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Report shows insurance companies could build trust by improving clarity of communications

Last Updated : Apr 03, 2019 07:16 PM IST | Source: Moneycontrol.com






Developments in AI and NLP make it possible to measure and benchmark content clarity.






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The financial services industry is one of the least trusted industries in the United States. Insurance firms are part of that industry and have the same trust problem. Yet, that could all be changed by simplifying and clarifying their communications, according to a new report released this week by Visible Thread.

“There’s nothing that will damage trust faster than convoluted communications. It leaves customers wondering what you have to hide,” said Fergal McGovern, CEO. “That’s a big problem when insurance companies are asking consumers to trust them with their health, homes and financial futures.”

In the first quarter of 2019, VisibleThread evaluated the websites of 54 of North America’s largest insurers. The results showed that complex language diminishes trust and legalese isn’t understandable by the average consumer. They further found that complex legal language was included in 79 percent of their websites and heard from consumers that they want to easily understand product descriptions, terms and conditions.

“To regain trust, insurers should focus on simplifying terms and conditions and product information; banishing legalese; and communicating in plain language,” McGovern added.

He explained that developments in artificial intelligence and Natural Language Processing make it possible to measure and benchmark content clarity. His company provides this technology to its clients who use it to analyze content at scale.



First Published on Apr 3, 2019 07:16 pm









































Source

Prakash Poojary
Business Analyst

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