While insurance products are inherently complex, interacting with insurance companies should not be.
Nonetheless, the newly released Global Brand Simplicity Index from branding
As for individual companies, the names topping the list included familiar brands that have a reputation for simplicity: Google, Netflix, Ikea.
Indeed, only one insurer,
So, what are the major points of confusion from the consumer perspective? The survey revealed that the most confusing aspects of the insurance process are:
•
•
•
•
“In the United States, every single touchpoint—from quotes and online queries to policy documents—were rated as complex and filing a claim was considered nightmarishly so everywhere but Germany,” the report states. “Insurers were generally successful in providing quotes and bills that people could understand, but failed to make a policy change or answering a specific question a simple matter.”
How high should carriers prioritize simplicity? The report concludes that there are major economic incentives for doing so. The report tracks a “Simplicity Premium” or what customers are willing to pay for simpler experiences and interactions. “Consumers are so serious about simplicity they’re willing to pay for it—between 5 percent and 6.5 percent extra, depending on the category,” the report states.