Customer trust is easy to lose, and just 29% of consumers say they trust insurers. (Photo: Shutterstock)
The pace of digital innovation in the insurance space demands companies adopt an innovation agenda, seeking ways to disrupt themselves before being disrupted. But for some, hypersensitivity around protecting the policyholder experience is holding them back, and for a good reason — consumer trust is easy to lose.
It's no secret that consumers lack trust in insurance companies. Just 29% of consumers say they trust insurers, according to the Accenture Trust Index. When insurers experience trust incidents, such as a data breach, policyholders' trust in the company erodes — and this comes with a cost. Among 25,000 consumers across industries who switched companies in the past year, 46% did so because they lost trust in the company.
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