General insurance brands like yours are expected to evidence to the FCA that your products and services deliver fair value to your customers. And we can help with that.
We’ve developed a unique 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.
We use this research to determine whether a customer believes that they are receiving fair value from their insurer, and then benchmark that insurer against each stage of the customer lifecycle to help them understand why your customers feel the way they do and what you can do to improve your position in that benchmark.
Frequently asked questions.
The FCA insurance pricing practices market study report, published in September 2020, defines fair value as being “where there is a reasonable relationship between the overall cost to the end customer and the quality of the products and services".
- A definition of what fair value means to your customers
- A report that identifies the key customer outcomes across the end-to-end customer experience you need to get right in order to deliver fair value for your customers
- A ranking of how you perform relative to your peers for your target audience
- A capability to deep dive into specific components in order to create an action plan should you wish to understand in-depth your ranking position as well as how to improve it
Whether you're responsible for establishing an internal view of fair value, ensuring your commercial response is proportionate in relation to your peers, evidencing adherence to new product governance requirements, ensuring overall compliance, or ultimately deciding your firm's approach to fair value, our framework provides you with the intelligence you need to make confident and informed decisions.
The Fair Value Customer Benchmarking service is built on a foundation of extensive research that establishes the customer perception of fair value. The research sets out the most important components of the customer experience an insurance brand must deliver well against for a customer to feel they have received fair value.
The research also identifies the relative importance different customer groups place on the various components, as well as ranking insurers’ performance against them.