In the insurance industry, “trust” is more than a shared concept; it’s a goal tied to business development, strategy and execution. Yet, according to a recent study, only 48 percent of consumers in the U.S. and the UK trust their insurance provider. The study, commissioned by Pitney Bowes Business Insight and conducted by the ESCP Europe Business School, targeted 1,000 consumers each from the U.S. and the UK to gain feedback on topics related to such things as insurance, banking and mobile technologies.

The results of “The Role of Trust in Consumer Relationships” demonstrate a need for increased customer-centric communication across all channels in order to develop higher levels of trust, notes Bill Sinn, strategic marketing director, Pitney Bowes Business Insight. “To use a somewhat antiquated term, we are faced with a new paradigm,” Sinn told Insurance Networking News. “Because it’s hard for insurers to address digital communications with their customers. Many still operate with siloed systems that don’t lend themselves to seeing the customer from a 360-degree view.”

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