Remediation – delivering the bad news is never easy

The Challenge

A global general insurer based in the UK, along with several high-street banks were judged by the FCA of mis-selling lifestyle products. They were punitively fined and ordered to re-imburse customers their premiums plus interest. Estimate impact was redress in excess of £1BN, affecting 7m policyholders. Tasked to design and execute a redress programme for affected policyholders

What we did

Working alongside a Big 4 consultancy and a specialist mailing house consultancy, we operated as partners with the insurer to delivery the entire redress programme.

This included:

identify affected policyholders, isolate their data and build a warehouse and data management system.
Create and execute a mailing strategy to inform the affected policyholders support claims
Build operational model that processed the claim and made payment to the policyholders supported with a temporary call centre

The outcome

Issued 20M letters over a 4 month period – one of the largest single purpose mailing campaigns in the UK at the time.
Redressed £1BN worth of premiums and interest to over 6M policyholders.
Create, maintained and decommissioned a bespoke database consisting of policyholder, financial and transactional data, over 1m records.
Policyholder satisfaction remarkably despite the nature of the project.