Modern Insurance Magazine Issue 65
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EDITORIAL BOARD<br />
Embedding Consumer<br />
Duty Excellence Across<br />
the Supply Chain<br />
Almost a year since its inception, Consumer Duty has<br />
pushed insurers and brokers to reevaluate how they<br />
deliver fair and consistent outcomes for policyholders.<br />
Yet, delivering excellent customer value isn’t a solitary endeavour—it’s<br />
a collaborative process that extends beyond the individual business.<br />
To succeed, insurers must engage with non-regulated suppliers to<br />
make sure their commitment to the customer extends across the full<br />
claim cycle. Collaboration across the industry is the key to ensuring<br />
that Consumer Duty regulations achieve their purpose. With that in<br />
mind, we’ve produced a short guide delving into the intricacies of<br />
embedding Consumer Duty regulations across the supply chain.<br />
In this guide, we suggest a collaborative six step process.<br />
1. Map out processes and identify responsibilities.<br />
The first step is to map out the current claims process<br />
comprehensively, pinpointing key supplier responsibilities along the<br />
way. By understanding the roles of each stakeholder in the customer<br />
journey, insurers gain valuable insight into how suppliers contribute to<br />
the overall experience.<br />
2. Identify how customer touchpoints are delivered.<br />
Who’s communicating with policyholders, and how are they doing it?<br />
Assess high-volume interactions and gain a detailed understanding of<br />
the help and support available throughout the customer journey.<br />
3. Engage with suppliers to establish your approach and<br />
commitments.<br />
Collaboration lies at the heart of Consumer Duty compliance. Not<br />
all suppliers are regulated, so it’s important to engage proactively to<br />
ensure they know their obligations, and work together to establish<br />
practical steps for consistent fulfilment.<br />
4. Highlight specific KPIs to monitor customer outcomes.<br />
Monitor supplier performance and assess Consumer Duty compliance<br />
through clear and actionable KPIs across key customer touchpoints.<br />
These metrics serve as benchmarks for evaluating supplier<br />
performance and ensuring accountability.<br />
5. Consider third-party suppliers and how they’re managed.<br />
Consider third-party suppliers used by your primary suppliers, such as<br />
independent repairers or software providers. What steps could your<br />
supplier take to ensure Consumer Duty regulations are being met?<br />
6. Set clear long-term goals and timescales.<br />
Achieving Consumer Duty compliance is an ongoing journey that<br />
requires clear, long-term objectives and timelines. By working<br />
collaboratively with suppliers to establish these goals, insurers can<br />
track progress, identify areas for improvement, and drive continuous<br />
enhancements to the customer experience.<br />
The great news is that many of these steps fall in line with best<br />
practice supply chain management.<br />
For more information, and suggestions on how to collaborate with<br />
suppliers to drive improved customer outcomes, download the guide<br />
on our website.<br />
Adrian Furness,<br />
Managing Director, Motor Repair Network<br />
Data Security at the<br />
Heart of Business<br />
At RTW Plus, we are driven by a commitment<br />
to continuously improve our services. We hold<br />
the Cyber Essentials accreditation, and have<br />
a number of measures in place to address<br />
cyber security risk, including robust firewall<br />
protection, accredited software, regular<br />
security audits, employee training programs,<br />
and encryption protocols.<br />
Additionally, we ensure compliance with the ISO27001 standard,<br />
which validates our rigorous identification and assessment of<br />
potential risks, alongside the implementation of systemised controls<br />
to ensure data security.<br />
We are entrusted with masses of personal, often sensitive category<br />
data as part of the services we offer, from case management to pain<br />
management programs and treatment services. Therefore, it is vital<br />
to us that this trust is upheld. There is an overarching management<br />
process in place to ensure that the information security controls we<br />
have in effect continue to meet the regulatory requirements. Our data<br />
processing safeguards include encryption of sensitive data both at<br />
rest and in transit, access controls, regular security assessments, and<br />
adherence to data protection policies.<br />
If you’re looking to partner with a company that puts data security at<br />
the heart of its business, get in touch with us today via email.<br />
You can reach us at info@rtwplus.com.<br />
Deborah Edwards,<br />
Chief Executive Officer, RTW Plus<br />
MODERN INSURANCE | 23