Compliance isn’t about rules and processes, the Chartered Insurance Institute adds
The Chartered Insurance Institute (CII) has welcomed the FCA report into insurance companies mistreating customers.
“In this thematic review, the FCA has made it clear that compliance isn’t about obscure rules and processes, it is about delivering good outcomes for consumers. This will be welcome news for the vast majority of insurance professionals who deliver good outcomes for consumers every day, director of policy and public affairs Matthew Connell said in a statement.
He added that ”delivering good outcomes is often a tough challenge”. CII pinpoints nine areas that it says need to be addressed to regain public trust: ”Confidence that the insurer will be there for the client at the time of need, the right level of protection in the policy, the right rewards for loyalty, a fair price, ease of doing business, a good relationship with the client, speedy resolution of claims, treating the client with respect during the claims process and making them feel in control when they are making a claim.”
CII added that addressing these issues is often difficult, and acknowledged those people in insurance ”who get it right”.
“We will be working to give the support that professionals need to deliver on all these nine factors – by providing high quality insights into consumer attitudes like the Public Trust Index, good practice guidance on new risks and regulation, and, most importantly, building communities of like-minded professionals who can share good practice with each other such as the Society of Insurance Brokers and the Society of Claims Professionals.”