February 15, 2017

When General Mike Flynn lied to Mike Pence, the FBI, and anyone else who asked about the little chats he’d been having with the Russians, it really wasn’t a problem.

But when the lying FAKE NEWS mainstream media fakely revealed that Flynn had lied, that was terrible.

FAKE NEWS mainstream media treated Mile Flynn very badly, Folks, by forcing Donald Trump to fire him.

Which just goes to show how true it is that the Eleventh Commandment trumps all the others. How Trump must long for the days when nobody questioned his orders.

What’s that got to do with motor insurance and claims and all the usual stuff about which Bankstone News rants and raves each week? Barely anything really, but it does go to show that it’s not so much the things you do as the things you’re seen to do that really cause problems in this life.

Right now, for example, motor insurers are in a bit of a panic at the prospect of customers receiving a reminder of what they paid last time each time they’re deciding whether to renew or not.

It’s all the fault of the meddling FCA, you see, you’ve arbitrarily decided that it might be nice for customers to go into renewals on a fully informed basis.

It is, to say the least, a little inconvenient that, at precisely the time when motor insurers need to ‘rebuild trust’ with their customers, along comes an intrusive regulator insisting that from 1 April this year insurers’ renewal documents must include:

· A reminder of what they paid last year
· Some words encouraging them to check their cover and ‘shop around’
· For loyal customers (4 years and over), some words saying something like: ‘No, really, you should see if you can get a better deal with one of our competitors.’

Making an imaginative leap into the footwear of a key target market, Ian Huge of research firm Consuming Intelligence reckons this sinister new requirement could ‘shatter customer trust’ in motor insurance firms, making it way too easy for customers to decide they don’t want to pay more every year and conclude they should leave in search of loss leading quotes from other providers.

This isn’t a great time to be undermining trust in motor insurance firms, Huge contends, because – for all manner of reasons entirely beyond their control – said motor insurance firms are going to have to whack up their prices quite a bit over the next year or two (notwithstanding any windfalls from the abolition of PI claims).

Not only are motor insurance premiums at their highest levels ever, having risen by five times the rate of inflation during 2016, but stuff like IPT hikes, rising repair costs, and increasingly impatient shareholders have severely limited the scope for keeping premiums down. Then there’s other stuff like the MoJ cutting the rate at which insurance payouts are adjusted to allow for future investment returns (remember them?)

So, quite frankly, the last thing insurers need is your customers having last year’s premium shoved ‘in their face’ just when you’re trying to squeeze some more money out of them. Before the FCA stuck it’s meddling nose in, most people have generally had little or no idea what they pay for motor insurance. Now they’re going to be on the phone whining on about ‘why is my premium going up’ etc. etc. It’s all very unfair, and the insurance industry is going have a job on, Huge reckons, trying to get its message over so it is not painted as the villain.”

Whatever happened to customer loyalty, Bankstone News would like to know.

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