Insurance Daily | May 2023
Trust is the cornerstone of any personal relationship, all the more when it comes to protection and asset management.
EGEA has recently published “Fiducia Sostantivo Plurale,” an insightful book by Sergio Sorgi and Francesca Bertè. In it, the authors and partners of Progetica identify thirty elements at the core of trust, equally distributed between trust in organizations, in the professional world and in people.
In this respect, a recent episode identified by FINER sheds light on the role played by trust and its components when it comes to choosing between two insurance companies.
Having to renew her insurance policy, a contractor received two offers: one from her insurance company and another from her agent, who had recently changed companies.
The email read: “Good morning. This is to inform you that our general agent, who used to distribute AAA insurance policies, including yours, has moved to VVV insurance company. In order to support our client base with expiring policies, we are sending you an advantageous offer WITH EQUAL GUARANTEES”.
The offer sent to the contractor by VVV insurance company was cheaper by 55%. Therefore, the contractor got in touch with both insurance companies – AAA and VVV – in order to gain a better understanding of both offers.
The agent working for AAA, with whom the contractor had subscribed her old insurance policy – much more expensive than the other – showed kindness and availability. He illustrated the contents of the insurance policy and did not offer any discounts.
On the other hand, discussing the offer made by VVV was more complex. Their email included two names and two phone numbers. After several attempts, the contractor managed to speak with one of the two agents, who had in the meantime changed (once again) insurance company.
As a result, the client renewed her policy with AAA, disregarding two factors in favor of VVV: 1) the price offered by VVV was 55% lower; 2) VVV was overall a good insurance company.
The reasons behind her (apparently irrational) choice are to be found among the thirty elements identified by Sorgi and Bertè.
Trust in institutions: from the contractor’s point of view (then confirmed by reality), AAA is perceived as more solid than VVV. The people who work for AAA have conveyed a higher sense of reliability and availability.
Trust in the professional world: through their offer, AAA showed to be open to personalization; in fact, their policy contained a very relevant detail pertaining to the contractor’s family, overlooked by VVV (we do not know whether in good or bad faith, having offered EQUAL GUARANTEES).
Personal trust: the relationship built over the phone by the agent working for AAA was based on empathy, coherence, truthfulness, competence, collaboration, decision, respect, and transparency.
When it comes to managing and protecting wealth, trust is everything. In fact, money is protected and invested only in the presence of the right interlocutors; once found, clients are willing to pay much more for their own peace of mind.
As one renown Italian banker once said, we manage the trust rather than the money of our clients.
Nicola Ronchetti