Product Value

Support in Demonstrating Fair Product Value

The FCA is undergoing work to determine, in light of Covid-19 and generally as part of their overall oversight, how firms determine the value of the products designed and distributed can expect to be of value to the end customer. As part of that work they have has sent insurers and other firms regarded as product manufacturers a detailed information request looking into how firms assess and monitor the value of their products. The main purpose of the review is to assess firms’ actions and customer outcomes in relation to the regulatory guidance, ‘Product Value and Coronavirus’, first published in the summer of 2020.

The information request covers not only firms’ response to the pandemic, but also how firms are addressing wider concerns about conduct, culture and governance raised in an earlier study of General Insurance Distribution Chains (FG 19/5).

ICS is able to assist firms ensure they can evidence the matters such as specific committee/board reports where product value has been discussed, product reviews where the firm has made ‘material changes to the premiums charged’, stopped writing new business or changed the level of cover provided, management information used to determine the value of products, remuneration arrangements, any co-manufacturing arrangements, claim frequencies and loss ratios etc.

For more information take a look at our ICS Brochure or get in touch with a member of our insurance compliance team.

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How ICS Can Support Your Firm

There are various ways ICS can help support your firm and help you demonstrate fair insurance product value.

Whether you need help submitting the right information, want to practice responses before a visit or would appreciate some on-site support during an investigation, our expert consultants will help you feel more in control.

If you have concerns that an individual, team or set of procedures are putting your compliance at risk, why not let us provide an independent assessment?

We’ll look at client files to get an overview of systems and controls or targeted business areas if you have concerns about an individual or a team.

As a result, you’ll find out if procedures are fit for purpose, ascertain if they are being followed and discover if any staff have competency issues which are increasing your risks.

Sometimes, you know that one area of your business could be handled better, such as sales practice, product governance or complaints.

Our experienced consultants will gather information from your team, review your processes and documentation and use examples of best practice to illustrate how improvements can be made. As well as a verbal debrief, you’ll receive a full report with prioritised action points to help you address any issues.

How Can We Help?

We offer up to two initial consultations without charge, to determine the exact nature of your challenges/concerns. If you would like to try out some of our services before committing we can offer a demo of our Compliance Portal, samples of our Hot TopICS or attendance at one of our Webinars. Thereafter we will agree which of our services are most likely to help you most with your regulatory requirements, agree a package of support (or a one-off project) and submit a proposal for review. Before, of after, you decide to go ahead, we will introduce you to the Consultant(s) who will agree a diary of contact at times to suit you both.

Please call us on 01892 539600, email us at enquiries(at)insurancecompliance.co.uk, or send us a message using the form for more information or to make an enquiry about any of our compliance services.

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We highly value the regular updates which explain the actions we need to take. These help us anticipate and accommodate regulatory changes and maintain compliance. Insurance Business Owner
We particularly appreciate our dedicated compliance consultant’s visits. He is a key part of our team and helps us feel confident. Insurance Business Owner
We have faith that you will always deliver a high standard of service. Insurance Business Owner
You are always ready to help. Our dedicated consultant gives us tailored advice at our quarterly reviews and the telephone helpline is always available whenever we need a little extra support. Insurance Business Owner
Your 'full service' package gives us unrivalled peace of mind. From the comprehensive compliance manual to the Hot TopICS regulatory updates, you ensure that we are well-informed and able to implement the actions needed to maintain compliance. Insurance Business Owner
Thanks to their regular visits, our compliance consultant is now, in effect, part of our operational team. We are able to contact them at any time, not just when they visit regularly, and they understand not only the questions we ask but what is prompting us to ask them! Insurance Business Owner GSIS Ltd
We have never been more comfortable with our regulatory status / situation based on the support and guidance we receive from you guys. Jeff Rush Chief Executive, Rush Insurance Services Ltd
Earlier this week I was sent details of what would be required for a Network audit at the end of the month. The amount of documents, policies, procedures and registers required for this were terrifying and would previously have taken me 2 weeks of solid work to pull together, whilst still trying to run the business and look after clients. Because of the work Casey had already done for us though, in only 2 visits, literally everything needed was readily available, up to date and perfect. Can’t thank her enough and wouldn’t hesitate to recommend her to anyone else. Insurance Business Owner
ICS has been invaluable to us and we will continue to use them as our external compliance arm as they are a dedicated professional team with unparalleled expertise in the industry. Insurance Business Owner
Since working with ICS we have complete peace of mind regarding all of our compliance needs. We have worked with others in the past who have not understood our business or our needs. ICS’s service has been exceptional, not only with our regular day to day requirements, but also when we have called on them for support and advice for bespoke projects; indeed they attended an urgent meeting with a moment’s notice. Insurance Business Owner
We have used ICS for 10 years. We are extremely satisfied with the service they provide and with their specialist knowledge and advice on the rules and regulations. Nothing is too much trouble. Help from the friendly team with the RMAR/Gabriel is greatly appreciated. We would not hesitate to recommend them. Insurance Business Owner
We have built up a good relationship with our Consultant, who is key to the service ICS provides to us. We find the way he coaches us and understands our mentality helps with the compliance piece – and we are never lectured. Insurance Business Owner
We are very pleased to have been a business partner of ICS for 5 years. This relationship works very well giving us the right balance of internal control and external, up to date advice. The service provided by our relationship manager, Rob Cawthorne, has been professional and beneficial. Rob has also been our main contact for some time now providing stability and continuity. Insurance Business Owner
Really pleased to finally meet up today and get so much done. I feel a lot better knowing what is expected of me as a business owner. Much of the Product Governance and Pricing initiatives are core to my business anyway and I have no trouble with what is in store Insurance Business Owner
ICS worked with Specialist Risk Group on a major project from August 2021 to January 2022. As a company that prides itself on its specialist knowledge we were impressed by the way that ICS understood our business. They managed the entire project efficiently, keeping us updated at each stage of the process. Our dedicated consultant, Tony Darwall, was very experienced and built a good rapport with our staff. The deliverables from the project were of a high quality and we look forward to working with ICS again in the future. Clare Lebecq Group Chief Operating Officer, Specialist Risk Group