Property Owners, Insurers & Claims — No Trust There

The technology firm, DocuSketch did a survey about property owners, their insurers and how they trust the insurance company’s claims system. DocuSketch enterprise solutions consultant, Todd Sangid said the results aren’t pretty.

• 54% say there isn’t a lot of transparency in the process
• Boomers are the least trusting at 59%
• Generation X sits at 61% not trusting the claims process
• 44% of millennials don’t trust the insurers
• For Generation Z it’s 50%
• 45% of all say they don’t trust insurance brokers to act in their best interest

“Consumers feel they have a strong grasp on their insurance policies — 74% say they feel confident in their understanding of what their policy covers yet they struggle with trust and transparency throughout the claims process,” Sangid said. “Misunderstandings over policy language often slows down the claims process and creates frustration for carriers, contributing to tension on both sides.”

When it comes to understanding their policies:

• 74% say they are confident they understand what their policies cover
• 26% say they have no clue what to ask when shopping for a policy
• 23% are confused by insurance language

“Miscommunication also plays a role in the breakdown of trust between carriers and consumers as poor communication and a lack of clarity over policy language can fuel mistrust,” Sangid said. “These challenges slow down time to payout, further exacerbating mistrust in the industry during moments that matter most.”

Another problem, Sangid said, is carriers not being legally able to tell a consumer exactly what to get in a policy. He said, “They can only point policyholders in the right direction.”

Source link: Insurance Business America — https://bit.ly/3Und2Jw