Trust in motor and home insurers has slipped slightly, unique customer research from award-winning data analytics company Consumer Intelligence shows.
Its study reaching nearly 50,000 home and motor insurance customers has identified the top 10 most trusted insurers for home and motor with five providers featuring in the top 10s for both.
Co-Op Insurance, Lloyds Bank, M&S Bank, NFU Mutual and Saga are rated in home and motor top 10s which are ranked alphabetically. New entrants in the motor top 10 include Aviva, Lloyds Bank and More Than while Santander is a new entrant in the home top 10.
However, the total trust score for home insurers as a whole has slipped to 7.7 this year from 8.0 previously while for motor the score has dropped to 7.7 from 7.9. The average trust score for the top 10 in home was 8.1 and 8.0 in motor.
Nearly 50,000 customers were asked to rank providers on a scale of one to five on whether they trust the company with those strongly agreeing choosing five.
Ian Hughes, Consumer Intelligence Chief Executive said: “There is a strong correlation between customer trust and customer loyalty, making this a key element to standing out in an industry where customer perceptions are traditionally low.
“Brands that focus on building trusting long-term relationships with their customers thrive and grow. Customers simply do not want to do business with a brand they cannot trust.
“We congratulate the top 10 insurance brands for customer trust, and everyone involved in delivering this success.”
Insurance Edge Comment;
Interesting that A-Plan are on the list of most trusted car insurance specialists, as they are not high profile, with a mega budget marketing campaign behind it. From the comments on the A-Plan website, the emphasis is on old fashioned customer service. Never under-estimate the impact that well trained staff have, when engaging with clients and resolving problems over the phone. It is a fundamental part of retailing insurance products.
There is seemingly still a place for human skills in an online marketplace. Those chatbots will have to wait their turn, at least for a few more years.