Aligning customer expectations with reality through ethical transparency in insurance sales

Transparency in insurance sales has been a major problem within the insurance industry since it has resulted in increased challenges in the provision of the services as well as in customer access to the services. The structure and type of insurance products sold, the lack of complete particulars between suppliers and consumers, and the high incentives to insurance agents to make sales all point to an open system for exploitation. Stimulated by such considerations, this study sought to critically discuss the above concerns with a view of identifying the current issues of transparency in selling insurance, and given its customer satisfaction, its potential in customer retention as well as boosting financial accessibility among the general population. This study, therefore, undertook a broad exploration of the literature in search of practices, codes, and regulations in the industry. The study pointed out that there is the issue of obscurity in insurance selling, which is an issue of huge concern to insurance selling firms and buyers. They postulated that the information asymmetry and lack of transparency surrounding these insurance products impacted customer satisfaction and trust. In addition, based on the analysis of various regulations and research, the study outlined ideas on how to enhance transparency in insurance sales based on new recommendations, digital tools, and improvements in behavioral cues. Overall, the study considered the issue of transparency in insurance selling and recommended that more efforts be put into financial accessibility and consumer choices.