Fairer Finance

Motor Legal Cover is a common add-on to car insurance but is often misunderstood. What can insurers do to help customers better understand it? Read Iwan Doherty's latest blog to find out: https://lnkd.in/e4cGtky9

🏠 In our latest blog, Robert Sheargold looks at how Generation Z's preferences differ from those of older generations when it comes to choosing a mortgage provider. https://lnkd.in/giAAyQpF

At Fairer Finance we're excited to announce the launch of our business bank accounts product ratings. You can see the ratings on our insight portal and website here: https://lnkd.in/eu8_nnke If you want to understand the methodology behind the ratings please follow this link: https://lnkd.in/eXKKRmRp

Great to see AXA Health's new handbook out in the market. We worked with the Axa team to write the document - and it's the first in its sector to win our Clear & Simple mark.

In our latest blog Harry Ashton looks at the issue of cancellation fees in the funeral plans market. Fees can be very high in this sector, and vary a lot from provider to provider. High fees can act as a barrier to customers switching so might impede good outcomes. You can read the full analysis here: https://lnkd.in/eQyCH8yZ

✈️ With travel insurance complaints rising, our latest blog looks at what providers can do to help customers choose an appropriate travel insurance policy. In the blog, Millie Ridley discusses steps that some providers have taken to increse customer understanding (with examples from Admiral Group Plc, AllClear - Voted UK's No.1 for Customer Care, Staysure Group and Cedartreeinsurance.com) including: - Flagging the importance of declaring pre-existing medical conditions through boxes and videos - Including information in the purchase journey on what is and isn't covered in the event of a natural disaster Read the full analysis here: https://lnkd.in/emseUw_u

Some findings from the latest update to the Fairer Finance Trust in Insurance Index: - Trust in car insurers has declined for three consecutive periods. Premium rises are a likely cause - Customers with high household incomes (£70k+) are more likely to trust their insurer. This could be because they can absorb premium rises more easily, afford greater cover, or choose insurers better suited to their needs - Trust is correlated with good customer service and good claims experiences - Firms with strong reputations tend to have high levels of customer trust. Firms that win relatively more customers because of price tend to have lower levels of trust You can read the full analysis here: https://lnkd.in/e3x2jr3w

Our polling, done with Opinium, shows that customers with characteristics of vulnerability tend to be less positive about mortage communications than non-vulnerable customers. This is especially true for customers who lack confidence managing money. Read this blog by Robert Sheargold for a full analysis of the data, and some tips on how providers can improve their communications: https://lnkd.in/e4Ybr7Ea

We’re thrilled to announce Chris Pond as the new Chair of our Consumer Advisory Board! Read more about Chris and his vision for Fairer Finance here > https://lnkd.in/gCshfqFq

Our latest webinar on effective consumer testing is now available to view! You can watch the full webinar and download the slides, here >>> https://lnkd.in/eKMj-tmr