Claims, Consumer Duty and Added Value Benefits – Everything we discussed in our recent forums
Our latest forums produced lively debate and record numbers of attendees. Whether we were discussing how to improve claims processes, Consumer Duty or added value benefits, advisers were keen to share their thoughts on how the industry can improve and insurers keen to share what they are doing to better support advisers. In this insight we take a look at all the transcripts from the past three forums.
What has consumer duty taught us so far?
In May, we discussed what we have learned since the inception of consumer duty. In the first half of the forum we heard from insurers who discussed what they had done and what they have seen across the market from advisers, in terms of both the good and the bad. In the second half of the forum we heard from advisers who discussed what they had done, how it has impacted their business, the support they had received from insurers and what more they would like insurers to help them with.
claims – what do we do well and what can we improve?
In our June forum we took on the topic of claims and brought together advisers and insurers in order to discuss what we do well and perhaps more importantly, what we need to improve. Given the current climate around SLA’s this was unsurprisingly a hot topic. In the first session, Emma Thomson from Sesame Bankhall Group took an opportunity to explain the latest announcements from the Protection Distributors Group around their claims charter. We also heard from Guardian and Royal London who discussed some of their experiences in recent times. In the second session, we heard from Emma Astley from CoverMyBubble and Jen Carhart from HSBC Life who discussed some of their experiences in recent times.
Whats the value of Added Value Benefits?
In Protection Guru’s July Forum, we discussed the use of Added Value Benefits and disproved a number of myths that may make it easier for advisers to discuss these services with their clients. In the first session of the forum, we heard from The Exeter, Scottish Widows and HSBC Life who all discussed how people are using their services and the benefits of bringing these into client conversations. In the second half we invited advisers to discuss ways to help clients understand what they have access to, when these services may be discussed and how they can be used to highlight the value of protection policies.
