Business_Plan_2010.pptVIP

The Business Plan: ABI Priorities for 2010-2011  Foreword The ABI’s mission is to enable the insurance industry and its investment businesses to grow their markets, increase their profitability and to enhance their reputation with consumers and stakeholders. This Plan sets out our priorities for action to achieve these goals over the next two years. Consumers Savings Protection Regulation Competitiveness Reducing risk and unnecessary costs Capital Markets. The Plan show the main workstreams in each priority. More detailed plans are developed with our key committees. Progress is reported to each Board meeting and the Plan as a whole revisited at the end of each year. Consumers Objective: To promote and enhance the reputation of the industry with consumers and stakeholders, based on action to improve real outcomes for customers. Rationale: Members want to increase confidence and trust in the industry and stimulate demand for products. To do this, the industry needs to improve outcomes for customers by dealing with areas of detriment that can be addressed through collective action. Strategic Focus: To focus on the development and implementation of an industry-wide consumer strategy through a four-stage process: proactively identifying areas of detriment; developing and implementing plans to improve outcomes for customers; gathering evidence to demonstrate improvements; and using that evidence to secure justified reputational gains and seeking regulatory reform to the benefit of consumers and members. Consumers Work streams Strategy Development Ongoing identification of areas of detriment and development of solutions Promote improvements achieved Solutions Development Further develop OPTIONS tool to enhance industry process efficiency and reduce costs. Income protection claims - build on evidence base and action plan. Consider the case for a major industry led review of “household insurance” to assess how it works for consu