Siegel+Gale releases new insurance industry survey

Insurance industry is confusing for consumers

Complexity of insurance industry noted in new Siegel+Gale survey

Insurance can be a complicated matter. While many insurers offer coverage that is somewhat straightforward in concept, the language used in policies can be profoundly confusing, even for those well versed in insurance legalese. Insurance policies are often worded in a particular manner so as to limit legal liability. While this protects the insurance industry from rampant and excessive lawsuits, it also ensures that many policies can only be deciphered by a lawyer. This is a real problem for consumers, according to a new survey from strategic branding firm Siegel+Gale.

Survey shows that insurance is rarely a straightforwaInsurance industry is confusing for consumersrd market

The firm has released its third annual Global Brand Simplicity Index. More than 1,000 consumers throughout the U.S. were examined regarding the complexity of brands they use regularly. The survey found that insurance ranked as the most complicated industry among 25 other industries in the country. Several companies within the insurance industry were also ranked based on the simplicity of the services they offer to consumers.

_________________________

Random Success Quotes to Remember ~ “Success is walking from failure to failure with no loss of enthusiasm.” - Winston Churchill

_________________________

GEICO wins high scores from consumers regarding simplicity

Notably, GEICO received top ranks from consumers for providing easy to understand policies and a simple approach to insurance marketing. Insurance is rarely an interesting issue for many, but Seigel+Gale note that the company has adopted unconventional humor as a way to cut through the mundane aspects of the insurance market and engage consumers in a new way. This approach has garnered GEICO a special place with consumers, even those that do not purchase insurance from the company.

Health insurance considered too complex by consumers

The health insurance industry did not fare well in the simplicity survey. Convoluted, and difficult to understand policies have made consumers wary of health insurance companies. Changes being made to the country’s health insurance regulations and structure have added further confusion to the already complex market. Aetna, Cigna, and Humana all ranked low in terms of simplicity. Siegel+Gale note that the survey shows that consumers are willing to pay more for policies if they are able to understand them, especially when it comes to health insurance. As such, it may be time for insurers to work on keeping everything simple.

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.