These enable consumers to use internet-connected devices such as in a person’s car, home, or their watch and bracelet to transmit data which the firm can use to tailor and price their policy offerings more accurately (Cronin, 2017). For the consumer, these technologies have the potential to reward their good behavior with lower premiums.
Getting it right for consumers is at the centre of what we do and the area of mortgage arrears is an important priority for us. In early 2009 we added to our consumer protection arsenal by launching a new code of conduct setting out how regulated lenders must deal with consumers who were in arrears with their mortgage payments.