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Why are UK insurance companies so bad when it comes to service?

  • List the various pain points around insurers’ service levels
  • Summarise ways in which companies can help shift the dial
  • Explain how improved service leads to better financial outcomes
CPD
Approx.30min

 

Service levels among UK insurance companies have dropped significantly over the past few years. 

In this latest FT Adviser editor's podcast, Roy McLoughlin, director of strategic partners at Cavendish Ware, and member of the Protection Distributors Group, talks to Simoney Kyriakou, editor of FT Adviser.

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He describes how service levels have declined, turnaround times have risen, a push to greater automation has led to greater frustration and advisers have taken to social media platforms to express concerns over insurer failures to meet either the Financial Conduct Authority's consumer duty rules or vulnerability obligations – or both.

The PDG has become greatly concerned about the service levels of insurers, especially concerning closed books, as the July 31 regulatory deadline for consumer duty implementation on these clients has come and gone. 

Intermediaries in the PDG have also spoken of issues around consumer vulnerability and client communication.

It is no wonder that the PDG’s most recent iteration of its Group Claims Charter 2024 only has seven companies who fit the bill. 

By the end of this podcast, which carries an indicative 30 minutes’ CPD, you should be able to: list the various pain points around insurers’ service levels; summarise ways in which companies can help shift the dial; and explain how improved service leads to better financial outcomes.

Click on the link above to listen to the full podcast.

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What is the most important element of insurance, according to McLoughlin?

  2. Current payout percentages are too low, according to McLoughlin. True or false?

  3. Which area should insurers prioritise when it comes to resources, according to McLoughlin?

  4. Why does the PDG want insurers to notify the advisers of any claims made?

  5. There is no real need for insurers and advisers to communicate during and after the claims process, according to McLoughlin. True or false?

  6. What is best practice for insurers, according to the PDG?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • List the various pain points around insurers’ service levels
  • Summarise ways in which companies can help shift the dial
  • Explain how improved service leads to better financial outcomes

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