On 28 February, the Central Bank published the results of its thematic inspection into consumer experience and satisfaction with the motor insurance claims process. The Central Bank has identified the following areas where it believes improvements could be made:
- Follow-up efficiency in deciding on claims and in making payments claims were not always paid within ten business days.
- Providing claimants with key information such as the effect of a claim on a consumer's no claims bonus, the value of claims, settlement payments to third parties and relevant contact details.
- Reducing the number of claims handlers dealing with a single claim.
- Giving claimants the opportunity to use the insurer's complaints procedure.
- Informing claimants of their right to appoint their own loss assessor and providing claimants with a scope of works.
The Central Bank also published a letter to CEOs identifying the areas where insurers should improve their claims handling process. The letter notes that firms are required to consider the findings of the inspection and the issues identified in the letter and take remedial action where necessary. The Central Bank also expects firms to discuss the letter and minute this discussion at their next board meeting.
A link to the letter is available here.
A link to the Central Bank's research is here.
The Central Bank's press release can be accessed here.