Singaporeans 'lukewarm' to insurance intermediaries: study

Insurers are generally viewed as trustworthy.

A study revealed that the majority of Singaporeans have moderate trust in life insurance companies, the Insurance Culture and Conduct Steering Committee (ICCSC) reported.

The inaugural Insurance Trust Indicator Study (ITIS) assessed trust levels in the insurance industry. The results are based on the Customer Trust Index Score (CTIS) which is the average of all respondents’ scores in that industry.

The study showed that both consumers and businesses have good levels of trust in the industry, with scores ranging from moderate to strong. Insurers are generally viewed as trustworthy, with higher trust levels among businesses than consumers. 

In terms of type, life insurers achieved strong trust levels with businesses and slightly lower trust levels with consumers (68 to 77 CTIS). 

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General insurers had strong trust levels across both groups, with overall trust indicator scores between 68 to 80.

Insurance intermediaries were perceived to have moderate trust levels, with trust indicator scores between 68 to 74.

Conducted by Forrester over three years, the ITIS aims to identify areas for improvement in trust among life insurers, general insurers, and insurance intermediaries (agents, brokers, financial advisers) in Singapore. 

The study surveyed over 2,000 consumers and 500 business employees (managerial-level and above) between February and March 2023.

This annual study aims to enhance trust in the insurance industry and foster stronger relationships between insurers, intermediaries, and their clients.