Lloyd's: simpler post-pandemic insurance policies

In its report "Building simpler insurance products to better protect customers", the Lloyd's of London is calling on insurers and reinsurers to simplify their products.

The Lloyd's objective is to make it easier for customers to understand insurance policies.

Developped in collaboration with Lloyd's Global and UK Advisory Committees, the report offers three solutions that the market should implement in order to respond to the challenges created by the pandemic:

• Conduct a linguistic review of client documentation for simple and complex products.
• Invest in innovations related to product design and delivery and explore more radical options such as parametric insurance.
• Involve customers directly in products' design to make them simpler and more adapted to their ever-changing needs.

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