Consumers 'are generally satisfied with life insurance providers'
Published On 18 February 2008
The majority of consumers with long-term insurance policies, such as life cover, are happy with the service they receive, a new study has shown.Data gathered by the Association of British Insurers (ABI) showed that 85 per cent of customers said that they were convinced that their insurance provider 'treats customers fairly'.
What's more, over half (53 per cent) said that the insurance industry had an excellent reputation. This compares with 48 per cent who said the same last year.
However, the report did show that some people were unhappy with how their complaints to their insurance provider were handled. Of the three per cent who reported a problem, 57 per cent said it was dealt with in an unsatisfactory manner.
"The results show that the insurance industry is making some progress in improving customer experiences," commented Maggie Craig, the ABI's director of life and savings.
"Industry guidance for companies has been rolled out, including on product design, management information and complaint handling. Companies are working to improve their written communications with customers.
"Over time, these and other initiatives will further improve customer service across the life and pensions industry."
Recent research from Prudential found that more people in the UK would rather cancel their TV licence or mobile phone contract than their life insurance policy in times of economic hardship.
