FCA review hits out at poor insurance claims service for SMEs
Regulator warns industry that customers need to be put at the heart of the claims service.
A Financial Conduct Authority (FCA) review of insurance claims handling for small and medium-sized enterprises (SMEs) has found the claims service is not consistently working in the interests of many businesses, resulting in a poor claims experience.
The FCA assessed 25 firms' involved in the settlement and management of claims, including five insurers, 10 insurance intermediaries (including five managing general agents) and 10 loss assessing firms.
It also looked at the claims experiences of
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