Clearer wordings help customers understand their protection, enabling them to make informed decisions and assess whether a product meets their needs. It is important that all customers have a good understanding of the insurance products they purchase and simplicity is particularly important in achieving that for customers who are individuals, microenterprises and SMEs.
Lloyd’s has been focusing on how product simplification can be used to improve customer understanding and outcomes and two reports have been produced which are linked below.
Guidance to simplify insurance policies report
Open the Product Simplification: Product Design course flyer