| Link(s): | Insights |
Context
The LMA has published an insights article on why policy wordings matter, in particular revising UK personal accident wording to boost consumer accessibility and how the changes made to it aim to boost consumer understanding.
Key points to note and next actions
- The LMA is taking proactive steps to produce model wordings that are suitable for consumers. This project involves updating several existing LMA model policy wordings to ensure that the policy language is clear and the cover is presented in a consumer-friendly format.
- The LMA has published a new model UK Consumer Personal Accident Policy, and is working with external designers to produce an interactive pdf version which will soon be available on the Lloyd’s Wordings Repository.
- Any new model consumer policy wordings published by the LMA will be made available as an interactive pdf format.
- Several key stakeholders and subject-matter experts have been involved in the process of drafting LMA3177 since June 2023. The LMA has worked with a subgroup of the Personal Accident Business Panel, medical practitioners and consumer wordings specialists to ensure that the new model policy meets the needs of underwriters and consumers.
- Simplicity and clarity were the guiding principles for the update to the LMA’s model personal accident wording, which resulted in a completely new wording.