“The insurance industry must urgently reassess how it can better serve and support its customers,” Lloyd’s Chief Executive John Neal said in a statement.
Lloyd’s recommendations for simpler products including insurers carrying out a “linguistics review” of policy documents, investing in new products such as parametric insurance which pay out immediately when specific triggers are hit, and involving customers in product design.

Larry Nassar sexual abuse scandal.Committee Chair Susanne Lyons accused insurers including 11 insurers, including units of Chubb Ltd and American International Group Inc, of holding up settlement negotiations with the hundreds of women who were abused by disgraced former USA Gymnastics national team doctor Nassar