UK insurers' three-year strategy centres on customer trust, society and climate

UK insurers’ three-year strategy centres on customer trust, society and climate

6 March 2023

The Association of British Insurers (ABI) has released a three-year plan outlining how the industry intends to keep customers’ trust, invest in people and planet and support an effective functioning market.

ABI Director General Hannah Gurga says the strategy sets the direction for the industry group, bringing together key stakeholders and partners to drive positive change for its members, customers and wider society.

“Our industry is uniquely placed to support society, the economy and our planet. We stand ready to forge a new era of partnership between business and the state to tackle the long-term challenges we face, and as we seize the opportunities to protect and build a thriving society.”

On customer trust, the 2023-2026 strategy plan says the industry will strive to improve customer experience and understanding of new and existing products; broaden access and lead the debate on the relevance of long-term savings and insurance products; and deliver improvement to customer support and advice.

In relation to people and planet, ABI will aim to lead the industry’s transition to a net zero sustainable future; lead action to ensure industry practices promote diversity and inclusion; and drive initiatives that promote resilience across customers and the economy.

And for an effective market to function the plan says a legislative, regulatory and tax framework that unlocks the full potential of the industry to support customers and the economy in a global market is necessary.

The ABI aims to achieve the goal by striving to shape decisions that support growth, innovation and investment, in the UK and internationally; support the implementation of legislation and regulation that improves consumer outcomes; and lead the debate on the shaping and implementation of domestic and global tax policy.