Improving the customer experience for inflation adjustments

With the rising cost of living, now more than ever it’s important for customers to understand how inflation adjustments impact their insurance. It’s also timely to remind customers that there are options available within their insurance to help them manage affordability.

Inflation adjustments are a feature on most of our policies and are applied annually to automatically increase the amount insured in line with the Consumer Price Index (CPI) or a fixed percentage (whichever is higher). Customers have the option to opt out of the inflation increase, either for one year or permanently.

We’ve been making some changes to better inform customers about how the inflation adjustment works and give them easier ways to opt out should they wish to. These changes include:

• improving the inflation adjustment notice which is sent to customers prior to renewal

• creating a purpose-built educational and opt out experience in My Resolution Life to avoid having to call us, and

• uplifting educational content on our website, chatbot and other communication channels

These changes will take effect from December 2022. Stay tuned for more updates in the new year.