For a product that is sold on a promise, the success of insurance brands depends on instilling trust in consumers.
For most people, buying an insurance product is not a pleasure purchase, and having the confidence their insurer is going to deliver when they need it most has a huge bearing on the brand they choose.
As a result, we are delighted to reveal the top 10 companies in the UK for customer trust*, as voted for by you.
Top 10 brands for customer trust
The average scores for the Top 10 brands were 4.2 for Home, and 4.1 for Motor. Across the market we saw average scores of 4.0 and 3.9, respectively. Top performing brands had 90% of respondents rate them as either a 4 or 5 out of 5.
Five brands make the Top 10 for both categories: Co-op, M&S, Nationwide, NFU Mutual and Saga. We note that this category has the highest correlation of household names — brands with established reputations, larger product portfolios, and significant marketing budgets to help build reputation. Brand strength also affords additional opportunities for customer touchpoints, which means more opportunities to demonstrate their values.
Building trust is neither a quick nor an easy process. It requires sustained effort and incredible consistency. From our research and experience we have identified three ways to help brands build and maintain trust with consumers, and to stand out in an industry where customer perceptions are historically low.
This approach seems to pay particular dividends for existing customers. In a recent study, we found that consumers were twice as likely to trust the information provided by their own insurer compared to the rest of the industry.
Your customers are your most valuable research tool. Making it easy for them to get in touch in order highlight the good and the bad is crucial for ensuring their needs are met — and faith in your relationship justified — but also to help highlight potential flaws that could impact other customers. Make it easy for your customers to find you. In the digital economy, there should be no place to hide.
Consumers are increasingly used to having the opportunity to provide and review feedback on their experience, whether it’s a holiday, meal, product or venue, using tools like TripAdvisor, Revoo.
Similarly, it is crucial that responses to feedback when required are made in a timely and constructive manner.
Do what you say you are going to do — demonstrate you are trustworthy
Brands who are successful in building trust will benefit through both gaining and keeping their customers.
Trust naturally comes in to play when considering whether to give brands permission to use your personal data, as we found last year when examining the impact of GDPR. Brands that are regarded as trustworthy and safe are up to twice as likely to gain consent. So it’s not just good customer service. It’s good business too.
We congratulate the Top 10 brands for Customer Trust, and everyone involved in delivering this success.