From the 1st January 2016, Lloyd’s managing agents will be required to handle and report complaints more effectively. In response to these changes set by the Financial Conduct Authority (FCA), VIPR, leaders in insurance software, have developed the first independent Complaints Manager system. This ground-breaking solution for the Lloyd’s and London market is able to deal with complaints efficiently and in accordance with the new standards.
The new Complaints Manager has the ability to hold, manage and report complaints in just one system. A key feature for the managing agent, broker or coverholder is that they can upload details of a complaint with supporting documentation. Complaints Manager will allocate responsibility for the complaint handling, track progress against required response times and provide automated weekly reports to Lloyd’s including a full audit trail. The resulting data provided by the system will enable senior management to quickly identify problem areas and take action to reduce the level of complaints moving forwards.
“The message coming across clearly from the FCA and Lloyd’s is that Treating Customers Fairly must be at heart of the business, and the way complaints are handled is a key component of this,” Said Richard Brown, Director at VIPR. “It is clear that many companies are still trying to manage these processes using a variety of spreadsheets and manual processes – both of which are time consuming and unreliable. This is why we created Complaints Manager. It’s quick, easy to use and does the job – handling and reporting complaints. Without the appropriate systems in place many companies will be struggling to show compliance next year.”
With the deadline fast approaching Complaints Manager has come at the perfect time. Brown continued, “It’s clear that the regulators mean business and will not tolerate lax procedures which fail to treat customers fairly. It’s hard to see how current manual processes will be capable of satisfying the new regulations. Companies will need to implement robust systems or face the risk of severe financial penalties”.Share this: