Consumers and General Insurance - UK - December 2019
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Consumers are often wary about buying insurance as most people get back less than they pay in and it can be difficult to put a value on peace of mind. Many consumers find it difficult to know what level of cover they will need, making it hard to compare the relative value of various policies. Additionally, there is widespread cynicism about the industry with more than half of people thinking that insurance companies always try to get out of paying a claim.
As a result, the market is intensely price-driven as the topline cost is a metric that is more easily comparable. However, a supercomplaint by Citizens Advice and an investigation into pricing practices by the FCA have highlighted the way the sector doesn’t always operate in the best interests of customers, leading many across the industry to rethink pricing structures and the way offers are used.
“Change is coming to the general insurance market, driven by the impact of new technology and innovative new businesses entering the sector, as well as by pressure from consumer groups and the FCA, unhappy at the way the market operates, particularly with regards to how long-standing customers are treated. 54% of people think insurance companies will always try to get out of paying a claim and more than half of under-35s feel unfairly penalised by the sector. There is clearly a long way to go to convince consumers that this is an industry that truly works in their best interests.”
- Thomas Slide, Senior Financial Services Analyst
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