ABI customer impact panel report: progress made, but still challenges ahead
The ABI Customer Impact Panel publishes its second Annual Report today (24 July 2008). This year there has been encouraging improvements in customers’ perceptions of the industry with over half (53%) of customers agreeing that the industry has an excellent reputation, compared with 48% last year. However, the Panel has made several recommendations for next year to align the Scheme with Treating Customers Fairly and to achieve better outcomes for the industry’s customers.
Melanie Johnson, Chair of the Customer Impact Panel, said:
“The Panel’s first Annual Report received a very positive response from the ABI Board, and the Panel has been pleased to see how our recommendations have been followed-up. Considerable work has been undertaken over the past year, both at industry and individual company level, which demonstrates a high level of commitment to the Scheme.
“However, there is more to do. The Scheme’s long-term objective is to improve outcomes for customers, and the good work that has started must be built upon to achieve this. We’re recommending that firms review their complaint handling processes to ensure improvements continue, and that the valuable insights complaints provide are captured and acted upon. Many company reports on progress had improved this year. We’d like to see all firms striving to emulate the best examples that we saw. We are pleased that our recommendations will be taken on board by the ABI and its members.”
Stephen Haddrill, the ABI’s Director General, said:
“The Panel’s oversight is a vital part of the Customer Impact Scheme. Its Annual Report helps us to develop the Scheme to ensure that the industry improves what it delivers for customers. We are pleased that the Panel acknowledges the work that has been undertaken over the past year, and we value the Panel’s input on the areas where we need to improve. We will work with our members in the coming months to implement its recommendations.”
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Notes for Editors
1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler 020 7216 7415 (Mobile: 07968 364 302)
2. This independent group has oversight of the Customer Impact Scheme, set up in 2006 to improve customer experiences of the life and pensions industry. In its Report, the Panel considers progress made under the Scheme over the past year, examines the results of the 2007/08 Customer Impact survey and comments on how companies have reported their own progress under the Scheme. The report contains several recommendations such as ensuring the Scheme is aligned with Treating Customers Fairly and conducting qualitative research on complaints, which aim to develop the Scheme and achieve better outcomes for the industry’s customers. The ABI has accepted these recommendations and will implement them over the coming year.
3. The Customer Impact Panel Report 2007/08 is available on the internet here: www.customerimpact.org/
4. Mike Ross, currently Deputy Chairman of the Customer Impact Panel, will take over as Chairman, in accordance with the terms of the Panel’s remit, from 1 August 2008.
5. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.
6. An ISDN line is available for broadcasts.
Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk
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