FCA to publish "Scorecards" for insurers

Darcydog · 6th March 2016, 13:41

Read this in one of the Financial papers - It could enable us all to more easily judge a good insurer from bad. The pilot scheme kicks off this summer.

The FCA has announced that it will pilot the publication of general insurance 'scorecards' on its website, enabling people to compare both products and firms.
The scorecards will show how often consumers are likely to claim on a product, how likely those claims are to be accepted and the average claims pay-out
In July 2014, the FCA published the results of the general insurance add-ons market study which showed that competition was not working well for many consumers.
The pilot will launch this summer, and will last for approximately 12 months, including two publications of the data - one at the start and one at the end of the pilot.
Christopher Woolard, director of strategy and competition at the FCA, said:

“We believe that publishing a range of information will help to boost competition between firms, encouraging them to focus on improving the value and performance of their products, whilst giving stakeholders and consumers more insight into the value they offer.”

Mickyboy · 6th March 2016, 20:14

Great idea and about time

Dragrad · 6th March 2016, 23:54

LINKY

6th March 2016, 13:41	#1
Darcydog This is my second home Join Date: Jul 2014 Posts: 5,428 Thanks: 3,123 Thanked 3,170 Times in 2,096 Posts	FCA to publish "Scorecards" for insurers Read this in one of the Financial papers - It could enable us all to more easily judge a good insurer from bad. The pilot scheme kicks off this summer. The FCA has announced that it will pilot the publication of general insurance 'scorecards' on its website, enabling people to compare both products and firms. The scorecards will show how often consumers are likely to claim on a product, how likely those claims are to be accepted and the average claims pay-out In July 2014, the FCA published the results of the general insurance add-ons market study which showed that competition was not working well for many consumers. The pilot will launch this summer, and will last for approximately 12 months, including two publications of the data - one at the start and one at the end of the pilot. Christopher Woolard, director of strategy and competition at the FCA, said: “We believe that publishing a range of information will help to boost competition between firms, encouraging them to focus on improving the value and performance of their products, whilst giving stakeholders and consumers more insight into the value they offer.”

6th March 2016, 20:14	#2
Mickyboy SERVICING AND DEALER DIAGNOSTICS MG ZT CDTI 135 + & MGZT CDTI AUTO 160 & ROVER 75 TOURER CDTI 160 TROPHY YELLOW Join Date: Aug 2013 Location: Hernebay Posts: 4,331 Thanks: 818 Thanked 2,414 Times in 1,141 Posts	Great idea and about time __________________ [SIGPIC][/SIGPIC] T4 Owner Jobs done : new UBP, Spy hole mod, Rear hub(wheel bearing),plenum cleaned and emptied, Inline thermostat fitted,Full service, In car Digital tv/DVD Bluetooth Satnav etc, Replaced UBP, Restored headlights,Fixed airbag connection.replaced HP pump,replaced rear light seals,changed intercooler O rings. Jobs to do: ,replace drivers lock,.[/SIZE]

6th March 2016, 23:54	#3
Dragrad This is my second home *None DROWNED** Join Date: Aug 2007 Location: Cardigan Posts: 33,339 Thanks: 1,257 Thanked 1,664 Times in 1,081 Posts	LINKY __________________ Andrew Ich Dien Problem solving is... lateral thinking SEARCH FIRST ...ASK LATER...