Leading insurance market insight business, Consumer Intelligence, is launching ‘Consumer Outcomes Benchmarking’, a new service that will greatly enhance the way insurance firms measure and monitor their performance against outcomes 3 and 4 of the incoming Consumer Duty regulation. This new service, geared towards home and motor insurance providers, is set to provide an independent benchmark for insurers, based on actual consumer research into consumer outcomes.
The announcement comes ahead of the July 31st implementation deadline for Consumer Duty, a critical juncture for the insurance sector. A key issue for many insurers is that, while they might know their own numbers, they often lack insight into their relative market position. The ‘Consumer Outcomes Benchmarking’ service is designed to address this gap, providing insurers with a clear, unbiased view of their performance within the broader market context.
“Our new service is a response to an unmet need in the insurance industry,” said Catherine Carey, Head of Consumer Strategy at Consumer Intelligence. It offers motor and home insurers an independent, data-driven view of their performance against a backdrop of consumer outcomes, enabling them to prioritise critical issues and identify areas where remedial action might be required.”
The service, which is based on comprehensive consumer research, allows for performance tracking over time.
“This is not a ‘one-time’ solution”, explains Carey. “It offers a constant gauge of compliance and progress, enabling insurers to monitor the effectiveness of their remedial actions. Furthermore, we provide support in interpreting the data, helping firms navigate the complex regulatory landscape.”
The stakes are high in the insurance industry, where the process of performance evaluation forms part of the regulatory criteria. The launch of ‘Consumer Outcomes Benchmarking’ is a significant step towards enhancing transparency, promoting regulatory compliance, and fostering a more consumer-centric insurance industry.
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