Financial inclusion, including affordability, is a core priority of regulators and businesses. Being able to offer the best-in-class experience and make accurate decisions is integral and an ongoing strategic investment for nearly every business in every sector, including insurance.
The Financial Inclusion Commission stated in their Insurance Inclusion Report, that there has been much discussion around improving access to banking and payment services, savings, and affordable credit, while insurance has so far been forgotten.
Experian’s motor insurance research found that most people (71%) opt for an increased excess in their premiums in order to make the policy more affordable.
This content highlights the repercussions if a claim were to occur and how Experian can help insurers check whether consumers can afford to pay for products and services.