A customer focussed journey
Conduct risk has been a key area of focus by the Financial Conduct Authority and Lloyd’s. Following on from its thematic review of retail claims, the FCA has indicated that commercial claims handling will become one of the next areas of material focus for the insurance sector. This is supported by the claims handling requirements in the Lloyd’s Conduct Risk Minimum Standards.
This paper considers the key areas of conduct risk arising in relation to commercial claims throughout the distribution chain, how remuneration arrangements can impact risk, and how to minimise conduct risk.