ABI: reputation the industry’s biggest weakness
The Association of British Insurer’s (ABI’s) director general, Otto Thoresen, is calling on the insurance industry to improve its reputation.
According to Mr Thoresen, the reputation of UK financial services in general was harmed by the banking crisis and while insurers are not banks, the public perception of the industry is not high.
The call comes alongside new ABI and KPMG research, presented at the ABI biennial conference today, which suggests that reputation is seen as the industry’s biggest weakness.
The findings also highlight concerns about the new regulatory structure and the influence of the EU.
However, looking to the future Mr Thoresen says: “Unprecedented reforms in how we sell to our customers and how people save present real opportunities to raise our reputation and improve understanding of insurance.”
He adds: “We need to grasp these opportunities with both hands, and make sure that we create an environment where our reputation reflects our value to society and the economy.”
According to KPMG’s UK head of insurance, Drew Fellowes, the industry needs to “reinvigorate” its relationship with customers.
Category: ABI News, Insurance News
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