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Protection workshop summary claims data consistency

The ABI held a member workshop for Protection providers on 10 September 2013 to discuss the ongoing work to improve the consistency of claims data being reported to and published by the ABI.

Attendees included claims assessors and a financial adviser who was able to offer insight into what intermediaries and consumers need to know.

The objective was to reach consensus on proposed changes to the way the ABI collects and publishes claims data on Protection insurance. The discussion was very constructive and productive.

Despite the challenges involved in moving to a consistent and transparent approach to defining and measuring Protection claims, members supported the objective and are keen to deliver an approach that will build public trust and confidence in using Protection insurance products.

Members agreed that some areas of the guidance notes need tightening to achieve greater consistency.

Members also agreed on the definition of a claim to help resolve some uncertainty around when a claim should be recorded, identifying 'spurious claims' and differences in firms’ triage processes.

Over the coming weeks the ABI will be working with members to develop a new proposal for the template and guidance with the aim of collecting data for 2013 in the new format, in the first half of 2014.

Useful event documents:

Last updated 01/07/2016