Treating customers fairly (TCF)
FCA told to stop insurers exploiting Goldilocks-like customers
Rocio Concha, director of policy and advocacy at Which?, claims her organisation’s research suggests insurers are failing to “put themselves in their customers’ shoes” and are exploiting their Goldilocks-like approach to purchasing policies.
Diary of an Insurer: Ecclesiastical’s Laura Carter
Fair value assessments, London landmarks, plus a fish and chip supper with the underwriting department feature in the working week of Laura Carter, customer segment director of Ecclesiastical Insurance.
Why AI won’t fully replace the human touch in insurance
By anticipating customer needs, investing in personalised experiences, and only then utilising the latest in AI technology, Jonathan Roomer, co-founder and head of customer success at YuLife, argues insurers can redefine customer success and generate…
Groundhog day after 39 years at the ABI
After retiring from the trade body, Malcolm Tarling, former chief media relations officer at the Association of British Insurers, urges providers to avoid trying to make their products sexy and says clear communications are essential in the fight to…
Could the FCA follow the Australian regulator’s claims lead?
After Australia’s financial regulator sent a letter to the country’s general insurance firms asking for improvement in claim handling practices, Vitesse’s CEO Philip McGriskin asks could the Financial Conduct Authority take a similar approach.
Should commercial insurance be like Starbucks to win trust?
Greg Phitidis, brand director of Free Partners, on why insurers should utilise their marketing teams and follow Starbucks' lead if they want to increase trust in the industry.
Claims service is improving after some dark days
Data analysis: Claims service improved in the first quarter of 2024, although inconsistencies remain within the UK market, research conducted by Gracechurch has revealed.
How an AI-assisted motor claims handler cared for me
Editor’s View: Emma Ann Hughes shares how a recent call to her motor insurer highlighted why humans will always be needed to care for policyholders in their hour of need.
Insurers warned Consumer Duty checks cannot paper over cracks
Insurance chiefs and boards must produce an annual assessment of compliance with the Consumer Duty that highlights flaws rather than papers over cracks, a former Financial Conduct Authority leader has warned.
Why initial attempts at justifying fair value have been too flimsy
James Daley, managing director of consumer group and consultancy Fairer Finance, reveals how the early fair value assessments he has seen fail to “come close to doing a good enough job”.
Biba launches FVA framework after FCA scrutiny
The British Insurance Brokers’ Association has launched a new framework to help members better articulate fair value.
Podcast: What’s going on with pet insurance?
The Financial Conduct Authority is going to come knocking on pet insurer’s doors in the next 12 months, Catherine Carey, head of consumer strategy at Consumer Intelligence, has warned.
FCA set to squeeze the insurance industry to ‘prove worth’
The Financial Conduct Authority is set to squeeze the insurance industry over the next 18 months, to prove to the next government it is a watchdog worth keeping.
Insurers should stop boasting about paying 99% of claims
Insurers need to stop advertising themselves as being a panacea and be honest with customers if the industry is to be trusted, according to James Daley, managing director of Fairer Finance.
Time to stop treating travel insurance customers like idiots
Editor’s View: Emma Ann Hughes argues treating travel insurance customers fairly doesn’t mean treating them like an idiot only capable of ticking a box.
FCA urges insurers to consider what ‘fair’ means
The Financial Conduct Authority has reminded insurers to reflect on what “fair” means going forward, after Direct Line was slammed for underpaying customers.
Building loyalty in times of crisis: How insurers can foster long-term customer relationships
As the cost-of-living crisis persists, customers reduce insurance coverage, yet premiums are rising. In the inaugural segment of this three-part series, Insurance Post and PayPal collaborate to examine how insurers can retain customers during economic…
FCA consults on Covid guidance regarding customers in financial difficulty
The Financial Conduct Authority has launched a consultation to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty.
Consumer Duty success will be measured against number of complaints going to FOS
Financial Conduct Authority CEO Nikhil Rathi has said that the regulator has set itself a target to reduce the number of complaints going to the Financial Ombudsman Service on the back of the incoming Consumer Duty measures.
Insurance Taskmaster Episode Two: Facing up to the collapse of Vehicle and General [1971]
Insurance Post has teamed up with Verisk for a new video show, in which we tasked six industry rising stars to solve some of the biggest historic challenges faced by the market over the past two centuries.
Blog: Should insurers be concerned about The Great Cancellation?
The cost-of-living crisis is driving the great cancellation as people cut non-essential purchases. Streaming services such as Netflix, and gym memberships were some of the first to go. Bob Meier, product solutions manager at EIS, considers whether…