‘With the recent focus of the FCA on insurance products such as Guaranteed Asset Protection and Premium Finance, it’s clear that we in the insurance sector must pay attention to what we are providing in our insured products, and that retailers must be confident that what they are offering can deliver on the promises made,’ says Martin Napper, Castelan Group ceo.
‘Through the Consumer Duty, the FCA is asking firms to do what is right rather than simply trying to operate within the rules, and everyone in the distribution chain acting to deliver good outcomes for customers. In practice, this means improving value in the product and ensuring it is appropriate, giving clear information and offering support when the customer needs it most. Whilst this may sound onerous, in reality it makes us more focused on the evolution of our protection plans, making them the best they can be with the best levels of cover available in the market today.
‘We have worked extremely hard to pull together a protection plan offering that has led the way in improving the value offered to the customer. The highest levels of cover and the fewest exclusions mean that customers are receiving the most value they have ever had through our schemes (and in the sector). This makes for happier customers in your stores.
‘We are aware that some of the conversations we have had in recent years around price and value have been difficult and represent a sea change in the traditional approach to protection plan sales. We’re delighted our clients have understood and supported this change as we ensure that price and value are aligned in the sale of these products.
‘We’ve made our documentation easier to understand, and our protection plans cover so much more, so that the customer has less confusion, greater understanding and better outcomes: getting what they expected based on their experience at the POS.
‘We pride ourselves that we are able to back up our promises with exceptional after-care service: a 24/7 online claim facility, calls answered 90% of the time within 20 seconds and only 0.5% of calls to us are abandoned. Customers don’t want to wait on the phone and our average wait time of 10 seconds means they won’t. Couple this with more than 100 technicians getting to your customer within an average of five days, and we believe we lead the field in delivering first-class service,’ says Napper.
‘If your current supplier isn’t delivering this level of commitment, it’s time to talk to one that can.’
