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?
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.
Fair Value Customer Benchmarking
The Fair Value Customer Benchmarking service that uses in-depth research to identify key customer outcomes across the end-to-end lifecycle of an insurance customer.
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.
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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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.
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.
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.
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.
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.