An ABC report re the devastation of the Townsville Floods & calls by leaders for insurers & banks to support the community through these difficult times. https://lnkd.in/fC8jXpk
This is a moment where an insurer’s or bank’s black letter of the law compliance can lose them trust. But what is fair?
For example, is your damage due to storm or flood? A claim is paid or not paid on the response & the evidence. Due to this technical nature of the products, purchasing a product that has big gaps in expected cover is quite possible.
Is it fair for consumers to not have the cover they anticipated? Is it fair to ask insurer’s and banks just to pay if cover has been declined or overlooked in the purchasing process? What a difficult position for all concerned in a moment of real danger, high emotion & personal crisis.
At CertFair, we support financial services companies to go beyond compliance by defining the fairness in their products for customers. Helping them to meet community expectations before these moments of crisis arise. Not trying to respond in the midst of the devastation; an impossible task.