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Commenting on the Financial Conduct Authority’s (FCA) general insurance add-ons market study final findings, Helen Withers, Managing Director of Arc Legal Assistance, said: “We fully support the study by the FCA and the proposed changes to add-ons. We have been working with our corporate partners for a number of months to develop their sales processes for add-on Legal Expenses Insurance (LEI) in anticipation of the final findings.”
“Inevitably the move from an opt-out to opt-in sales method will impact sales conversion levels; however by ensuring that the value and benefits of LEI are made clear to consumers at the point of sale will allow an informed purchasing decision to be made. The majority of our partners already offer cover on an opt-in sales basis and we have developed sales support programmes to ensure that the value of LEI is demonstrated to customers. We believe this approach will improve conversions levels beyond what is traditionally expected from an opt-in sale.”
“It will be essential that all services currently provided by a solicitor under the policy to customers are also included in the information provided to customers, to reflect the true value of LEI products.”
“We have actively delivered product training on a train-the-trainer basis, or directly to front line sales teams, supported by the provision of marketing materials outlining key product benefits to be used during the sales process.”