The Health Insurance Group's Brett Hill warns that new Financial Conduct Authority (FCA) requiring general insurance and therefore private medical insurance customers to shop around, may not be best for everyone.
The FCA has issued new guidance to the general insurance industry to encourage policyholders to shop around at renewal after four years of continuous cover with their current insurer. The intention is worthy; to get policyholders to seek best value for their changing needs and circumstances. The reality may have far reaching effects for consumers and the insurance market. Best value does not always equate to cheapest in health insurance terms, where symptoms and treatment can be ongoing...
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