Consumer Duty
Percayso tackling fraud for CHO; LMA’s Blueprint Two playbook; Jensten appoints M&A director
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA rules out banning broker commission
The Financial Conduct Authority has ruled out banning broker commission, despite being concerned by “high” 62% charges for arranging cladding insurance.
Regulator monitoring motor insurance premiums
The Financial Conduct Authority is “monitoring” motor insurance prices amid skyrocketing premiums.
Top 75 MGAs: PIB Group
PIB Group’s main MGA-MGU activities dealing in UK-based non-life risks in 2022 were Citynet Underwriting Services, Let Alliance, Q Underwriting, Thistle Insurance Services and UKInsuranceNET, according to Insuramore.
FCA to hit brokers with fresh leasehold insurance reforms from 2024
The Financial Conduct Authority has issued a wave of reforms around leasehold buildings insurance, coming into force in the new year.
Steps insurers should take to become inclusive innovators
Analysis: Emma Ann Hughes explores what it will take to create an inclusive insurance industry culture that is capable of producing products and services suitable for a wider cross section of society.
FCA issues deadline for insurer action over Gap products
The Financial Conduct Authority has written to insurers warning that more action is required in order to guarantee good customer outcomes.
Markerstudy to use tough PL market to fuel further growth
Following its merger with Atlanta Group, Markerstudy Group said the current squeeze of the personal lines market, and the added pressure of more strict regulation, presents an opportunity to grow the business further both organically and through…
FCA set to squeeze the insurance industry to ‘prove worth’
The Financial Conduct Authority is set to squeeze the insurance industry over the next 18 months, to prove to the next government it is a watchdog worth keeping.
Trade Voice: Cila’s Marc Sweeney on navigating the evolving landscape
Marc Sweeney, president of the Chartered Institute of Loss Adjusters and director at Davies, says the professional body has a critical role to play in helping its members navigate challenges.
Aston Lark’s latest acquisition; World Nomads’ travel product partnership; and Lloyd’s unveils Women’s Cricket Team
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Insurers should stop boasting about paying 99% of claims
Insurers need to stop advertising themselves as being a panacea and be honest with customers if the industry is to be trusted, according to James Daley, managing director of Fairer Finance.
How insurers are tentatively embracing AI
Analysis: Frances Stebbing explores how insurers are using generative AI, while recognising the risks and preparing for the incoming regulation for this type of technology.
Time to stop treating travel insurance customers like idiots
Editor’s View: Emma Ann Hughes argues treating travel insurance customers fairly doesn’t mean treating them like an idiot only capable of ticking a box.
View from the top: Markerstudy's Fox on creating customer-centric insurers
Amanda Fox, chief customer officer at Markerstudy, outlines the key considerations for insurance businesses pursuing a truly customer-centric approach.
Embedded insurance: Blind to the risks?
Analysis: David Worsfold examines whether wrapping up insurance with other products risks obscurity, especially if there is a poor understanding of consumer behaviour in a digital environment.
Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
Big Interview: Biba’s Graeme Trudgill
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, sprints across the Square Mile to share his plans on what more the body can do for members.
FWD Research to create dashboards to check Consumer Duty compliance
Martin Grimwood, director of FWD Research, has revealed plans to help general insurers create management information dashboards to demonstrate their compliance with the Consumer Duty.
Axa pulls two home products in run-up to Consumer Duty
Following an internal review, Axa has announced it plans to pull Axa First and Axa Residential Let policies in the UK.
FCA Consumer Duty deadline is ‘end of the beginning’
General insurers have been warned today’s Consumer Duty deadline is just “the end of the beginning” as work now needs to start on four extra strands of activity.
Pen restructures; Percayso raises £2.7m; Axa’s Foley successor
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
How the Consumer Duty will create two kinds of insurers
While most firms are currently focused on simply getting over the line of the Consumer Duty deadline on Monday, insurance consultant Prakhar Agrawal says long-term providers should use the regulation as a springboard to digitise.
Q&A: John Milliken, Defaqto
John Milliken, chief executive of Defaqto, explains how insurers are using the agency’s product database to ensure their products are Consumer Duty compliant and reveals plans for new ratings.