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In this week's edition, insurers have been challenged to re-evaluate their preconceptions of the value of Eastern European customers based in the UK ahead of the launch of a multilingual price comparison site.
Global Market Compare - which will offer deals on general insurance products to a range of Eastern European nationalities - is scheduled to launch from its West Bromwich base in the coming weeks, having gained Financial Conduct Authority authorisation. Plans to establish a broker targeting the same demographic are on course for next year.
In other news, insurance companies have defended the merits of their alternative business structures as evidence gathering begins for a report investigating ABSs as a means of circumnavigating the referral fee ban; the Association of British Insurers has denied it should fight for SMEs and leaseholds to be covered by Flood Re following accusations that its decision to back the inclusion of council tax band H properties was dictated by government; industry confidence in the Financial Conduct Authority has been shaken following criticism of its "poor handling" of market-sensitive information, according to general insurance commentators; and Insurance Fraud Bureau leaders past and present have leapt to the defence of the Insurance Fraud Register after bureau bosses faced criticism relating to slow progress and a lack of willingness to engage with non-insurer organisations.
There are insurer, broker and MGA opinions in the C-Suite this week. Steve Maddock, managing director of claims at Direct Line Group talks about how flooding in the UK has highlighted the importance of a swift response to customers in need; Brightside Group chief executive Paul Williams explains why the time has come to attract young talent to the insurance sector; and Arista chief executive Charles Earle explains why the job of the MGA, a skilled balancing act of keeping various stakeholders happy, is not to be sniffed at.
Post continues its countdown to the 20th British Insurance Awards by catching up with 2011 Achievement winner Sandy Scott, CII chief executive, who talks about his experiences over the past 20 years and his best BIA memories.
The mid-corporate risks In Series concludes in two parts. The first explores how mid-market firms can use their expertise to reduce their exposure to loss, and asking how insurers can help; and in the second, Neil Clutterbuck director of underwriting and technical at Allianz Commercial, explains the importance of brokers in helping companies keep their heads above water in the event of disaster.
Find out what happened when Post travelled up to Leeds to gauge the current state of the local insurance market and ask prominent industry insiders where they believe Leeds leads while others follow in its latest regional review; and as the referendum on Scottish independence edges closer, Katie Marriner asks what would a ‘yes' vote mean for the insurance industry?
Enjoy the read!
With great sadness we confirm that Sir David Rowland, our former Chairman from 1993 to 1997, has passed away. He played a critical role in safeguarding the future of the Lloyd’s market through perhaps its most difficult period.— Lloyd's (@LloydsofLondon) February 18, 2019
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