LATVIA: Customer service is the strongest driver of the Latvian insurance industry's reputation

14 February 2022 — Marina MAGNAVAL
Customer service in insurance was acknowledged as good by 62% of respondents, compared to the previous survey in 2019, total customer service rating of insurers has increased from 60% to 62%. The survey "Reputation of Insurance Companies" was conducted in December 2021 by the research center SKDS, according to the Latvian Insurers Association.

Other aspects of the industry with high rating in the survey are insurance companies in Latvia are generally safe and stable (58%) and insurance companies are generally developing successfully (57%). However, only a quarter of the respondents believe that insurance companies operating in Latvia are innovative (26%) and support projects important to society, engaged in charity (25%).

"It's good, but we have room to grow, so I'll briefly evaluate the results of the study. Confidence in insurers and their services is slowly increasing, that's fine. At the same time, however, there is also serious food for thought, such as why the industry's ability to innovate is underestimated, even though improvements are constantly being introduced, both services and communication channels are developing", said Janis ABASINS, President of the Latvian Insurers Association.

Remote services are considered as most requested. According to the study, Latvian population is generally open to e-services, including those in insurance. 91% of the respondents admitted that they use remote channels to conclude insurance contracts (63% via insurers' websites and 28% via e-mails).

However, there is still a big part of the population who would like to receive insurance services in person (28% of respondents). At the same time, compared to 2019, the number of potential recipients of face-to-face services has decreased from 34% to 28%, which has been affected by the forced remote life of the last two years. Less popular channels are insurance agents or brokers (22% of respondents).

Price was mentioned in the survey as the most important factor when choosing an insurance company - admitted by 79% of respondents, and it has not changed significantly since 2019. The next most important factors are the contract terms (60%) and insurers' reputation (55%).

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