The Insurance Ombudsman provides what key service in the insurance sector?

The key service that the Insurance Ombudsman provides in the insurance sector is dispute resolution. This function is essential as it allows policyholders to seek an impartial review of their complaints against insurance companies. When customers feel that their issues have not been adequately addressed by the insurer, they can escalate their complaints to the Ombudsman.

The Ombudsman works to mediate between the customer and the insurer, facilitating discussions and helping to reach a fair resolution. This service is crucial for enhancing consumer confidence in the insurance market, as it provides a structured process for addressing grievances without the need for costly legal action.

This role is distinct from maintaining industry standards, promoting insurance literacy, or regulating broker fees, which, while important, do not directly address individual complaints or disputes between consumers and insurers.