The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
In this issue, Solvency II non-executive directors have been told to ‘up their game' in the face of increased regulation. The Financial Conduct Authority and the Prudential Regulation Authority unveiled the new approach on 23 February - sparking claims by insurance industry insiders that it could serve as a deterrent to individuals maintaining part-time roles.
Martin Wheatley, FCA CEO, said: "Having a narrow [regime] will allow the FCA to focus regulatory resources on those responsible for key business areas and board committees. Including all NEDs in the new regime would risk the unintended consequence of changing the whole nature of this vital role."
Also in the news, the Court of Appeal ruling on credit hire costs for pecunious claimants will trigger an increase in exaggerated credit repair costs, according to market commentators; the Association of Personal Injury Lawyers has called for the inquiry into historic child abuse to investigate the behaviour of insurers; and insurers have been advised the number of consumer complaints lodged against general insurers with the Financial Ombudsman Service can be reduced by cutting down on the extent of technical jargon in responses to policyholders, according to compliance experts.
RSA’s Jon Hancock and BGL’s Stuart Walters are in the C-Suite. Hancock claims that in a competitive market, brokers are the lifeblood of a commercial insurer, while Walters suggests the correct use of data sources can provide a wealth of information for customer service.
James Verrinder reports from Post’s first Claims Club of the year. Topics under discussion included why the next government must address the young driver issue, and insurers being urged to be proactive in industrial stress claims.
In the third of Post’s political interviews, Mairi MacDonald meets Liberal Democrat Treasury spokesman Ian Swales. He speaks out on the importance of the European Union and why the insurance industry must learn to shout.
Consumers that have grown up in the digital era are becoming more demanding. How can insurers keep up with technological advances to keep them happy? Post gathered a crack team of customer service and marketing experts to discuss how insurers can satisfy the discerning consumers of ‘Generation Digital’ and ensure their brands are devoured rather than destroyed.
There is more to the New Zealand insurance industry than handling natural disaster claims, a fact that may have been forgotten following the Christchurch earthquake events four years ago. Katie Marriner caught up with a range of New Zealand industry insiders to get their thoughts on the current state of the local insurance market and the challenges of working in the region.
With the fight against fraud in personal lines being increasingly successful, fraudsters are beginning to target the financially viable commercial sector. We find out more.
Finally, we head to Asia, reporting on a shortage of talent in Singapore, with the number of qualified claims adjusters falling by one-third over the past 10 years.
Enjoy the read!
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