If you read the comments on Trustpilot, Google Reviews or insurance brands’ social media accounts, then you will struggle to understand where the CII are coming from on this one. Consumer satisfaction has never been higher? Really? It does the industry no favours if you bury your head in the sand and fail to simplify the T&Cs in travel cover or modernise parametric payments and repatriation compensation in a strike-prone, technical fault fragile travel market. The recent air traffic control glitch ( cyber attack?) which saw travellers stranded for days is the sort of risk that people expect to be covered. But all too often, it isn’t, or hotel and extra expenses are capped at low levels given the spike in demand for emergency accomodation and onward travel 3 days later.
Travel insurance needs to be much clearer about what is and what isn’t covered. It’s also time to update the 1970s definition of “close family members or partners” when it comes to cancellation of trip. Modern two location relationships, blended families, fostering/adult caring roles and more have all changed the nature of households or emotional partnerships. Travel cover needs to reflect that social reality.
Here’s the word;
New data published by the Chartered Insurance Institute (‘CII’) reveals overall consumer satisfaction with travel insurance policies has reached its highest level since the organisations’ Public Trust Index survey began in July 2018. The figures also show that those aged 18-34 are more satisfied with all forms of insurance policy than at any point over the past 5 years. However, there has been a downward movement in satisfaction among those aged 55 and over.
The professional membership body for the insurance sector asks around 1000 consumers and 1000 SMEs about their satisfaction with a range of insurance policies every six months, and the Index is the longest established industry measure of its kind in the UK.
The latest outturns ( sorry, what? Did you mean responses? – Ed) show that 87% of consumers who had recently bought a travel insurance policy were satisfied with their purchase, compared to just 76% in July 2021, when the sector was facing challenges following the Covid-19 pandemic. Only 5% of consumers said they were not satisfied with their purchase in these latest data, compared to 8% in July 2021, with the remainder neither satisfied nor dissatisfied.
MOTOR AND HOME CONSUMERS NOT THAT HAPPY
In contrast, the proportion of respondents who said they were satisfied with their buildings and/or contents insurance policy fell to 81%, and consumer satisfaction with motor insurance policies fell to 85%, consistent with the recent publication of research by the Association of British Insurers.
The Index also looks at consumer responses by age, gender and ethnicity. The proportion of respondents aged 18-34 who said they were satisfied with all forms of insurance policy that they had purchased recently rose to a record high of 83% in this latest survey, up from 74% in July 2021. In contrast, the proportion of respondents aged 55 and over expressing satisfaction has fallen steadily over time, from 91% in 2019 to 83% in this latest survey.
Reflecting on the numbers, CII Group Chief Executive, Alan Vallance, said: “Our Public Trust Index is an important barometer for the whole insurance profession. While it’s pleasing to see an improving picture for some groups of consumers, and for some policies, much like our UK summer it’s by no means a sunny outlook across the insurance market. The CII encourages our members and other sector participants to act on these latest findings, to maintain and build public trust in the insurance profession.”