Open finance identified as key to Consumer Duty compliance
General insurers need to make greater use of open banking in order to comply with the Financial Conduct Authority's Consumer Duty requirements, according to Suzanne Homewood, managing director of decisioning at Moneyhub.
Homewood said general insurers should switch from asking 20 questions about the state of a policyholder’s finances at point of sale, when a premium payment is missed or claim made, to asking for
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