Nearly four in 10 people (39%) admit to not reading the policy on their home insurance, according to research we’ve conducted in partnership with YouGov.
The research, based on a sample size of 1023 people, found home insurance policies to be the third least read financial document.
Nearly a third (32%) of people admitted to not reading their mortgage terms and conditions.
For those people who don't read their home insurance policy, 46% said it was too time consuming, 31% said it was too complicated and 25% said it was too boring.
Rob Evans, CEO, commented “Too many people are not taking the time to read and understand critical financial documents – and we are in a position as an industry to help. Having an adviser is a huge benefit to customers. The peace of mind from knowing that a trusted expert is gathering the right information, to get the right cover at the right price can’t be underestimated.
“We have an obligation to make the application process as efficient and effective as possible for both advisers and customers, but the measure of success isn’t simply speed – that’s too reductive and devalues the role both we all play.
“Simply incorporating more assumptions into an application process, for example, can really impact on price or a claim and further increases the risk of a poor outcome for customers. So, we take a more holistic approach that looks at integration, technology and data sets to improve the process, with 50 IT people constantly working on delivering the best general insurance technology platform and more than 20 business development managers dedicated to helping advisers deliver the right outcomes for their clients.”
Got a question about this article or an aspect of our proposition? Ask us.