Context
New data published by the Chartered Insurance Institute (‘CII’) on the 15th November 2023 reveals overall consumer satisfaction with insurance policies reached its joint highest level since the organisations’ Public Trust Index survey began in July 2018. The figures also show that satisfaction among those aged 55 or over rebounded sharply from a series low earlier in the year.
Key points to note
- 86% of consumers who had recently bought an insurance policy were satisfied with their purchase, the highest level since July 2022. That figure was broadly-based across motor insurance (86%), travel insurance (86%) and buildings/contents insurance (84%).
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 fell slightly, to 82%, significantly below other age groups.
- Those aged 55 and over reported a sharp rebound in satisfaction from earlier in the year, rising from 83% to 87%.
The Index also looks at opportunities to improve levels of consumer trust.
- Customers who made a claim over the past year reported further improvement in the speed of claims being paid by insurance companies.
- Consumers also reported weaker performance in relation to perceptions of loyalty.
- The so-called ‘opportunity gap’, which includes perceptions that existing customers are paying more than new customers with the same provider, has widened for the sixth survey running.
Next actions
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