There is much debate as to whether the insurance business model is broken. If it is, then it’s certainly not beyond fixing. As traditional insurers grapple with a new wave of disrupters, consumers are losing trust and patience. Trust is slipping in the ultra-competitive home and motor insurance, with many viewing the claims process as complicated and daunting.
Price comparison has changed the market dynamic, resulting in reduced coverage to achieve a cheaper offer at the expense of service levels and customer outcomes.
This article looks at the changing dynamics of pricing, how incumbent insurers can survive in the future and regain trust from consumers.