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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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