General Insurance Pricing Practices
The General Insurance Pricing Practices signal a new chapter in the FCA's focus on fairly-priced insurance products which provide real value to customers.These are supported by a Q&A document that is regularly updated.
Learn what these rules are, how they apply to each role, and how you can use them to provide fair value to customers.
- 25 Minutes
- All staff
- Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.
Learning objectives
- Comply with the General Insurance Pricing Practices (GIPP) and deliver fair value to your customers
- Avoid discriminating against customers based on their tenure
- Make detailed reports in line with the FCA's requirements
- Understand the new level of accountability assigned to senior managers
- Ensure that there are no material barriers preventing customers from changing providers
What can you expect your employees to learn?
Introduction
What are the General Insurance Pricing Practices?
- What is fair value?
Fair value assessments
- What this means for insurance firms
- What this means for insurance firms
- Scenario: Fair value
Pricing strategy
- Closed books
- Application across the distribution chain
- Pricing strategy challenges
- Scenario: Pricing strategy
Reporting
- Pricing submissions
- Reporting challenges
- Scenario: Reporting
Individual accountability
- Accountability challenges
- Scenario: Individual accountability
Customer engagement
- Customer engagement challenges
- Scenario: Customer engagement
Premium finance
Summary
Affirmation
Assessment
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