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Kevin Peachey, the cost of living correspondent, discusses the recent super-complaint launched by Which? against the insurance industry, noting that making a claim to an insurance company can sometimes be more distressing than the original incident. The complaint focuses on the broken aspects of the home and travel insurance sectors and points out various cases where insurers have initially refused to pay out legitimate claims. The insurers’ trade body, however, defended the industry, stating that providers work hard to assist customers and efficiently handle claims.
Rocio Concha, the director of policy at Which?, emphasized that serious failings in the travel and home insurance markets have been ignored for too long by both the insurance industry and the Financial Conduct Authority (FCA). Highlighting the distressing experiences of consumers dealing with insurance companies, Concha described the super-complaint as a major intervention that aims to address widespread harm caused by industry practices.
While millions of people in the UK purchase insurance policies they hope never to utilize, Which? provided statistics showing acceptance rates varied for different types of insurance claims. The case of Yvette Greenley, whose holiday was cut short due to technical difficulties, was referenced as an example where the insurer initially refused her claim, causing frustration for Greenley. Such incidences have led to the super-complaint, which requires a response within 90 days and seeks to address concerns related to claims handling, sales practices, and consumer protection within the insurance sector.
The super-complaint is supported by James Daley of Fairer Finance, who criticized the FCA for its failure to adequately protect consumers in the insurance market. The FCA, on the other hand, stated that it has uncovered issues in insurers’ claims handling processes and is committed to ensuring necessary changes are made. The Association of British Insurers maintained that its members strive to inform customers about policy details and handle claims efficiently. Insurers have paid out significant amounts for home and travel claims, indicating a commitment to providing good outcomes for customers and a willingness to engage with Which? to address concerns raised in the super-complaint
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