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The FCA’s thematic review into the way in which household and travel insurance claims are handled reports a ‘broadly positive’ outcome. 64% of policyholders were either satisfied or very satisfied with the way in which their claims were handled and in fact ‘87% of successful claimants and 58% of unsuccessful claimants were satisfied with regard to the helpfulness of the person they first spoke to.’
As with any thematic, or 360° review, whilst the current position is important, it is the identification of learning points which will result in a lasting impact. One area highlighted by the review was the need to keep policyholders informed about the progress of claims. With long and potentially complex underwriting and claims handling chains, it can to the claimant feel as though they are chasing round in circles without reaching a solution. Management of these supply chains, communication and ownership and keeping a focus on consumer outcomes all emerged from the review as areas ripe for improvement.
Putting the customer first, structuring processes with a view to customer outcomes rather than organisational convenience, keeping relevant parties updated; any business which looks to create differentiation through exceptional customer service would do well to take a leaf out of the FCA’s book and undertake their own thematic review.