Do you find insurance confusing? I know I do
The Co-op insurance have recently launched a trial tool to help consumers understand insurance pricing as research showed 66% of people find insurance too confusing.
That’s a huge amount and quite worrying really as we almost all make regular financial contributions to our insurance. On top of that figure almost three quarters (72%) of consumers don’t believe their insurer tells them enough detail about how the money they pay for their insurance is used.
In response to this, The Co operative Insurance’s new tool explains how insurance pricing works, to improve transparency for customers.
You can check out their new insurance tool here.
I found the tool really clear, it had great images and really simple and to the point explanations.
This is how financial advice and guidance should be presented!
The guide explains where the money that customers pay for their premium goes.
It also explains the possible consequences of certain types of claims made, for example how much a fire claim would cost.
So often financial information is simply too complex and inaccessible and this is just beautifully done. I am impressed. We all need to understand where our money goes..without any jargon.
James Hillon, Products and Pricing Director at The Co operative Insurance, said:
“The research findings show that people are not just confused about where their money goes when it comes to insurance, but that they do have an appetite to know more. … At The Co operative Insurance we are committed to doing the right thing for our customers and believe that developing this tool is just the starting point on the journey to improving transparency.
“As a responsible insurer, we feel it is important to engage with customers throughout their policy life with relevant solutions rather than just at point of claim and to focus on fairness and simplicity.
Transparency fairness and simplicity,
Such important words that need to be associated with finance so we can fully understand how our money is used and what we are paying for.