Many insurers are exploring way to sell more policies – especially life assurance – but are finding consumers just don’t want to know.
Aviva has launched a new TV campaign aimed at switching the emphasis from salesmen highlighting need to conversations about what makes a family special.
The insurers has devised special step-by-step scripts and sales aids to help advisers sell more life cover to customers increasingly unwilling to part with their money.
However, a new European Survey survey from financial firm Ernst & Young revealed British consumers demand better customer service and loyalty rewards than those in other countries.
The research also showed most insurance products are too complicated, leading consumers not to buy or to seek out clearer, less complex policies.
More than a third of consumers surveyed in the UK found life and pensions products impenetrable.
While price was the top reason for changing car or home insurance providers (70%), life and pensions firms were mainly dropped for failing to meet consumer needs.
The majority (84%) of British life and pensions customers (and 88% of non-life customers) agreed insurers trail other industries in rewarding customer loyalty.
Three quarters (75%) of life and pensions customers (83% of non-life customers) complained service levels lagged other industries.
Despite this, customers still trust the financial firms, with the UK market scoring 7/10 in satisfaction, while 30% of consumers in the UK were also willing to pay a premium for a financially stable brand.
Shaun Crawford, global insurance leader at Ernst & Young, said: “The UK has led the way in the move online, and some of the frustrations being voiced by UK consumers about levels of service, reward for loyalty and lack of transparency around products will be useful for other mature markets to learn from.”
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