The number of customers turning to social media platforms to express their grievances reportedly tripled between 2017 and 2020
It is vital that organisations expand their use of social media channels to deliver a more effective customer experience. However, with the FCA’s new Consumer Duty regulation replacing Treating Customers Fairly, there is now an even more pressing need for UK insurers to review and improve their customer service processes and delivery.
In Davies’ latest report, The FCA’s new Consumer Duty: Unpacking the role of unstructured consumer feedback in next-gen supervisory data, Davies partnered with DataEQ to explore the implications this new regulation will have on insurers. To test the relevance of social media data in the context of market conduct reporting, Davies and DataEQ categorised social media conversation and complaints about 20 UK insurers according to the four identified outcomes in the Consumer Duty.
Download the report to find out what these businesses should be doing to avoid hefty fines from the regulator and put customer needs at the heart of their products and services.
