Consumers like agents' expertise but banks get high service marks

Article Abstract:

The 1995 Best's Review National Insurance Survey indicates that insurance agents need to focus on more aggressive marketing and improved customer service to remain competitive with banks. Most consumers are aware that banks offer insurance products and believe that banks offer better service, financial advice and security. However, 87% of those surveyed still prefer purchasing insurance through the traditional agent/company system. Insurers are also trusted more than banks, according to the survey.

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Customers give high marks to companies and agents: long-term policyholders surveyed

Article Abstract:

Consumers have a good image of their life, homeowners and auto insurance agents and companies, according to a survey conducted by America's Research Group. Of the 1,000 people surveyed, 92% feel that their insurance agent is trustworthy and professional, and 87% feel that their insurer has the best interest of the customer in mind. The price of a policy is the major driver of sales, while customer satisfaction and the perception of value are the major drivers of customer loyalty.

Life Insurance, Direct Life Insurance Carriers, Direct Property and Casualty Insurance Carriers, Surety insurance, Personal Property & Liability Insur, Property and casualty insurance

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Consumers like agents' expertise: but banks get high service marks

Article Abstract:

The results of Best's Review's 1995 National Insurance Survey indicate that consumers are very willing to buy insurance products from banks but that consumers also support traditional insurance marketing channels. Some 87% of respondents said that the traditional insurer/agent channel was their preferred means of buying insurance. But 56.4% of respondents rated banks as superior in service, with only 12.2% rating insurance agents as superior.

Commercial Banks, Commercial Banking, Commercial Bank Retail Svcs, Banking industry, Retail banking, Services, Cover Story

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