In­sur­ers gain more trust from con­sumers

China Daily (Canada) - - BUSINESS - By ZHU WENQIAN zhuwen­qian@chi­nadaily.com.cn

Chi­nese con­sumers have shown an in­creas­ing con­fi­dence in in­sur­ance prod­ucts and in the whole in­dus­try, ac­cord­ing to a new re­port re­leased by China In­sur­ance Reg­u­la­tory Commission on Wed­nes­day.

The re­port — which sur­veyed about 60,000 con­sumers in China through in­ter­net, tele­phone and street in­ter­views — re­sulted in an im­proved read­ing for con­fi­dence lev­els.

Its in­dex of con­sumer con­fi­dence in in­sur­ance prod­ucts and the in­dus­try came in at 71.2 for last year, an im­prove­ment on the level of 69.2 for 2015 — the first time the re­port was re­leased.

China In­sur­ance Se­cu­rity Fund Co Ltd Pres­i­dent Ren Jian­guo said that Chi­nese con­sumers rec­og­nized the achieve­ments of sup­ply-side re­form car­ried out by the in­sur­ance sec­tor and they had shown an in­creas­ing con­fi­dence of in­sur­ance prod­ucts.

“Most in­ter­vie­wees are op­ti­mistic about the growth po­ten­tial of the sec­tor and the macroe­co­nomic en­vi­ron­ment,” Ren said.

“Con­sumers have also shown a grow­ing loy­alty to in­sur­ance prod­ucts and they hope that more ef­fi­cient and ben­e­fi­cial prod­ucts can be launched,” he said.

“Most con­sumers tend to choose in­sur­ance prod­ucts with strong se­cu­rity func­tions. For in­stance, crit­i­cal ill­nesses in­sur­ance has a rel­a­tively high pen­e­tra­tion rate,” he said.

Mean­while, the re­port found that 83 per­cent of in­ter­vie­wees be­lieved that they could spend more on buy­ing in­sur­ance prod­ucts and nearly 80 per­cent of re­spon­dents said they were able to make ra­tio­nal pur­chase de­ci­sions.

It found that con­sumers trust in­sur­ance com­pa­nies the most for pur­chas­ing in­sur­ance prod­ucts, while they have less con­fi­dence in in­sur­ance in­ter­me­di­aries and in­ter­net fi­nance com­pa­nies.

The in­ter­vie­wees said the con­ve­nience level of in­sur­ance ser­vices need to be im­proved and they hoped the set­tle­ment of claims could be more ef­fi­cient, with pro­ce­dures more sim­pli­fied while with less re­stric­tive con­di­tions.

The di­rec­tor of the con­sumer pro­tec­tion bureau at the China In­sur­ance Reg­u­la­tory Commission, Lyu Zhou, said it would be a ma­jor prob­lem if con­sumers had no trust in the in­dus­try, so the commission was grat­i­fied to see the pos­i­tive re­sult of the con­sumer con­fi­dence in­dex.

He said that by do­ing re­search on con­sumer con­fi­dence, the in­dus­try could iden­tify the needs and de­mands of con­sumers, which would help in­sur­ance com­pa­nies to build on their ser­vices.

“Pre-sale ser­vices need to be more tar­geted and the post-sale ser­vices need to be more suc­ces­sive,” he said.

“Mean­while, we should con­tinue to ed­u­cate con­sumers about our in­dus­try and guide them to ac­cu­rately un­der­stand the in­sur­ance in­dus­try and its prod­ucts.” .

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