Jo Miller goes through the key findings of this year's major report by The Syndicate into the public's attitudes to the protection industry
What if the claim isn’t paid?
There is much work to be done in this area and the research by The Syndicate showed how limited the impact of publishing claims statistics has been so far with many consumers revealing just how little they trusted insurers to pay out.
In discussing the reasons behind their distrust of insurers and their products, there were consistent themes emerging that insurers were unduly profit-motivated and would look to use any possible loophole to avoid paying a claim.
With few positive case studies to draw on, and a dearth of actual experience through friends and associates that underlines the credibility of the protection promise, it appears that consumers are quick to seize on the negative stories that reach the press.
What if we did things differently?
The Syndicate research this year highlighted that the consumer view of protection insurance is not necessarily the one that we would like to see.
The consumer seeks certainty but does not associate it with insurance. Instead, protection is seen as a risk that may not pay out. Consumers are asking the ‘wrong’ ‘What if?’ question and doubting whether protection will really deliver on the promises it makes.
And yet the same research reveals that the same consumers consider themselves ‘insurance-minded’: they are keen to take care of those things that are important to them.
This age of uncertainty must be seen by the industry as an opportunity rather than a threat but, for this to occur, we need to ask ourselves some ‘What if?’ questions of our own. What if we could change the way we convey the value of our products? What if we could get people to see the certainty offered by protection insurance and imagine the peace of mind that we could make a reality for them?
What if, we could make the alternative seem such a genuine concern that the only sensible choice was to start the conversation about suitable cover?
The next step must be a brave one. Just as the Seven Families campaign is breaking new ground and seeking to provide a host of positive and relatable stories for the public to draw upon, so we must get better at drawing attention to our successes and the good that we do. Why? Because, well because, what if we don’t?
Jo Miller is research manager of The Protection Review
