Consumer Duty Project at the AA Insurance

10 minutes read

Project Overview

In the face of evolving Financial Services regulations, the AA Insurance embarked on a strategic project to embed the Financial Conduct Authority's (FCA) Consumer Duty principles into its operations. This initiative aimed to not only comply with new regulatory standards but also to elevate the customer experience by ensuring their needs and outcomes are prioritized across the board. The introduction of Consumer Duty by the FCA presented a unique set of challenges, necessitating a comprehensive understanding of the regulations and an organization-wide implementation strategy.

Objectives

  • Understanding FCA Principles: A deep dive into the FCA's key regulations and principles, ensuring a solid foundation for aligning the AA's practices with customer-first methodologies.
  • Business areas: The need to adapt the consumer duty principles and practices across all the AA business areas- Insurance, Road-B2C and B2B, Financial Services and Cars, Digital, Driving School, and Underwriting.
  • Consumer Duty MI: Tailored MI to assess the implementation of Consumer Duty across all the business areas to ensure comprehensive coverage and compliance.

My Role

As the Senior Business Analyst for BEAM, my responsibilities included:

  • Running more than 50 workshops, engaging with more than 100+ stakeholders across the whole of AA to validate and refine the Consumer Duty compliance requirements across all the 8 workstreams
  • Contributing in creating the comprehensive steering committee packs for the C-suite stakeholders which highlighted the programme status/challenges/rsik/issues
  • Analysing the MI requirements from all the various teams and helping build the Consumer Duty Dashboard which had around 1500+ metrics
  • Creating process maps/process flows to understand the as-is and to-be processes and gap analysis
  • Creating the post implementation requirements (Day 2) for the programme
  • Helping in creating the strategy, RACI, accountability matrices to embed Consumer Duty into BAU

Conclusion

The Consumer Duty project at the AA Insurance stands as a testament to the organization's commitment to regulatory compliance and exceptional customer service. Through meticulous planning, stakeholder engagement, and innovative process improvements,the AA has set a new standard for customer-centric operations in the insurance industry, ensuring that customer needs and outcomes are consistently prioritized.