Expert view: The opportunities of Consumer Duty


Insurance experts set to join ClaimsTech – The Pitch 2024 have shared their insights regarding the challenges facing the sector during the year ahead, and what technologies and innovations they hope to see at this year’s event.  

Joining the panel at this year’s event is Greg Cole, UK Claims Director at Aioi Nissay Dowa, who believes that although the industry is starting to settle into a more stable pattern there are still variations and challenges.

He said, “Navigating through 2024, the UK motor insurance market is adjusting to what feels like a slightly more familiar rhythm of claims inflation after recent tumultuous years. Yet, despite this anticipated normalisation, we remain confronted with both longstanding and new challenges.

“The sector of volume injury claims is under the microscope, with ongoing developments such as the Judicial College Guidelines (JCG) updates, tariff adjustments, and the critical Supreme Court decision on mixed injuries injecting a measure of uncertainty. These elements could significantly reshape the compensation, requiring insurers to stay agile and proactive.”

He also points to an increase in regulation, but suggests this presents an opportunity for the industry.

He explained, “Regulatory scrutiny has intensified, with Consumer Duty and Operational Resilience becoming focal points. In this environment, Consumer Duty emerges as a golden opportunity for claims departments to showcase their commitment to prioritising customers. It’s a call to action for the industry to not just meet but exceed regulatory standards by embedding customer-centric practices at the heart of operations.”

Greg also highlighted the growing influence of AI, particularly generative AI, which he believes could revolutionise the claims process this year, from initial assessment to final resolution.

Looking ahead to ClaimsTech – The Pitch, Greg hopes to see innovations that directly address the issues he expects to shape 2024 – Consumer Duty and AI.

He said, “I’m particularly keen on technologies that enhance customer communication and streamline the orchestration of various suppliers and platforms involved in the motor claims journey.

“I’m also interested in AI solutions that complement our skilled claims people, enabling them to provide even better customer service by automating routine tasks and offering predictive insights and guidance. This not only optimises the claims process but also ensures that customers feel valued and well-informed at every step. The integration of such technologies promises to elevate the customer experience, adhering to the principles of Consumer Duty by putting the customer’s needs at the forefront of the claims process.”

Plans for 2024’s ClaimsTech – The Pitch are now well underway – see here for the latest.  

The inaugural ClaimsTech – The Pitch 2023 saw six tech innovators showcase their technologies to a panel of insurance sector experts, with Shift being named overall winner of the ‘Insurance Experts and Investors Award’ from a shortlist including Clearspeed, NuvaLaw, Sprout.ai, SLVRCLD and Yarowa.  

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