Half of All Americans Mistrust Statements by Health Insurers

Through the recent financial crisis, the various institutions that make up the financial world have been accused in one way or another of not being there for their customers. It’s no surprise, then, that very few Americans (between 2 and 5 percent) say they find statements made by a spokesperson for one of these types of companies completely believable, according to a new Harris Poll survey by Harris Interactive.

Just less than half (49 percent) of Americans said they would find a statement by a health insurance spokesperson somewhat believable, and another 49 percent would find it not at all believable. Comparing that with other financial institutions, Americans find statements by spokespersons from accounting firms, banks, and investment firms more believable than statements by health insurance companies.

On the other hand, almost two-thirds of Americans (64 percent) say they find statements made by a spokesperson from a credit card company not at all believable. The majority said the same about statements made by spokespersons for both government agencies that regulate financial institutions (53 percent) and mortgage companies (51 percent).

The survey was conducted online between April 12 and 19, 2010; 2,755 U.S. adults participated.

Generational differences

Echo boomers – those aged 18-33 – are across the board more likely to find statements made by health insurance companies more believable than older generations.

Seventy-four percent of echo boomers also find statements made by accounting firms to be either completely or somewhat believable, compared with 63 percent of Gen Xers (those aged 34-45). Almost two-thirds of the youngest generation (65 percent) said they find statements by the government agencies that regulate financial institutions to be believable. Compare this with 43 percent of Gen Xers, 41 percent of baby boomers, and 36 percent of those aged 65 and older who say the same.

Partisan differences

Republicans and Democrats have some differences over how believable they find statements by those in the financial world. Seven in 10 Democrats and two-thirds of independents said they do not find any statement by credit card companies to be believable, compared with 56 percent of Republicans who say the same. Republicans, however, trust health insurance companies less than other types: Thirty-six percent of Republicans said they find statements from health insurers not at all believable, compared with 56 percent of Democrats and 53 percent of independents.

So what?

The issue here is one of trust. It takes a long time for any industry to build up the levels of trust that can help them weather crises. And since this crisis negatively affects people’s wallets, trust will erode even more quickly and take much longer to rebuild. That is what these financial companies – including health insurers – have to undertake right now.

Source: Harris Interactive