If figures from research commissioned by new insurance claims review service claimsrated.com are anything to go by, then it looks like the insurance claims process has an undeserved reputation.
The online survey conducted by Online Opinions in August involved 1,000 adults across England, Wales, and Scotland. Here are the numbers:
- 59% believe making a claim is daunting, complicated, and time-consuming; 76% for the 16-29 age group.
- 71% of those who had actually made a claim rated their experience as being good or very good.
- 38% of all respondents do not feel insurance companies are doing their best to make the claims process as simple as possible.
- Around 50% trust that insurers would pay out, either in full or part; 37% for 16-29 year-olds.
Claims Rated’s beta launch took place during the same week that the Competition & Markets Authority (CMA) released its report and recommendations concerning digital comparison tools. The goal of the service is to aid customers in identifying which insurance companies offer a quality claims experience – at the same time helping insurance brands, underwriters, and claims handlers differentiate themselves when it comes to their claims service.
“When we asked whether the claims experience was important to a purchase of home, car, gadget, travel, and pet insurance, 70% on average believed it was, going up to 75% for travel and 79% for home,” said Claims Rated founder James Clarke.
He commented that any policy is only ever as good as the quality of the service policyholders receive when they need to call on the cover provided. For him, the CMA report calls for opportunities for customers to make more effective comparisons.
“Valuable information about claims is woefully missing for consumers in nearly all insurance sales processes, so it’s no wonder price takes centre stage in their decision-making,” explained Clarke. “We will bring to the fore positive stories of customer service and support ensuring consumers have this measurement available when making purchasing decisions.”
Related stories:
Customer satisfaction in UK insurance slumps
Are insurtechs revolutionising the insurance claims process?
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