New proposals from the Association of British Insurers will see insurance companies having to demonstrate improving customer service standards with the new requirements, which are due to replace the existing Raising Standards Scheme.
Companies will have to commit to a set of customer promises, based on the Association of British Insurers 'good practice' guidelines, which spell out how companies will achieve improvements.
A new customer experience index to chart performance will be introduced, and the overall progress will be monitored by a new group of senior industry and external figures. The association have said that independent market researchers will compile the customer satisfaction research on their behalf.
Our view
Standard raising has always got to be good for all.