Legal analysis: Brokers should rethink fee structure in light of duty of care ruling
The ruling earlier this month in which a judge in the Royal Court of Jersey awarded damages of £528 500 against a leading insurance broker demonstrates that perhaps brokers need to charge more for their services as well as reconsider their role and responsibilities in regulatory compliance deliberations.
The judge criticised the automated quote engine sales and process as being more in the interests of the broker and the insurer than in the interests of the policyholder.
Sending out a warning
This sends
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Broker
Briefing: What does the future hold for Ardonagh’s Everywhen?
As sources tell Insurance Post that Ardonagh may be opening up to the idea of selling Everywhen, deputy editor Scott McGee examines whether history could be repeating itself, after previous speculation and an M&A slowdown led to the disposal of Atlanta.
Q&A, Chris Hill and Paul Muir, One Answer Insurance
Paul Muir, CEO of One Answer Insurance, and Chris Hill, newly appointed board consultant, discuss how governance, underwriting discipline and investment in people will support the broker’s growth plans.
Is AI the broker’s saviour or their nemesis?
As artificial intelligence moves closer to customers and advice, David Worsfold points out the industry faces its biggest existential question yet: where does the broker fit in?
Diary of an Insurance PR: Omnia’s Nathalie Crystal
Nathalie Crystal, associate director at Omnia Partners, proves the importance of preparation by packing in plenty of meetings with journalists at this year's British Insurance Brokers’ Association conference.
Q&A: Helen Broadbent, Konsileo
Helen Broadbent, head of insurer strategy at Konsileo, shares how technology, influence and stronger insurer relationships can support the broker’s next phase of growth.
Throwback Thursday: Broker pay threat & motor premiums hike
Insurance Post’s Throwback Thursday steps back in time to August 1971 to remind you what was going on this week in insurance history when lawyers met to discuss whether entering the European Economic Community could reduce broker pay and motorists moaned about premiums.
Time:To – Ex-Allianz Hobbs on why brokers should be risk advisers
How brokers can use technology to become intimate with customers before they meet them face-to-face is revealed by Nick Hobbs, former chief distribution officer of Allianz, in the latest Insurance Post Time:To video.
Has broker Bennetts set a record with seven owners since 2000?
Content Director’s View: Private equity, consolidators, insurers seeking diversification ... these have all contributed to a boom in M&A and investment in the UK insurance sector since 2000. Jonathan Swift looks at which businesses have – as a result – changed hands the most since the turn of the century.