General Insurance Fair Value

When the FCA released their general insurance fair value measures and pricing practices regulations in September 2020, the term 'fair value' was mentioned 102 times. Fair value is set to be a revolutionary change for general insurance, making it a core focus for the FCA in the coming years. What does it mean, how can you show both insurance product value and insurance regulatory compliance, and how can you make the most of this commercially unique opportunity?

 


Attesting to fair value

We see the world through the eyes of the customer. Using this unique insight we have discovered what your customers believe to be fair value insurance, a core component of attestation to the FCA general insurance pricing practices.

Through collecting customer data, we can also benchmark your insurance value against your peers'. How will you know you are offering fair insurance pricing if you are marking your own homework? Come and see where you sit against your peers and the market to be truly confident you are providing fair value insurance, and creating a fair value culture you can be proud of.

Learn more about how we can help you with your attestation of fair value to the FCA's insurance pricing reform.

 


How we can help you with Fair Value


Fair Value Framework

The Fair Value Framework provides a universal language across the insurance industry of what fair value is, determined by the people that matter most - your customers.

By measuring your performance through the eyes of your customers, you can evidence that you are delivering the fair value experience that you customers want and expect.

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Fair Value Comparison

The Fair Value Comparison is designed to help insurance brands get ahead of the game by establishing how they compare to their peers and identifying where improvements need to be made ahead of FCA intervention.

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Learn more about fair value

We have created a series of short videos to help inform you with all of the knowledge on fair value. We partnered with the FCA, HAL Consulting who have experienced this in the banking world, and our own internal experts to give you all the information to be a fair value genius in no time.

What is fair value?

Featuring guest:

  • Kate Collyer, Financial Conduct Authority

How will fair value affect insurers?

Featuring guests:

  • Ian Hughes, Consumer Intelligence
  • James Yerkess, HAL Consulting
  • Colin Robertson, HAL Consulting

How could fair value impact consumer behaviour?

Featuring guests:

  • Ian Hughes, Consumer Intelligence
  • Emma Hart, Consumer Intelligence

Related webinars

Below are three of our recent fair value focused webinars. You can also access the full collection of our past webinars, across all topics, here.

Fair value The danger of marking your own homework - REG PAGE (1)

 

Fair value: The danger of marking your own homework

Our line up of expert panellists unpicked the FCA's freshly published GIPP rules in our latest webinar to help you respond to the challenge ahead and establish your first steps regarding fair value implementation.
 
Host, Catherine Carey, and Consumer Intelligence, CEO Ian Hughes, welcomed guest panellists James Yerkess and Colin Robertson from HAL Consulting - both experts in fair value implementation. 
 
WEBINAR REPLAY
 

reg page header_ WEBINAR_ accelerate the debate

 

Accelerating the debate: Fair value

In the lead up to and during our last webinar, in which we invited the FCA to provide clarity on the concept of fair value in general insurance, we received an overwhelming number of questions from people across the industry on how they should respond.
 
So many, in fact, that we decided to run an additional webinar to help accelerate the debate around fair value in general insurance and tackle some of your burning, unanswered questions.
 
WEBINAR REPLAY
 

Copy of Copy of FCA webinar

Fair Value: Navigating the Future with the FCA

Kate Collyer, Chief Economist and Interim Director of Competition at the FCA, joined us to explore the points laid out in the General Insurance Pricing Practices Market Study, and discover what these mean in terms of both expectations, outcomes, next steps and the future of the general insurance industry.

This session covered what is meant by the FCA's general insurance fair value measures, what a firm's role is in relation to fairness, and what fair value looks like in a digital age, touching on key issues such as product governance and reporting requirements.

WEBINAR REPLAY

 

Credit card slice

 

Fair Value: What on earth is that?

Consumer Intelligence and Sicsic Advisory’s recent webinar covering the FCA's proposed remedy package for general insurance pricing practices sparked the question - what constitutes fair value?

We explored the meaning and implications of 'fair value' and sought learnings from other sectors where fair value has enabled business growth opportunities.  

WEBINAR REPLAY

 


Related blog articles

back to the fair value future

BACK TO THE FAIR VALUE FUTURE

As fair value becomes a tangible outcome for more insurance products, this article goes back to the basics, and looks to the future, of fair value. We summarise the key takeaways for insurers and intermediaries from our recent webinar with the FCA on the subject.

insurance contract

RETAIL PREMIUM FINANCE AND FAIR VALUE

The recent statements of direction from the FCA couldn’t be clearer. Products should provide long term fair value and companies should not recommend retail premium finance that unfairly prejudices customers. 

retail premium finance

FAIR’S FAIR. OR IS IT? 

The FCA has made it abundantly clear that premium finance is integral to Fair Value. In the latest General insurance pricing practices market study - the consultation period for which closes in January - Fair Value is mentioned 102 times. 

 


Turn fair value and FCA compliance into an opportunity

Speak to Consumer Intelligence to find out how you can turn fair value insurance and compliance into a competitive advantage. We can help you improve your renewal notices and drive your market share by analysing real consumer data.