New study reveals record levels of satisfaction among home insurance claimants
The latest findings from the GIMRA (General Insurance Market Research within Aura) Household Claims Survey conducted by Harris Interactive has found that despite the challenges facing insurers in the current economic climate, satisfaction with the way claims are handled has never been higher.
The research conducted amongst customers of 13 of the UK's leading home insurers* found that nine out of ten customers who made a claim were satisfied with the way it was handled (88%), and a similar proportion had their expectations for the final settlement met or exceeded (90%).
The past 6 months has seen insurers bracing themselves for a rise in the number of thefts as the recession hits crime rates, on top of the usual stream of claims for incidences such as fires, flood or claims resulting from accidental damage. Yet, in the midst of economic uncertainty and some national media negativity towards the finance sector, the UK's insurance companies are continuing to ensure that customers making a claim receive the best possible service.
With increasingly savvy and price-conscious customers flocking to comparison sites in the search of better deals, and some people cancelling their insurance altogether to save money, the survey highlights it pays to be with a reputable insurer that will take care of everything when the sanctuary of the home is threatened. Indeed, having recently been through the experience of making a claim, 84% of respondents in the GIMRA research said they are likely to stay with the same insurer when their policy is up for renewal, with 79% feeling positively influenced by the way their recent claim was handled.
Emotional Impact of Home Insurance Claims and Treating Customers Fairly
The research also revealed how the FSA's (Financial Services Authority) Treating Customers Fairly initiative, along with insurers' own measures to help customers through difficult periods, have started to pay dividends. 91% of claimants said they were satisfied that their claim was handled fairly, 82% agreed their insurer gave them peace of mind, and 86% believed they made the right choice about which insurer to use.
Kerry Costello, Chairman of GIMRA said: "As insurers perfect the functional aspects of the claims service, emphasis is starting to shift to the emotional impact events such as floods and break-ins have on customers and their families, and how insurers can help relieve the stress. The impact this is having on customer satisfaction is very evident in these findings.
"This research proves that whatever the economic climate, customers of the UK's leading insurers can be assured a quality claims service."
* Respondents surveyed include customers of Allianz, Aviva, Co-operative Insurance, Cornhill Direct, Fortis, Groupama Insurances, Halifax, LV=, Legal & General, MMA, MORE TH>N, NFU Mutual and Zurich.
Notes to Editors:
June 2009 - The GIMRA (General Insurance Market Research within Aura) Household Claims Monitor is an ongoing survey of home insurance customers in the UK who have made a claim on their policy.
The survey includes customers from 13 UK insurance companies (Allianz, Aviva, Co-operative Insurance, Cornhill Direct, Fortis, Groupama Insurances, Halifax, LV=, Legal & General, MMA, MORE TH>N, NFU Mutual and Zurich).
Source/Survey Methodology
Wave 1 2009 of the GIMRA Household Claims Monitor was conducted by telephone by Harris Interactive between December 2008 and May 2009, among 2,569 UK adults aged 18+ who had a home insurance claim (either Buildings, Contents, or both) settled between October 2008 and March 2009. All data are unweighted.
About Harris Interactive
Harris Interactive is a global leader in custom market research. With a long and rich history in multimodal research, powered by our science and technology, we assist clients in achieving business results. Harris Interactive serves clients globally through our North American, European and Asian offices and a network of independent market research firms. For more information on Harris Interactive, please visit www.harrisinteractive.com/europe
For further information please contact:
Kerry Costello, Chairman of GIMRA on 02392 207777 extension 529
or Tim Kitson, Senior Research Executive Financial Services at Harris Interactive on 0161 6152300