In a recent survey conducted by Ernst and Young, only 59% of Canadian consumers said they trust life insurance companies. This is the lowest trust rating compared to pharmaceutical companies (61%), car manufacturers (64%) and banks (81%). Ernst and Young says these poor results point to "serious customer relationship issues" in the industry. Property and casualty (P&C) insurance companies did not fare any better, and were only trusted by 56% of the survey respondents.
Ernst and Young suggests that insurers use technology to improve their poor customer relationships, and notes that 80% of Canadian P&C and 76% of life insurance consumers are willing to use digital and remote channel options for different tasks and transactions.
“To stay relevant and enhance personal interaction, insurers must develop flexible and multi-channel contact options like online chat, video tutorials and mobile apps,” comments Marc-André Giguère, a partner at Ernst and Young and leader of the firm’s Canadian financial services and insurance group. “Future industry game-changers such as telematics and wearable technology give even greater reason for change, to help insurers serve the customer of the future.”