This thematic project looked at MLEI from a number of perspectives including its value and usefulness, customer understanding, and the sales process. Thematic work is a fundamental part of our supervisory approach.
This report shows what you can expect from our approach to general insurance supervision. It is the first report on a range of thematic projects we will undertake this year and characterises the type of work we are doing with the general insurance industry and its customers.
We have discussed our findings with insurance firms, trade associations and consumer representatives. The firms that participated in the project are changing the way MLEI is sold.
We now want all motor insurance providers to similarly reflect on our findings. We ask firms to pay particular attention to what customers are saying about their understanding of MLEI and motor insurance in general.
We will revisit this work in 2014 to assess how the market has responded.
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