Trust between insurers and consumers is at all-time low. Why?
Wiraya questioned 2,000 consumers and 200 insurance professionals in two independent studies to understand the issues the industry is facing, and to uncover what steps must be taken in order to foster an engaging and beneficial experience for consumers while increasing business revenues.
Consumers today are exposed to a multitude of brand messages through more channels than ever before. In the case of insurance this bombardment has regressed to one simple factor, price.
The report reveals some stark results for the industry while offering some key opportunities for those brands looking to take a lead.
– Trust between insurers and consumers is at all-time low
– Insurers think consumers inflate claims twice as much as they do
– Clear brand identity and differentiation has been lost
– 1 in 4 consumers confuse price comparison sites for insurers
– The industry is all about price and its a race to the bottom
– What matters to consumers is expert communication from the outset
– Competition is rising with an influx of innovative challenger brands