Your product governance is missing something...
We're connecting insurance. That means helping buyers and providers do business more effectively. There's so many benefits to regulated firms... governance being one of the best.
Product Governance is high on the agenda of the regulator. So much so they even issued a warning to raise a signal flare for the issue - detailed further in their PS12/5 Policy Statement. Their core concerns being:
1) Insufficient focus on customers, outcomes and product value, including when considering value in the context of Covid-19
2) Shortcomings in governance and oversight of products
But what does this mean through the lens of daily conduct? We believe reviews and feedback have a critical role to play - and that they are not being used to best effect.
Are you already risking breach?
Firstly, it's evident that 1* or 2* reviews are NOT consistently being treated or responded to as complaint sentiment - which they most definitely are. We've analysed 800,000+ reviews now - and can offer a review audit to over 1,000 UK-based providers. We found last year that 87% of "complaint" reviews had not been responded to within 72 hours.
Beyond that - we've also found that Claims experiences are not being requested for review consistently. Top brands are using star review sites to show the ease of purchase - not the efficacy of use.
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Ask those who don't buy for why, otherwise how do you find design flaws?
We think, however, when you consider principles as laid out in PROD 4.2.3A, that the use of reviews could and should go deeper. Otherwise how do you spot flaws and harm? If you only ask the happy customers who got through the checkout - you have a very narrow lens!
"the potential risk, and possible levels, of harm to customers if the product design is flawed, in particular, due to the potential scale of harm if the product is intended for a wide target market;" - PROD 4.2.3A
You can ask every single one of your qualified visitors to give you private feedback - all on Peaccce. Quote reviews offer a sensible, compliant and simple solution to your regulatory obligations. We're here to help. Whether you're up or downstream on distribution and oversight - Quote Reviews offer you an unprecedented, low cost chance to get ahead of the curve.
Get in touch with us to find out how.
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