A report to the Australian Senate on anti-competitive and other practices by health insurers and providers of private health insurance is worth looking at by anyone engaged in health insurance in South Africa.
You will find some interesting information regarding the type of coverage provided in Australia and the criticisms of health insurance practices in
The forthcoming UK Insurance Act has some useful ideas about treating customers fairly.
Pre-contractual representations cannot be converted into warranties and “basis of the contract clauses” have been abolished. Specific warranties can still be included in the policy. It is, by the way, not a good idea to incorporate the application for insurance in the
South African insurers must take cognisance of the importance of Treating Customers Fairly and the handling of complaints. Lloyds Banking Group has been fined £117 million in the UK for failing to fairly handle payment protection insurance (PPI) complaints.
From March 2012 to May 2013 Lloyds Banking assessed customer complaints relating to 2.3 million PPI
The South African market should not take Treating Customers Fairly lightly. The Financial Conduct Authority (FCA) fined Swinton Group Limited £7.4 million for an aggressive sales strategy that resulted in the mis-selling of monthly add-on insurance products.
The FCA has now also fined three former executives of Swinton £928 000. The executives have been banned
The Insurance Council of Australia has published a revised General Insurance Code of Practice.
It contains nothing unique or startling but it will give insurers some good ideas, written in plain language, about things you might want to incorporate in your own Treating Customers Fairly philosophy.