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'Demystify' sector to boost take-up of life insurance - News 2009
Insurance firms in the UK need to take measures to ensure consumers looking for life insurance and other related products clearly understand what the products are for, communications experts have stated.
Public relations experts have concurred with a recent report from the Insurance Industry Working Group (IIWG) calling for more transparency in the sector and have recommended taking out jargon from communications.
Speaking to PR Week, Mal Pattel, consultant at Tulchan Communications, which handles Legal & General's financial communications, said that "the key challenge now is to demystify the industry".
"If insurance firms want to change the dynamic of the industry, they must simplify products and language to make the benefits of having insurance more obvious," he is quoted by the publication as saying.
According to the magazine, the UK has the second largest insurance market in the world but its visibility is still low, hence drumming up the social benefits of the products could make more people consider taking them out.
The IIWG, which was jointly chaired by chancellor Alistair Darling and Aviva chief executive Andrew Moss, carried out a nine-month inquiry leading to the report, which also called for more education in order to boost consumers' confidence.
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