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1st December 2019
Geneva Association releases latest research report-"The Role of Trust in Narrowing Protection Gaps"
The Geneva Association's latest research report"The Role of Trust in Narrowing Protection Gaps" was released on Friday.
Mutual trust between insurers and their customers is the foundation of the insurance business. Customers pay premiums because they trust insurers’ willingness and ability to pay claims at some point in the future; insurers trust that customers will exercise honesty in filing claims and a reasonable degree of caution in how they go about their lives.
THE report first looks at how weak levels of trust hurt insurance demand, leading to protection gaps.
According to a customer survey conducted by The Geneva Association in 2018 in seven countries, 50% of customers say increased levels of trust in insurers and their distributors would encourage them to buy additional insurance coverage.
In the digitalised world, trust has become more decentralised. Customers have to trust not only insurers as institutions, but with online platforms, also their peers, machines and algorithms. At the same time, insurers can use technology to improve services and interaction, embedding trust with customers from the start.
The report offers a multi-stakeholder roadmap predicated on a ‘triangle of determinants of trust’ in insurance. Insurers and their intermediaries, customers, and policymakers and regulators can take concrete actions, suggested in the report, to ensure that insurance markets are optimally coated with trust–a precondition for insurers to maximize their contribution to society.
Geneva Association Trends(90 articles)