More than one-third of policyholders are considering a new insurance carrier

Low- and middle-income individuals are more likely to have lukewarm feelings toward their insurance provider, while more affluent people tend to perceive their insurers with higher regard, according to Caliber. Credit: terovesalainen/stock.adobe.com

Around 37% of consumers are “likely or somewhat likely” to leave their insurance provider in the coming 12 months, according to a global survey from Group Caliber ApS, which noted this is up from the 31% of policyholders said the same thing in 2021. Portions of the survey also included feelings about banks and other financial service organizations.

Since 2021, consumers’ feelings of trust and affinity toward the insurance industry have remained static, according to Caliber, which reported the industry sees a “trust and like” score of 69, which ranks as average.

Low- and middle-income individuals are more likely to have lukewarm feelings toward their insurance provider, while more affluent people tend to perceive their insurers with higher regard, according to Caliber.

High prices and fees were the reason consumers were most often unhappy with their financial service providers (including banks and insurers), while receiving complicated or misleading information was also a big driver of dissatisfaction, Caliber reported.

The insurance sector scored well when it came to categories such as integrity and authenticity, but saw more average results for factors such as leadership in society, innovation and differentiation.

Policyholders are also less likely to support their insurance providers now. Caliber found that compared with two years ago:

• 4% fewer policyholders would say something positive about their insurer if given the chance.
• 6% fewer would buy or continue buying products from the company if given the chance.
• 2% fewer would recommend the company.
• 3% fewer would seek employment with their insurance provider if they were looking for a job.

Caliber found that to appease today’s consumers, organizations across financial service sectors would prioritize easy, digital access to manage accounts and payments. A strong emphasis on exceptional customer service and overall communication is also vital.

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