As the FCA continues its focus on driving good consumer outcomes under the Consumer Duty, its latest review of home and travel claims handling arrangements highlights a critical weak spot: poor quality MI.
Inadequate MI, particularly around customer outcomes and vulnerable customers, limits a firm’s ability to identify issues and make improvements.
The regulator’s review found that some insurers lacked the granular data needed to monitor claims performance effectively, especially when outsourcing to third parties. Others were not tracking outcomes at all.
In some cases, the MI presented to boards was heavily weighted towards financial metrics, with limited insight into customer outcomes – meaning important issues could go unnoticed.
This is where Insurance DataLab can help.
Our market intelligence platform brings together a range of datasets to give insurance companies the benchmarking and MI insights they need to assess their performance, identify weaknesses, and track how they stack up against the market. This includes:
- FCA complaints data, with firm-level breakdowns and trend analysis
- FOS complaints figures, including data by product type and complaint type (claims, sales/advice, admin)
- FCA value measures, offering a view of claim frequency, claim acceptance rates, and average claim payouts
- Claims satisfaction and NPS scores (coming soon)
By bringing this data together in one place, we make it easier for firms to monitor outcomes and spot potential conduct risks. Whether you’re assessing your own performance or that of your partners, Insurance DataLab gives you the tools to do so more effectively.
Find out how Insurance DataLab can help your business better understand customer outcomes – request a free demo of our market intelligence platform today.