In this call for input we invited views on the challenges firms face in providing travel insurance for consumers who have, or have had cancer, together with the rationale for pricing differentiations in quoted premiums.
In May 2016, we published an Occasional Paper exploring issues around ‘Access to Financial Services in the UK’. We analysed the issues we identified through the lens of five major social and technological trends. One of these trends was the increasingly segmented markets in insurance.
The paper recognised how some consumers who had good access to insurance products in the past can find they have become marginalised. We have been keen to understand how consumer outcomes can be improved in this area, whether by traditional methods or innovation.
In our Call for Input we sought views, supported by examples and evidence where possible, of the challenges firms face in providing travel insurance for consumers who have, or have had cancer, and the reasoning for pricing differentiations in quoted premiums.
This Call for Input is now closed but if you would like to get in touch please use the contact details below:
The Call for Input represented the first stage in our broader engagement with stakeholders to improve our understanding of the issues facing vulnerable consumers accessing different financial markets. While the paper focused on travel insurance for people who have, or have had, cancer, the findings will broadly apply to other pre-existing medical conditions, and also to other protection products.
In due course we expect to publish a Feedback Statement with our findings and set out our next steps in light of the responses.