Consumers don’t like insurance companies, but they do trust them and are satisfied with their service, according to new research.

A survey by Ernst & Young shows that while satisfaction levels are high, customers paradoxically can’t wait to switch providers.

The global survey of 24,000 insurance customers – including 1000 in Australia – shows that while 70% of consumers are satisfied with their insurance company, the same number of people intend to research other options once their policy is up for renewal.

More than 80% of the Australians surveyed who have switched insurers in the past five years say little or no effort was made by insurers to retain their business.

“In Australia, the increasing level of churn in both life and general insurance can’t be ignored,” Ernst & Young Customer Advisory Insurance Leader Andrew Taggart says.

“A change of mindset is needed, both in relation to interaction with customers and to services provided.

“The challenge for insurers is to take this information and turn it to their advantage as they manage advisers and their customers.”

As for life and wealth protection, Mr Taggart says consumers want simpler and more transparent products. More than a third of consumers surveyed find existing products too complicated.

“The need for clarity and transparency in the buying process is not driven purely by customer preferences,” he said.

“Insurers that align themselves to a truly customer-centric model will find the transition to the new regulatory environment less painful, and will gain competitive advantage.”