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.
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.
