The Principles of Treating the Customer Fairly

Is your claims process geared at Treating the Customer Fairly?

In this course you will be introduced to the UK origin of the Principles of Treating the Customer Fairly and how and why it was developed in South Africa. The principles were initially discussed by a panel of role players within the financial and insurance industry and thereafter a study was performed which measured to what extent these principles were already implemented. The results of this study indicated that standardized regulations were required to improve the conduct of the financial and insurance product industry.

In the spirit of protecting consumers of financial products a set of principles, expressed as outcomes, were formulated and their implementation was legislated to ensure fairness and transparency around the sale and marketing and use of financial products.

The principles include culture & governance, product design & suitability, disclosure, suitable advise, performance & service as well as claiming, complaining and changing products.

In this course we look at each principle or outcome in detail and gain an understanding of the meaning of the principle. The principle is then applied to the claims process and in doing so guidelines, tips, suggestions and ideas for implementing the principles are shared and through implementation, companies can ensure good governance and incorporate the strategies into their risk management framework.

The claims process as a whole is examine, how and where customers claim, how claims are acknowledged and processed as well as how claims are delegated to and red flagged by staff are explored. Repudiations and approvals are discussed and suggestions are made for finalization of claims. We look into the recourse a client has in the event of a dispute and how policy wording should prepare the client for the claims experience.

It is my hope that after this course your understanding of the Principles of Treating the Customer Fairly deepens and that the insights about the claims process can improve your clients experience.

Who this course is for:

• Insurance assessors
• Claims managers
• Insurance brokers
• Financial planners
• Financial service providers
• Claims handlers
• Insurance investigators
• Claims assessors
• Claim adjustors