The ABI reviews the statement of best practice on critical illness every three years. Given the high frictional costs associated with the change that the customer ultimately pays for, is it still correct that we should follow this strict path?
Nick Kirwan, ABI Our Statement of Best Practice (SoBP) was developed to ensure consumers can take out a Critical Illness (CI) policy with confidence. It sets out clearly a standard set of definitions that consumers can expect all CI policies to follow as a minimum. CI insurance makes a huge difference to the lives of policyholders at very stressful times, so it is essential consumers always have confidence it is fit for purpose. With constant medical advancements and the industry striving to improve customer experiences, regular reviews of the SoBP are vital. Changes to the way...
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