ASIC General Insurance Pricing Practices Reviews
Efficient Transition - from FIND to FIX and REPAY
Insurers are encouraged to bring together the right people, experience and tools to prioritise and address the FIND phase issues quickly.
General insurers have now completed their response to the ASIC ask of reviewing the pricing promises made to customers, and are pivoting towards FIX and REPAY phases of their programs, mindful that quickly resolving these issues is important to driving customer satisfaction, reputation, cost and regulatory compliance.
And so begs the questions: what’s next? How do insurers take the lessons learnt from the FIND phase and leverage these appropriately? What do insurers need to do to set up for success? In this article, we will explore these considerations for insurers based on Deloitte’s extensive experience in remediation and rectification programs as the industry transitions from FIND to FIX and REPAY.
