Insurance Watch: Protect and serve
Provider innovation in the protection market will be key to speeding our recovery from the Covid-19 pandemic
By Toni Smith 28
th May 2021 3:37 pm
The protection market has come to the fore during the Covid-19 crisis. Despite the challenges presented by the pandemic, insurers have adapted at great speed to meet growing demand, updating policies in line with consumer needs in order to support borrowers amid the disruption.
For example, many providers began to offer virtual GP services to customers, rebates to those facing delayed treatment, and premium holidays to borrowers experiencing financial hardship.
You only need to look at the figures to see how provider innovation in the protection market has benefited consumers.
Insurance Age
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With the Financial Conduct Authority’s (FCA) new rules on pricing, auto-renewal and data reporting remedies coming into effect on 1 January 2022, companies must now take heed of the regulator’s recent directives and make sure customers are getting ‘fair value’ when purchasing a policy.
The British Insurance Brokers Association (Biba) and the Association of British Insurers (ABI) have been supportive of the new measures and deemed the ban on dual pricing beneficial for customers.
David Sparkes
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