What is the focus of ICOBS 1?

The focus of ICOBS 1 is primarily on the application process. ICOBS, which stands for Insurance Conduct of Business Sourcebook, sets out rules and guidance for insurers and intermediaries in how they conduct business and treat customers. Specifically, ICOBS 1 outlines the requirements for how insurance applications should be handled, ensuring that customers receive clear information and support during the process of applying for insurance. This includes providing adequate details about products, ensuring that customers understand the terms and conditions of the insurance they are applying for, and promoting transparency in the application process.

The emphasis on the application process within ICOBS 1 is crucial because it lays the groundwork for the customer’s experience with the insurer and can influence their understanding and satisfaction with the products offered. It is essential for maintaining integrity in the insurance market and ensuring customers make informed decisions when applying for coverage.

In contrast, claims procedures, customer service protocols, and policy renewals are typically covered in other parts of ICOBS that deal with different stages of the customer journey after the application process has been completed.