Latest news from the LMA for you;
The Lloyd’s Market Association (LMA) has published an update to the UK Consumer Personal Accident Group Policy wording (“KA Form”). This is a newly released model wording that adheres to the LMA’s UK Consumer Wordings Guidance.
Presented in a visually appealing format, the refreshed wording uses plain language, with no sentence exceeding 25 words. It is structured to promote comprehension, providing tips and signposts for customers throughout the document.
Since 2015, the LMA has provided essential guidance to its members on effectively communicating insurance concepts to consumers. The new KA Form follows on from last year’s launch of the LMA’s updated UK Consumer Wordings Guidance. It aligns with the latest regulatory requirements and industry standards, including the FCA’s Consumer Duty guidance.
Toby Clark, Executive, Technical Underwriting at the LMA, said: “Our members recognise the value of clear and transparent customer communications. Everyone benefits when customers have clarity about what they are buying, especially when it comes to making a claim.
“This new model wording is just one way we are working to equip our members with the tools and resources they need to improve customer engagement.”
The KA Form is available via the Lloyd’s Wordings Repository.
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