Trust is one of the main foundations when forming a strong relationship and is of paramount importance for the insurance world.
Trust is not something a business can gain easily it is something that is built up over time and requires persistent trusted services that customers can rely on. For insurance, once your business has earnt trust, it can be used as a strong asset for added value when it comes to consumers viewing your brand.
Using our Insurance Behaviour Tracker (IBT) we surveyed over 48,000 home and motor insurance customers to see how they feel about their provider and uncover the top-performing brands within the market. Taking this data, we have discovered the business that are winning when it comes to trust.
As such, we are delighted to be able to share the Consumer Intelligence 2023 award winners for ‘Customer Trust’:
Voted by householders |
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*winning brands are listed in alphabetical order |
Voted by drivers |
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*winning brands are listed in alphabetical order |
"We even saw some insurers promoting that 'your price won’t increase in your second year' - a way to gain customer’s trust as a result of regulation change? Some would say it’s a smart move."
Trust, in light of the cost-of-living.
With the pressures of inflation, we are seeing a shift in the current shopping and switching trends. Our latest cost of-living tracker shows over 50% of insurance customers have switched their policies to reduce their spending. We also saw that 7.2% of those surveyed were thinking of cutting back on insurance to make a saving in the future.
Day comments, "Our cost-of-living tracker already indicates people are looking to switch and save money. In such times, the trust and satisfaction with your brand is key to retaining customers who are desperate to make a saving.
"With less disposable income in pockets for most, the security that comes alongside insurance is more important than ever. Trust plays a vital role; if consumers don’t trust their insurers in a time where cash is tight, and they’re less likely to be able to cover themselves, are they likely to renew with them and recommend them?"
This is why we encourage the winners of this year's award to shout about it. It’s not an easy feat to gain this accolade – you can't just complete an entry form or write a submission. It requires dedication, consistency, and a successful customer strategy throughout the year.
Findings from our data suggest 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 set apart from other industry awards.
If your brand has been successful 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 make the most of it.
Firstly, a huge congratulations on your award. To win a Consumer Intelligence award, you have to be a winner in the eyes of those who matter the most your customers. Now it’s over to you to decide how you would like to maximise the value of your award win. Click below to find our more...
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