FCA crackdown on pricing for motor and home insurance – ARGenesis Management Consultancy is here to help Insurers in implementing a revised data strategy!
The FCA are bringing out a number of important changes which will hit the market very soon. To ensure customers are being treated fairly, the proposals are designed to tackle high prices for customers who do not shop around for the best deal
The key areas of focus are around NB and renewals providing the same price point terms, and a neW pricing practice
It’s anticipated that at least in the short term, insurers profits will be compromised but long term they will hopefully stabilise. Either way, please don’t take this lightly as its impact will be reflected by how robust and advanced companies internal pricing systems are and whether they have the capabilities to maximise profits through other channels.
Insurers that use more granular data to price risk would be best-placed to benefit from this opportunity, as this will be one of the key drivers. At ARGenesis Management Consultancy, we would proposal at looking into implementing a revised data strategy to sail through this potential storm
Best regards
Asif J.