HM Treasury has published a report on the progress made during 2016 on the original 26 recommendations put forwards by the Insurance Fraud Taskforce. The Taskforce was set up to investigate the causes of fraudulent behaviour and recommend solutions to reduce the level of insurance fraud in order to ultimately lower costs and protect the interests of honest consumers.
One of the 26 recommendations included ways to improve customer understanding of insurance products. The progress on this to date includes the FCA’s Smarter Communication initiative, the new FCA rules on consumer insurance policy renewals and the ABI’s transparency initiatives to improve consumer understanding of insurance products.
Much of the progress in relation to the recommendations is on going, such as in relation to GDPR and the recommendation for the ICO to provide guidance to the insurance industry on clear data sharing practices in relation to insurance fraud.