Top 10 Complaints Against P/C Insurers By Market Examiners

According to a new report, the top two criticisms reported by market conduct regulators against property/casualty insurers are failure to handle claims within specified time frames and using unapproved forms and rates. Wolters Kluwer, a financial services company created a report listing the top 10 criticisms found on U.S. insurance market conduct exams. [twitter.com/PCITplus]

This was the company’s ninth annual report showing that claims handling, licensing and underwriting issues continue to dominate regulators’ complaints against insurers.

Kathy Donovan, Senior Compliance Counsel, Insurance at Wolters Kluwer Financial Services said, “The regulatory landscape is getting more complex as industry requirements, laws and regulations change constantly under the direction of government and industry oversight, making it extremely challenging to embed regulatory requirements into claims, underwriting and distribution processes. Strong regulatory change management processes and frequent self-audits are extremely effective in helping stay on top of these changes.”

Insurance Consumers Want Trust and Advice

There is a strong growth towards direct online sales in Insurance. Much of it driven by the availability of all kinds of Insurance related information on the Internet. But a majority of consumers still prefer to buy insurance related services through a deal with agents.

During an Accenture survey of 4,000 US personal lines insurance consumers, it was found that:

• Even after the flood of information available online, consumers still prefer and trust an independent agent when seeking advice about their insurance needs
• Exclusive agents influence the business line with 81 percent consumers trusting them
• Aggregators can manage only 54 percent of consumers
• 60 percent of those surveyed agreed that they understand the insurance policies better when they personally talk to an agent

Image Source: http://insuranceblog.accenture.com/its-a-trust-thing-for-insurance-consumers/

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• Consumers prefer to research online for Insurance (pcitplus.wordpress.com)

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Personal Lines Insurance Consumers Willing To Pay More for Advice

When it comes to Insurance, consumers are willing to pay for the extra bit from their insurers. According to a recent survey conducted by Accenture of US personal lines insurance consumers, many consumers are willing to shell out extra money in return for advices offered to regarding insurance that suits them the best.

The findings included:

• 38 percent of consumers are willing to pay for advice on insurance

Going deeper, of the 38 percent who are willing to pay more for insurance advice:

• 44 percent are willing to shell out 5 percent more for advice
• Remaining more than half (56 percent) were ready to pay at least 10 percent for a little bit of more information on insurance advice

Image Source: http://insuranceblog.accenture.com/price-of-advice-insurance-consumers-are-willing-to-pay-more-for-advice/

Related articles

• Consumers prefer to research online for Insurance (pcitplus.wordpress.com)

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