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Customer-Carrier Relationships: How Are They?

May 2007

Which financial institutions create the most positive relationships with consumers, and how do insurers compare? Cambridge, Mass.-based Forrester Research Inc. asked consumers about their relationships with financial institutions, including insurers.

In Forrester's research of eight types of financial institutions-banks, home and auto insurance providers, credit card providers, life insurance providers, mortgage providers, investment firms, financial advisors and estate tax advisors-consumers said banks are the most prevalent provider. Across all other institutions, GenYers are the least likely to have a relationship.

The research says females feel their needs are met by life insurers, and males aren't too sure. Home and auto insurers meet the needs of seniors. Seniors feel that home and auto insurers meet their needs. For both females and males, the largest percentage of positive responses came from this older generation.

Forrester concludes that younger boomers need more attention. Across all eight financial institutions, a lower percentage than average of this consumer group says the providers meet their needs. And that's true for males and females. Seniors, on the other hand, are well treated.

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