  • Critical illness
  • Income protection
  • Health
  • Employee benefits
  • Regulation
  • Diversity
  • Mental health
 
  •  

    Personalise your on site experience.


    Download and use the apps.


    Access your subscription from outside of the office.


    Get relevant news and insight straight to your inbox.

    • Sign in
 
    • Account details
    • Contact support
    • Sign out
 
  • uncategorised

Insurance industry still has image problem - ABI

  • Owain Thomas
  • 22 June 2011
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

The insurance industry still has an image problem with the general public which the new regulatory structure is unlikely to help, according to research by the ABI.

It is also concerned with the increasing burden of European legislation and is wary of the government's commitment to support economic growth.

The ABI questioned 57 industry leaders alongside its quarterly consumer market survey and released the results at its biennial conference.

Related articles

  • Over half of households worse off financially due to Covid
  • Aviva set to continue working from home following pandemic
  • Partners& appoints head of business protection
  • One in five Brits want to make 'smarter' health decisions

Otto Thoresen, director general of the ABI, explained that the industry needed to improve its reputation to make the most of current opportunites.

"The reputation of UK financial services firms was undoubtedly harmed by the banking crisis, but insurers are not banks," he said.

"Despite this, we have to tackle our reputation head-on and we have a good platform to do this from.

"Yet, despite the valuable role insurance plays in millions of people's lives, the public perception of our industry is not high. We need to do something about this," he added.

Thoresen continued that the regulatory upheaval provided the chance to enhance the industry's image.

"Unprecedented reforms in how we sell to our customers and how people save present real opportunities to raise our reputation and improve understanding of insurance.

"We need to grasp these opportunities with both hands, and make sure that we create an environment where our reputation reflects our value to society and the economy," he concluded.

According to the study, a third of industry leaders believe the greatest weakness is its reputation, ahead of how the industry interacts with customers.

A further two thirds of executives recognised that, in light of wider implications of the financial crisis, more needed to be done to show customers that it delivers a good service.

Conversely 39% suggested the industry's greatest strength is helping customers at their time of need, followed by its contribution to the economy (21%).

This was also the top answer for customers (18%).

On regulation, the survey data revealed that almost half of industry leaders felt UK's new twin peaks regulatory structure will do nothing to improve customer trust, with over half of consumers believe that they are responsible for the products they buy.

Only 4% thought this was the job of the regulator.

The growing impact of European regulation is also being felt by firms as 98% of leaders reported being somewhat or very worried about the impact of the EU on the UK market.

Nearly half are worried about ensuring a coherent regime, with a third very concerned that the EU does not understand the need for a cost benefit analysis when proposing new regulation.

Consumers are also skeptical as only one in ten believed EU intervention is appropriate and 57% said that the EU intervenes too much in Britain's financial services.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • uncategorised
  • ABI

More on uncategorised

WATCH: COVER Excellence Awards Afterparty DJ Live Stream w/ Waxwork

Get that Friday feeling!

  • uncategorised
  • 13 November 2020
Planet Insurance - Is anger the cost of a GP report?

The news that the ABI and British Medical Association (BMA) agreement on GP report (GPR) fees has broken down will usher in a period of uncertainty.

  • uncategorised
  • 07 February 2012
Call for UK innovation investment as RGA wins in the US

Lack of innovation investment in the UK insurance market has been highlighted by recognition of RGA's work in the US.

  • uncategorised
  • 23 January 2012
Protection 2012 - Facing the future

Protection business in 2012 and 2013 will be affected by events this year and some fundamental changes to the way customers policies are priced into the next. Richard Verdin explains.

  • uncategorised
  • 20 January 2012
EAPs - The pursuit of happiness

Employee assistance programmes are in the spotlight due to a schizophrenic approach by government. But as Sue Weir points out, they are backed by solid research.

  • uncategorised
  • 20 January 2012
blog comments powered by Disqus
Back to Top

Most read

Johnny Timpson to leave Scottish Widows
Johnny Timpson to leave Scottish Widows
Royal London adds 'innovative' Underwrite Later option
Royal London adds 'innovative' Underwrite Later option
Richard Kateley to retire from Legal & General
Richard Kateley to retire from Legal & General
Matthew Chapman: Seven things I want to see in 2021
Matthew Chapman: Seven things I want to see in 2021
Aviva set to continue working from home following pandemic
Aviva set to continue working from home following pandemic
  • Contact Us
  • Marketing services
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube
  • Instagram

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading