The insurance industry will never win the public's trust if it does not reduce the complexity of its products, savings guru Ron Sandler told the conference.
Sandler, who did an influential report o ...
The insurance industry will never win the public's trust if it does not reduce the complexity of its products, savings guru Ron Sandler told the conference.
Sandler, who did an influential report on the long-term retail savings industry for the government, said there was no doubt the industry needed to rebuild consumer confidence.
He said this applied to the general insurance industry as well as the life and pensions industry.
"Consumer distrust arises from over-complexity of products," he said.
Sandler said complexity arose because successive governments imposed series after series of nex tax regimes.
Complexity was also encouraged by the insurance industry because it added endless features to products in a bid to differentiate themselves from their competitors, while intermediaries did not fight complexity because it "justified their roles".
"The industry welcomes complexity because it makes it more difficult to see charges," Sandler said.
