FI Supervision 24: Complaints handling in insurance firms

2021-10-06 | Reports Consumer Insurance

Finansinspektionen (FI) conducted a survey of twenty insurance firms and determined that the firms in general handle complaints in a satisfactory manner, but there is room for improvement.

It is important for insurance firms to have well-functioning complaints handling processes. Deficient processes not only raise the risk of consumer rights not being properly addressed, but they also could result in the insurance firms not systematically capturing potential risks or shortcomings associated with their products.

Through this report, Finansinspektionen would like to convey the importance of firms having a compliant, well-functioning and appropriate complaints handling process. FI may use the results of this analysis in its supervision and when planning future supervision activities to safeguard consumers' interests. A summary of the findings is enclosed.