Climate concerns
Another issue to bring into the trust mix was the importance of addressing climate change and the use of consumers' data, which Peter Hamilton, head of market engagement in the UK for Zurich, said would become even more important in building trust among tomorrow's consumers.
He said it was "crucial that we need to identify what matters to consumers", and one of these things is sustainability and how the insurance industry responds to the challenge of climate change.
Hamilton said: "We know climate change impacts human health, so we [as insurers] need to transition away from the way we work with the polluters in the industry, and the consumers will not let us forget that.
"We have a huge opportunity from a consumer perspective to change the narrative", he added, pointing to figures from a recent Hymans Robertson survey on consumer views that suggested if insurers made certain climate pledges, this would alter a consumer's choice of insurer.
For example, 50 per cent of consumers would feel favourable to an insurer that invested in projects to reduce plastic waste, and 47 per cent would support companies that plant a tree for every policy sold.
"So far this year, Zurich has planted 75,565 trees", he added.
simoney.kyriakou@ft.com
