The Report Shows That Insurers Can Build Confidence By Improving Communication Clarity
The financial services industry is one of the least trustworthy industries in the United States. Insurance companies are part of the industry and have the same problem of trust. However, all this can be changed by simplifying and clarifying their connections, according to a new report released this week by Visible Thread.
“There is nothing that would hurt trust faster than complex communications, it makes customers wonder what you should hide,” said Vergal McGovern, chief executive officer. “This is a big problem when insurance companies ask consumers to trust them in their health, homes and financial future.”
In the first quarter of 2019, VisibleThread evaluated 54 of the largest insurance companies in North America. The results showed that complex language reduces confidence and lawyers are not understood by the average consumer. They also found that complex legal language was embedded in 79 percent of their websites and heard from consumers that they wanted to easily understand product descriptions, terms and conditions.
“To restore confidence, insurance companies should focus on simplifying terms and conditions and product information; abolishing lawyers and communicating in clear language,” McGovern said.
He explained that developments in artificial intelligence and natural language processing make it possible to measure the clarity of content content. His company provides this technology to customers who use it to analyze content on a large scale.