Insurance Post’s recap of July
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Whether the Consumer Duty has improved general insurance products and services was examined during July.
Consumer checks
One year on from the Financial Conduct Authority's Consumer Duty deadline, insurers have been preparing to hand in board reports on their efforts to adhere to the watchdog’s requirements.
To find out if your efforts and board report will warrant an A* from the regulator, or result in you being taught a painful lesson this summer, make sure you read Post’s in-depth analysis of what steps the FCA expected insurers to take to provide fair value for customers.
Several surveys suggest the regulator is unlikely to be satisfied by what the board reports contain. Research by Which? found insurers were failing to adhere to requirements to help their most vulnerable customers when it comes to claims while a recent survey of 2,000 consumers conducted by Smart Money People found some people think the service they receive from general insurers has gotten worse in the last 12 months.
What to watch
In the first of a new weekly series of Insurance Post Top Tips videos, Samantha Lydon, founder of Empower Development, explained how to stand out from the crowd on social media.
Lydon, whose Insurance TikTok channel hit a milestone earlier this year by achieving 400,000 ‘likes’, said: “It is important to engage with other people’s content as well as adding your own."
Recommended by LinkedIn
Make sure you engage with these videos and if you liked Lydon’s excellent advice then share it on LinkedIn, Facebook, or X.
Editor, Insurance Post
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Fraud Prevention & mitigation Manager | Fraud Manager | Fraud risk Management | ACFE Member | MBA |
4moSome policyholders have the perception of poor service and high insurance premium costs, in some cases because they think that the insurance company should return much more in claims and be too agile. In my country, it is a cultural issue that insurance companies and insurance associations are working hard on together with government entities to raise awareness about insurance.