ILC Risk & Compliance event provokes discussion
22nd November 2023Tweet
ILC’s inaugural Risk and Compliance conference, themed ‘Consumers – more than just a duty’, proved a key catalyst in provoking discussion and thought amongst stakeholders from across the sector.
Sponsored by Albany Group; ILC Insurer Partner, First Central; Gallagher Bassett; and Padda Consulting the crucial event explored the challenges and opportunities Consumer Duty provides within insurance.
Taking place on 15 November at etc venues, Manchester the event attracted circa 100 of the leading influencers within risk and compliance from across the insurer and supply chain space.
Through the use of the ILC App – providing a platform for audience engagement – all attendees on the day suggested Consumer Duty had impacted their business and their role personally with 80% suggesting the change had been very obvious. When asked what they felt could have the greatest positive impact on customer success, some 40% of attendees suggested business cultures was the key with a further 23% pointing at external communications and 22% at people/human resource.
Providing a keynote opening to the day exploring the evolution of consumer duty, CEO of Consumer Intelligence, Ian Hughes said, “Most people in the supply chain think Consumer Duty doesn’t affect them. They think it’s only about insurers. But it’s entirely about the supply chain. Every single thing that has an impact on what the consumer pays is part of Consumer Duty.”
Following on from Ian’s introduction, Sharna Thomson, Head of Customer, UK Claims, Zurich provided an insight into the practicalities of aiming to meet Consumer Duty and said, “Having a customer-centric culture used to be a choice, a strategic decision. It’s not a choice anymore.”
Further sessions throughout the day provided a host of discussion and insight from a variety of perspectives directly and indirectly involved in the insurance claims sector. Further insight and overviews relating to the day will published in the coming weeks.Tweet