According to previously commissioned Liberty research, consumers want to see greater transparency and clarity brought to the insurance market, with less than one in four consumers (22%) understanding the principles of risk and actuary. In addition, almost three in ten (29%) motor insurance customers and more than one in five (22%) home insurance customers are unsure about what is included in their policy despite being clear on it at the time of purchase, and by extension, as many as 51% of insurance customers are paying for insurance benefits that they have never availed of.
Video series launches
To respond to these findings, Liberty has today released a series of educational videos. Susan Hayes Culleton, ‘The Positive Economist’ " hosts conversations with key insurance experts, addressing some key insurance concepts, including how premiums are calculated, how to compare insurance products and what to look out for when making a claim. These videos can be viewed in full here:
In the months ahead, Liberty will roll out additional educational content on relevant themes and topics, including refurbishing or upgrading your home, buying or selling a second car, and ensuring your house insurance adequately covers garden furniture and summer barbecue equipment, across its social and digital channels.
What the series covers
The initial video series, which is supported by additional information on Liberty’s website and social media channels, includes topics such as:
- The basics of an insurance policy
- How premiums are calculated
- The different types of motor and home cover
- Potential watchouts and pitfalls to be avoided
- What to look for when buying insurance
- How to compare policies and get the best deal
- What happens when you need to make a claim
These key themes are designed to provide insurance customers with a greater understanding of different insurance products and how to get the most appropriate type of cover for their specific needs.
Liberty is making these resources available to all insurance customers – not just Liberty’s own – in an effort to ensure that all consumers right across the country can benefit from this multimedia resource.
How can customers find out more?
The initial videos as part of Liberty’s ‘Insurance Explained’ series can be viewed on Liberty’s website. Additional material over the course of the campaign will also be added here across the next year.
