Insurers should look more closely at trust in the customer journey to understand how its different components affect switching behaviour.
It is recognised that trust plays an important role in how consumers select their provider. But for too long, the market has treated trust as a single concept. Our experience with the industry and new research shows that trust is the result of the customer evaluating distinct components that work together. Understanding the nature and influence of these individual ingredients will help brands to improve the efficiency of their marketing and of the customer journey.
The “Switching Motivations” research we commissioned in December 2014 looked at 520 insurance buyers, their attitudes to insurance brands and switching. It emerged that three key components of trust, BENEVOLENCE, COMPETENCE AND INTEGRITY are evaluated in different ways by customers, “Do they want to help me? Can they help in the way I want? And will they do what they say?” Consumers assess these ingredients across today’s fragmented insurance customer journey to shape their trust in the brand.
Given that more than half of consumers think that they will review their insurance provider this year, it is important to understand how much influence these components of trust have in the brand decision.
Click below for a PDF summary of the findings