FCA to release crucial personal lines value data ‘imminently’
The Financial Conduct Authority is set to release value measures data ‘imminently’ that will play a crucial role in helping brokers benchmark whether their products offer value.
The data is broken down into four parts which brokers can then use to measure up how they perform:
These are:
Claims frequency Claims acceptance rate Average claims pay-out Claims complaints as a % of claimsThe FCA will reveal insurers’ performance on this data and their top five distributors. The data is for all personal lines except for private medical insurance, package bank accounts and commercial product.
Acceptance ratesMichael Sicsic, CEO of Sicsic Advisory, said it would
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