FCA guidance consultation on vulnerable customers could transform the protection market, writes UnderwriteMe CEO
The feedback on the paper Guidance for Firms on the Fair Treatment of Vulnerable Customers closed exactly a year after the Insurance Distribution Directive (IDD) became law, both of which extend a long list of regulatory obligations that put a customer's best interests and personal circumstances at the heart of the protection market. A vulnerable customer is defined as 'someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting...
Insurers have ability to use AI, but often choose not to
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