FCA says life insurers could do better on bereavement handling

The FCA has completed a multi-firm review of how life insurers handle bereaved customers. On the whole, it found they provide good service, but says they can improve on the time they take to settle claims – while recognising that firms may sometimes need time to get the evidence they need.

It also found firms could do more to better measure and show how they deliver good outcomes for customers. The FCA had written to life insurers in September 2023 raising concerns about poor customer service and followed this up with the survey, comprising 15 firms that make up over 75% of the life protection market.