Pitney Bowes Business Insight, a provider of customer data,analytics and communication software and services, announces theresults of a study that reveals only 48 percent of consumers in theU.S. and the UK trust their insurance provider.

This represents lower levels of trust than are seen in thebanking industry (57 percent). The study also found that a mere 32percent of respondents thought their insurance providers were doinga good job implementing policies that favor the customer's bestinterest.

The results of the study, commissioned by Pitney Bowes BusinessInsight and conducted by the ESCP Europe Business School,demonstrate a need for increased customer centric communicationacross all channels in order to develop higher levels of trust. Keyfindings include:

• Only 41 percent of respondents trust insurance companies to dowhat is right.
• 45 percent of customers believe that, if they shared theirproblems with their insurance provider, they would receive a caringresponse.
• 47 percent said they trust self-service technologies likee-commerce platforms and online accounts.
• In addition, only 53 percent answered positively about theirinsurers when asked whether they feel satisfied with the treatment,the relationship, and service they receive.

“One of the major struggles for the insurance industry iscommoditization and customer churn,” says Bill Sinn, strategicmarketing director, Pitney Bowes Business Insight. “The key toaddressing these issues is creating a dialogue with customers thatis consistent, reliable and creates a relationship that extendsbeyond the policy renewal date.”

The report found that trust in the marketing communications of aservice provider determines between 15 and 23 percent of overalltrust. Still, less than half of respondents (48 percent) trust themarketing communications of their insurance provider.

Survey respondents believe that improving customer communicationwould have the greatest impact in terms of developing trust. Inparticular, consumers cited that higher levels of quality, clarityand transparency would be most helpful in communications from theirinsurance provider. Additionally, consumers cited that they lookfor companies that provide high-quality service and demonstrate ahigh level of competency and conduct from employees.

Click here to read the entire study.