{"id":18877,"date":"2020-06-16T11:13:27","date_gmt":"2020-06-16T15:13:27","guid":{"rendered":"https:\/\/insurancenewsnet.com\/?post_type=innarticle&p=5560083"},"modified":"2020-06-16T11:13:27","modified_gmt":"2020-06-16T15:13:27","slug":"trust-in-insurance-agents-at-12-year-high","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/06\/16\/trust-in-insurance-agents-at-12-year-high\/","title":{"rendered":"Trust In Insurance Agents At 12-Year High"},"content":{"rendered":"
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Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data.<\/figcaption><\/figure>\n
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Despite the unsettled economy over the past half year, public confidence in insurance agents is at an all-time high, up dramatically from a low recorded in the wake of the 2008 crash, according to LIMRA data.<\/p>\n

In October 2008, only 9% of consumers had \u201cextreme\/quite a bit\u201d of confidence in insurance agents and brokers in LIMRA\u2019s Consumer Sentiment Survey conducted.
In May of this year, that percent had risen to 32%, a 255% increase.<\/p>\n

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That increase occurred even while confidence in the economy overall plummeted from its post-2008 high notched this January, with 56% of consumers having \u201cextreme\/quite a bit\u201d of confidence in the economy. That number slid to 21% in May, a 62.5% drop in just a few months.<\/p>\n


Consumer confidence also increased in insurance companies, with 40% of consumers saying they had \u201cextreme\u201d or \u201cquite a bit\u201d of confidence in life carriers.<\/p>\n

Jennifer Douglas, LIMRA Research Quality and Performance research director, said consumer contact with their carriers was an important factor.<\/p>\n

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\u201cOne of the factors that may have contributed to consumers\u2019 increased confidence in life insurers was contact with one\u2019s carrier during the pandemic,\u201d Douglas said. \u201cA third of life insurance policyholders had heard from or reached out to their carrier since March. Of those, seven in 10 were satisfied with the customer service they received. These individuals report very high levels of confidence in life insurance companies. It is important to note, however, that these satisfied policyholders with recent contact represents just over 10% of those surveyed. So, this is not what\u2019s solely driving the increased confidence. In fact, we see a boost in confidence among owners and non-owners alike.\u201d<\/p>\n

Financial advisors saw a similar increase in their esteem among consumers. In October 2008, 11% of consumers had \u201cextreme\u201d or \u201cquite a bit\u201d of confidence in financial advisors. That grew to 36% by this May.<\/p>\n

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Methodology<\/strong><\/h3>\n

First initiated in early 2008 to gauge consumer opinion of the economy and the financial services industry, LIMRA\u2019s Consumer Sentiment Survey has continued to monitor Americans’ sentiment about the economy and confidence in industries since 2008. The latest results are based on responses from 2,000 Americans ages 18+, weighted to the U.S. general population. The most recent survey was fielded May 19-20, 2020.<\/p>\n

\u00a9 Entire contents copyright 2020 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n

Read the original article at insurancenewsnet.com <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data. Despite the unsettled economy over the past half year,...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18877"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18877"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18877\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}