Just one in five customers across the United States, the United Kingdom, France, Germany, Italy, Japan and Switzerland consider insurers trustworthy. In the UK, two-thirds of consumers believe their insurer will do what it can to avoid having to hand over money. Consumers with a low sense of trust exhibit are flighty, so brands must compete on price, leading to wafer-thin mark-ups on policies with budget-grade coverage.
Why is this happening? What are the solutions? FintechOS researched the matter. We recommend you to read a report that takes a deep dive into the root causes of the lack of trust in insurance. It also spells out the remedies.