Modern Insurance Magazine Issue 65

EDITORIAL BOARD
Embedding Consumer
Duty Excellence Across
the Supply Chain
Almost a year since its inception, Consumer Duty has
pushed insurers and brokers to reevaluate how they
deliver fair and consistent outcomes for policyholders.
Yet, delivering excellent customer value isn’t a solitary endeavour—it’s
a collaborative process that extends beyond the individual business.
To succeed, insurers must engage with non-regulated suppliers to
make sure their commitment to the customer extends across the full
claim cycle. Collaboration across the industry is the key to ensuring
that Consumer Duty regulations achieve their purpose. With that in
mind, we’ve produced a short guide delving into the intricacies of
embedding Consumer Duty regulations across the supply chain.
In this guide, we suggest a collaborative six step process.
1. Map out processes and identify responsibilities.
The first step is to map out the current claims process
comprehensively, pinpointing key supplier responsibilities along the
way. By understanding the roles of each stakeholder in the customer
journey, insurers gain valuable insight into how suppliers contribute to
the overall experience.
2. Identify how customer touchpoints are delivered.
Who’s communicating with policyholders, and how are they doing it?
Assess high-volume interactions and gain a detailed understanding of
the help and support available throughout the customer journey.
3. Engage with suppliers to establish your approach and
commitments.
Collaboration lies at the heart of Consumer Duty compliance. Not
all suppliers are regulated, so it’s important to engage proactively to
ensure they know their obligations, and work together to establish
practical steps for consistent fulfilment.
4. Highlight specific KPIs to monitor customer outcomes.
Monitor supplier performance and assess Consumer Duty compliance
through clear and actionable KPIs across key customer touchpoints.
These metrics serve as benchmarks for evaluating supplier
performance and ensuring accountability.
5. Consider third-party suppliers and how they’re managed.
Consider third-party suppliers used by your primary suppliers, such as
independent repairers or software providers. What steps could your
supplier take to ensure Consumer Duty regulations are being met?
6. Set clear long-term goals and timescales.
Achieving Consumer Duty compliance is an ongoing journey that
requires clear, long-term objectives and timelines. By working
collaboratively with suppliers to establish these goals, insurers can
track progress, identify areas for improvement, and drive continuous
enhancements to the customer experience.
The great news is that many of these steps fall in line with best
practice supply chain management.
For more information, and suggestions on how to collaborate with
suppliers to drive improved customer outcomes, download the guide
on our website.
Adrian Furness,
Managing Director, Motor Repair Network
Data Security at the
Heart of Business
At RTW Plus, we are driven by a commitment
to continuously improve our services. We hold
the Cyber Essentials accreditation, and have
a number of measures in place to address
cyber security risk, including robust firewall
protection, accredited software, regular
security audits, employee training programs,
and encryption protocols.
Additionally, we ensure compliance with the ISO27001 standard,
which validates our rigorous identification and assessment of
potential risks, alongside the implementation of systemised controls
to ensure data security.
We are entrusted with masses of personal, often sensitive category
data as part of the services we offer, from case management to pain
management programs and treatment services. Therefore, it is vital
to us that this trust is upheld. There is an overarching management
process in place to ensure that the information security controls we
have in effect continue to meet the regulatory requirements. Our data
processing safeguards include encryption of sensitive data both at
rest and in transit, access controls, regular security assessments, and
adherence to data protection policies.
If you’re looking to partner with a company that puts data security at
the heart of its business, get in touch with us today via email.
You can reach us at info@rtwplus.com.
Deborah Edwards,
Chief Executive Officer, RTW Plus
MODERN INSURANCE | 23