Nearly three quarter of consumers believe the speed of a claim payment is the driver of good value, according to research.
Some 72 per cent 2,000 consumers surveyed by Opinium in March this year on behalf of MetLife UK agreed that swift payments on claims were a driver of value.
Two thirds (68 per cent) of respondents said they viewed protection products as providing “good value” based on their flexibility when it comes to individual lifestyle needs.
A simple application process for insurance and protection products was also a strong indicator of value for 61 per cent of respondents.
Finally, 41 per cent of those surveyed said haing more varied or a diversified set of life and health insurance and individual protection products and providers would provide them with better value.
This is particularly true among younger age groups, with 53 per cent of 18 to 34 year-olds supporting this view.
Justin Harper, head of propositions at MetLife UK, said: “With the introduction of the FCA’s new consumer duty less than two months away, our research clearly highlights how consumers perceive “good value” when considering financial protection.”
He added that it is unsurprising that the speed and efficiency of claim payment is a top priority for protection customers
"Our research also points to consumers wanting and valuing greater diversity,” he said, adding it is vital that the protection sector continues to challenge itself to improve and innovate.
“To deliver good value, our products and services need to reflect and anticipate the ever-changing lives and evolving needs of our customers,” he said.
sally.hickey@ft.com
