Consumer Duty – A Catalyst for Transforming Insurance Operations

Insurers are facing a pivotal opportunity to reimagine their operations, improve customer experiences, and reduce costs – driven by the regulatory shift brought about by Consumer Duty. Far from being just a compliance exercise, the new rules offer a springboard for transformation through digital tools, data analytics, and process simplification.

Meeting the Duty’s outcomes around product design, pricing and customer understanding requires a 360-degree view of the customer and stronger governance throughout the organisation. By embracing cloud-based systems, advanced analytics and omnichannel engagement, insurers can not only streamline compliance but also simplify customer journeys and deliver fairer value.

In this evolving landscape, Consumer Duty has the potential to reshape the industry – prompting insurers to become more efficient, customer-centric and ready for the future.