ABI Keen to Improve PPI Selling

by Gill Montia

Story link: ABI Keen to Improve PPI Selling

The Association of British Insurers (ABI) together with insurers, banks, mortgage lenders and consumer credit providers, has entered into a commitment to help consumers get the best terms for payment protection insurance (PPI).

A consumer guide to PPI has been produced by leading operators in the sector, to explain how PPI works and advise consumers what questions they need to ask the seller to ensure that the product is correct for them. The initiative includes, as a key element, measures to improve selling standards and the ABI has been working with the Financial Sector Skills Council to produce new standards for training staff who sell PPI. They will be expected to have a sound knowledge of policy terms as well as the ability to assess customers’ needs and advise on how to make a claim.

The measures aim to build on improvements already made by the industry, such as the commitment to provide refunds on single premium policies that are cancelled early, and systems to provide for efficient claims handling. The sector has also been working to ensure that when a claim is made, the interpretation of policy terms is consistent.