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Consumer Duty fails to improve insurance customer’s experiences

 Woman Talking on the Phone Waiting in an Airport - stock photo Stressed traveler speaking on her cellphone feeling overwhelmed

Most general insurance customers have seen zero improvement in service from general insurance providers since the implementation of the Financial Conduct Authority’s Consumer Duty a year ago, with some even saying things have gotten worse, research has revealed.

Among home, motor, pet, travel and health insurance policyholders, a survey of 2,000 consumers conducted by Smart Money People in June found the highest levels of dissatisfaction was among pet

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Hidden risks in insurers’ culture and misconduct data

Insurers are under growing regulatory pressure to treat non-financial misconduct as a core conduct risk, according to Loka Venkatramana from Pathlight Associates, who says they should use cultural and behavioural data with the same rigour as financial metrics to identify and address problems before they damage customers, staff or the market.

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