Building public trust in Personal Lines
16 February 2021
18 February 2021
How does focusing on customer outcomes and a positive culture build public trust?
In their September 2020 Dear CEO Letter, the FCA stated that as well as robust governance and controls, healthy cultures and behaviours are vital in securing the change that the regulator demands from the Personal Lines market.
On 02 November 2020 The CII hosted a roundtable with Personal Lines leaders to discuss how a focus on these elements build public trust in insurance.
The debate highlighted four key themes where insurers and brokers could make meaningful change in building trust in Personal Lines, and highlighted a number of ways the Chartered Insurance Institute could support firms and individuals in making that change:
- Calculating the expectation gap, its root causes, and developing skills, standards and strategies to reduce it.
- Pricing vs product: Enabling and encouraging customers to get more value from insurance by engaging in product and service benefits.
- Embedding positive culture: led from the top and supported through governance, appropriate incentives and empowered people.
- Innovation for good: Enabling and encouraging people to resolve the right customer problems and create valuable solutions.
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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.