The growing inefficiency and inconsistency in current insurance reporting is leading to under- evaluation of top insurance companies. The lack of quality in insurance reporting has worried the insurance analyst, as it might influence the perception of the consumers towards reputed the insurance companies.
When the investment professionals from different regions were interviewed, they showed dissatisfaction from the financial reporting of the insurance sector. The investment professionals suggested improvement in reporting framework by the Accounting Standards Board and the Financial Accounting Standards Board without any more delay.
The survey respondents feel that the insurance sector needs distinctive reporting model, as it is an industry in itself. 56% of the participants believe that life and non-life segments of insurance need separate approach as both of them have different sensitivities and consumers.
The global insurance analysts believe that the current insurance reporting system is harming the insurance industry. The efficient reporting will reflect the economic status and reality of the insurer’s business model. The clear status of the insurer will help the consumer in selecting the right company for insuring his valuables.
The insurance companies need a uniform and unique reporting system that will be convenient both to the provider and the consumer to understand. The efficient reporting system will give the details of the insurance provider, which will enable the consumer to judge the best policy provider.
The car insurance owners can check the efficient providers for auto insurance through car insurance comparison site. The government is stressing on insurance to keep the UK roads off from accidents and aid in the event of any emergency. The best insurers listed in the comparison site not only offer good products but also quality services to the insurance clients.
One can check the reputation and ranking of insurance companies online and select the most affordable and efficient insurer for insuring his vehicle.