In October last year, we published a report that addressed the urgency with which the global insurance industry must invest and focus on clarifying and simplifying its products. The report: Building simpler insurance products to better protect customers was the second in a series that was produced as part of the insurance industry’s response to COVID-19.
Since the publication of the report, Lloyd’s has run a product simplification project in conjunction with the Lloyd’s Market Association (LMA) to further investigate and promote ways to improve the clarity of insurance contracts for the benefit of policy holders.
On 8 December 2021, we issued market guidance which sets out the actions that Lloyd’s expects managing agents, brokers and coverholders to take to simplify their insurance products.
conduct@lloyds.com