Insurance policies that limit the risks covered or the potential amount paid out in claims are the biggest threat to consumer trust, according to The Chartered Insurance Institute (CII).
A recent survey of 583 insurance professionals conducted in June found that for 26% of respondents, limiting the amount of cover offered to individuals, would likely "erode the public's faith in the power of insurance". Around one quarter (23%) expressed that claims inflation would knock consumer confidence in the sector's ability to provide individuals and their families, as well as businesses with a safety net. Meanwhile, one in five respondents stated that automation of processes could be the biggest threat to public trust within the insurance industry. CII reveals 'refreshe...
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