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General Insurance Pricing Practices: Seven steps to regaining consumer trust

Seven steps to regaining consumer trust

Insurance firms should have a clear plan to avoid falling foul of the Financial Conduct Authority's thematic review. It’s time for action.

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David Miller

Partner, Risk Consulting

KPMG in the UK

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Following a Financial Conduct Authority report and ‘Dear CEO’ letter from the regulator we outline seven steps insurers should take to ensure they are not caught out by the FCA.

The FCA’s Market Study into motor and home pricing practices in November 2018, as well as a report from its Thematic Review of Home Insurance Pricing and ‘Dear CEO’ letter regarding the outcomes of the Thematic review, have thrown much scrutiny onto the insurance sector.

Whilst we await the interim report from for the Market Study in the summer of 2019, the implications of the Thematic Review are already clear – it has raised specific and immediate challenges for firms regarding the manner in which they price their products, particularly their treatment of longstanding customers. As well as posing fundamental questions regarding insurers’ business models going forward, the issue also has the potential to lead to large remediation exercises for past pricing practices where customers have suffered harm.

This is a multifaceted area with serious implications for firms. Read our guide, where we outline seven steps insurers should take to ensure they are putting customers at the heart of their pricing strategy.

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