The Financial Conduct Authority (FCA) has today, 22 November 2024, released findings that indicate insurers need to settle bereavement claims quicker and improve customer service levels.
The findings come from a multi-firm review conducted by the regulator, in which it collected data from 15 life insurers, which represent over 75% of in-force policies in the market. Four products were analysed by the FCA, which were: term insurance, group life cover, guaranteed over-50 plans and whole of life insurance. The FCA said that it found firms took between 53 and 122 days to process a claim, from start to finish, for a term insurance policy; within 36 days for group life cover; 20 days for over 50s protection; and 53 days for whole of life. In its findings, the regulator s...
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