Following the FCA’s publication of their final rules and guidance in 2022, insurance companies are examining processes and procedures to ensure compliance, as well as examining end to end customer journeys to ensure customers do not experience poor outcomes. There is an opportunity for companies to use adherence to Consumer Duty as a force for good and as a key part of customer led growth.
"With the commoditisation of products and less room for pricing differentiation, the post sales experience will become more of a battleground. Insurance firms will have to focus on innovation and differentiation if they are to achieve competitive advantage."
James Henderson, Director, Customer and Operations – Insurance Sector Lead
Insurance
Tightening regulation, escalating cost inflation, and rising premiums are leading to declining consumer trust. These point to a difficult road ahead for the UK insurance industry.
Read the sector overview
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UK consumers want brands to resolve their problems quickly and with little friction however, they also do not want to interact with faceless technology. Read the CEE UK Report 2023 to discover how organisations leading in customer experience are striking the right balance between human and machine when anticipating and responding to customer needs.
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