Helping insurers evidence to the FCA that they are delivering
fair value to their general insurance customers.
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.
The Fair Value Customer Benchmarking service sets out the most important components of the customer experience an insurance brand must deliver well against for a customer to feel that they have received fair value.
Who is it for?
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.
How does it work?
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.
How can it help me?
The Fair Value Customer Benchmarking service allows you to truly understand what fair value means to your customers and deliver an experience that meets their expectations.
In addition, and most crucially, you will be able to evidence your successful delivery of fair value - or alternatively, a thorough understanding of where improvements need to be made - to the FCA.
With a view of where you sit in the market and against your peers, you can identify a clear set of actions that allow you to compete on more than just price.
Evidence fair value compliance to the FCA
Understand your fair value performance against the market and your peers
Build a deep understanding of what fair value means to your customers
Inform internal reporting and support alignment
Tailor your approach to fair value to meet the expectations of your customer base
Make confident decisions based on facts
Adapt your approach to product development
Identify a clear set of actions that allow you to compete on more than just price