FCA Compliance & Customer Focus: A Coforge Solution
Overview.
A top insurance carrier, dealing in property & casualty, health, and specialty and reinsurance businesses, and operating in the US, UK, Ireland, Netherlands, Switzerland, Bermuda, and Singapore was facing new FCA customer experience regulations. Recognizing Coforge’s deep domain expertise and extensive technical experience in providing solutions to complex problems, the insurance carrier chose us as its partner in this ‘must deliver’ program. Coforge developed a data analysis framework to capture customer interactions, identify complaint trends, and ensure fair treatment throughout the insurance lifecycle. This solution streamlined regulatory reporting and improved customer satisfaction.
In response to the Financial Conduct Authority’s (FCA) regulatory requirements, the client wished to build a solution that would enable them to adhere to customer experience-related regulatory requirements. The main objective behind the solution was to:
Capture every interaction with the customers regarding claims, feedback, and complaints
Analyze all interactions in terms of ease of access, transparency, efficiency, and closure
Review the timeliness and acceptability of redressal
Report these complaints to the FCA
Create and improve processes to ensure they are fair and friendly to the customer
Solution
Coforge leveraged its domain expertise and technical experience to deliver a comprehensive solution.
Data Analysis Framework: A framework designed to collect and aggregate data from multiple sources, analyze it for insights, and present the information in a visual format, enabling the management to make informed decisions related to customers.
Complaint Analysis: The solution was designed to analyze unstructured data and summarize the data on the following potential aspects/features:
Complaints type (Policy & Claims)
Categories and sub-categories of complaints
Statistics based on location, product type etc.
Reason of complaint
Other important attributes e.g. policy number, contact details etc.
Visual Reporting: Insightful reports were generated for internal decision-making and FCA submissions.
Improved Customer Experience: The framework focused on identifying areas for improvement in the insurance value chain, enabling the client to treat their customers fairly throughout the value chain.
The Impact
Regulatory Compliance Streamlined data capture and reporting ensured FCA compliance.
Enhanced Customer Satisfaction: Data analysis helped improve customer experience throughout the insurance journey.
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