Blog: Insurance is a trust game
Oke Eleazu, chief operating officer at Bought By Many, discusses how insurance firms and customers can build trust with one another.
Insurance is a trust game: customers pay regular premiums, trusting that when they need help, it will be there for them.
There aren’t many other products where you pay upfront for no immediate benefit (and potentially no benefit at all). Insurance, like most policy documents, gets filed away and customers hope they don’t have to use it.
This means that many insurers will collect premiums from customers who will never claim – a model that is surely enviable to other industries.
Friction
For a
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