Call for Input on access to insurance

Call for Input opens
20/06/2017
Call for Input closes
15/09/2017
Feedback Statement
25/06/2018
25/06/2018

We are publishing our response to the Call for Input on Access to Insurance. In this Call for Input we invited views on the ability of consumers who have, or have had cancer, to access travel insurance.

Show Feedback Statement (PDF)

Call for Input (PDF)

In this Feedback Statement, we set out how we will work with key industry stakeholders to create a new signposting service which will redirect customers to specialist providers.

This follows responses to the Call for Input which highlighted:

  • There is a lack of quality information on alternative options available to consumers after they had received a high quote or had been refused cover, which can cause consumers to assume that they are uninsurable. 
  • A general lack of understanding amongst consumers and firms around insurance terms and the risk factors that are considered by providers when calculating the premium.
  • The lack of transparency around pricing, the risk factors which drive quotes and how premiums are calculated which limits consumers’ awareness about their options and can mean that they have difficulties in finding competitive insurance that is appropriate for their medical condition.

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, so issued our Call for Input to look at consumers’ experiences of accessing travel insurance.

Who this applies to

The Feedback Statement will be applicable to:

  • Providers and brokers of travel insurance
  • Trade bodies representing these firms
  • Consumer organisations

Next steps

We will now work with key stakeholders to implement the new signposting service as well as looking at ways and means of improving the provision of consumer information in this area.