Consumer trust on the rise: The most trusted insurance brands of 2024 revealed

One of the most significant aspects of a brands identity is to be trusted. As an insurer, securing and preserving the trust of your customers will strengthen their loyalty to you as a brand. For many, trust is something that overrides the draw to selecting the cheapest provider, and we know that trust pays dividends when it comes to word of mouth amongst consumers.  

Each year, we use our Insurance Behaviour Tracker (IBT) to survey over 48,000 home and motor insurance customers to get their thoughts and opinions on their providers. It’s from this data that we can find out who are the highest-ranking insurers in terms of customer trust.  

Although we are still in the midst of a cost-of-living crisis, customer trust hasn’t decreased over the last 12 months. In fact, it has remained relatively steady throughout the year. 

Consumer Intelligence Insight Analyst, Kalle Myllarniemi, has been closely examining this year’s Awards data. “The average score for trust has fluctuated marginally throughout the year, however on the whole this metric has remained relatively steady. This may seem counterintuitive at a time when inflation has been running rampant.”  

“In the first half of 2023, shopping and switching rates shot up in our IBT data, which further highlights the importance of brand strength, which heavily correlates with brand awareness and trust.” 

Being a trusted brand is crucial for long-term success and sustainability. It creates a positive relationship with customers, fosters loyalty and repeat business, and sets the stage for growth and competitive advantage. 

Top 10 insurers for customer trust

We are thrilled to share the Consumer Intelligence Awards 2024 winners for ‘Customer Trust’:   

 *Please note: Winners are listed in alphabetical order  
 

Trust rising in unexpected circumstances 

Myllarniemi adds, “The importance of trust is amplified, now more than ever. At a time when pretty much all insurance premiums are going up, customers will be wondering what has caused the price increases at renewal. Especially as the insurance industry as a whole continues to bear a bad reputation among consumers for seemingly trying to maximise their own gains at the expense of customers.”   

“This year’s results showed that when compared with young people, older customers will arguably value brand ‘trust’ more, as they have had many years of experience with renewals and with potential claims, therefore they are more likely to consider other aspects than just price when deciding which insurer to go with.” Myllarniemi reflects.  

The Consumer Intelligence Awards allows its winners to celebrate their accomplishments. The opinion of other customers means more than the price of the insurance for most of those shopping around for a new provider, which is why we encourage winners to make the most of it!  

Our research shows that consumers are over five times more likely to choose a company that had an award based on real customer feedback than a company that had won an award based on the opinions of industry experts. That's why the Consumer Intelligence Awards are in their own lane of industry awards.  

If you have been one of the triumphant brands to have won this year, please get in touch, and a member of our team will be happy to speak to you about how we can help you capitalise on your win.   

 Are you a 2024 winner? Enquire about your award today...

Congratulations  - what an achievement! Why? Because these awards are based purely on their feedback - and they say you are the brand to be with. Now it’s over to you to decide how you would like to maximise the value of your award win. Click below to find out more...