Cirencester Friendly is calling for the industry to focus its efforts on re-building trust rather than relying on new products to revive the industry.
The mutual has picked up on research by the Association of Financial Mutuals which shows that only 42% of consumers trust financial mutuals with their money.
However, this is better than financial PLCs, which are trusted by just 23%.
While many providers are looking to the ‘Simple Products' initiative to help boost the industry however John Bridge, director of sales and marketing at Cirencester friendly said the problem is far more fundamental:
He said: "Consumers simply do not trust insurance companies. Recent press coverage surrounding incapacity definitions and the lack of clear differentiation between product types only add fuel to the fire and trust is not something that can be regained overnight.
"The industry needs to take a look at what is important to the customer and, when it comes to protection products that means claims are paid, the organisation treats customers fairly, is transparent and the customer receives the highest levels of service."
To reinforce its commitment, the Society is launching an Excellent Customer Service Promise, making it clear what can be expected when dealing with the society.
Members and Advisers will be kept informed of the services standards they can expect and can voice their opinion on the service they receive via the Society's website.
