In a recent chat, FullCircl Insurance Success Director Ashleigh Gwilliam and Close Brothers Premium Finance Director of Product & Proposition, Allen Seldon, delved into the topic of navigating consumer duty and embracing opportunities in data for brokers.
Despite research indicating that 51% of brokers believe the benefits of the Consumer Duty may not outweigh the costs, Ashleigh and Allen explored ways in which brokers can view it as an opportunity rather than a regulatory burden.
Key takeaways from the conversation highlighted how leveraging data can help brokers improve processes, enhance customer experiences, and ensure fair value by always doing the right thing for customers. It was emphasised that compliance with the duty should not be seen as a one-time task but rather an ongoing strategy with a focus on positive outcomes.
If brokers aim to meet the FCA's call to "raise their game," understanding the importance of data in navigating consumer duty is essential for success in the insurance industry.
Watch the full video below.
