Consumer Duty: A catalyst for transforming insurance operations

FCA’s Consumer Duty, reflects the culmination of years of evolution in regulatory thinking and is aimed at setting a benchmark not just on customer focus but also on the digital transformation space within organisations.

In order to promote delivery of ‘good outcomes’ for customers, the FCA has outlined several expectations to ensure insurers are acting in good faith, supporting and empowering their customers to make good financial decisions and avoiding foreseeable harm.These include using data to deliver the best product for customer cohort, ensuring price aligns with value, clear communication to enable customer to buy the right products, and, lastly, providing excellent customer support through proactive monitoring.

In this white paper, we will discuss how insurers can create new opportunities as they strive to meet the requirements defined for the four outcomes and also bring customer truly to the heart of their businesses, focusing on transforming operations, enhancing customer experience and lowering costs using digital, data and analytics.

 

“I believe that the FCA’s Consumer Duty requirements are an excellent opportunity for carriers and distributors to assess their customers’ journeys carefully. Consumer Duty is the catalyst to create new tools and techniques to enhance customers’ experiences. Above all, it is an opportunity to truly embed the customer into the heart of the business, delivering a fully sustainable customer centric culture for the future.”

- Jane Hayes, Consumer Duty Champion