News
Lloyd’s proposes changes to misconduct framework
Lloyd’s has proposed a raft of changes to its misconduct framework, including making it clearer which behaviours are considered unacceptable and protections for whistleblowers.
CFC CEO makes pitch for ditching exclusions
Removing exclusions from insurance policies would be a net benefit for insurers both in terms of profit and customer experience, CFC CEO Andy Holmes has claimed.
Defaqto warns consumers are ‘brainwashed’ by prices
Speaking at Defaqto’s Smarter Financial Decisions conference today (12 September), Mike Powell, insight analyst at Defaqto, said customers are too consumed by price when picking a general insurance policy.
Compare the Market CEO aims to triple size of business
Compare the Market CEO Mark Bailie plans to triple the size of the business by pushing the price comparison website into fresh areas of financial services.
Reinsurers told they cannot ‘run from risk’
Reinsurers have been urged by Aon to “lean into risk” to protect the relevance of the broader insurance industry.
‘Persistence’ is key as Applied announces Zurich win
Tom Needs, CEO of Applied Systems Europe, has said persistence was key to winning commercial lines insurer business in the UK.
Pet insurance premiums decrease in August
Pet insurance premiums declined slightly in August, but remain 10% more expensive than a year ago, according to the latest Pearson Ham data.
Twenty firms face off for Lloyd’s Lab spots
The Lloyd’s Lab pitch day for its 13th cohort saw 20 firms go head-to-head for one of 10 spots in the market’s 10-week fast track programme for “fresh ideas” to challenge the insurance industry.
Private equity firm buys 50% of Policy Expert
Policy Expert bosses have claimed the home and motor insurance provider is “positioned for growth” as private equity firm Cinven has bought a 50% stake in the business from the Abu Dhabi Investment Authority.
Applied CEO ‘plays offense’ to fight off challenger firms
Taylor Rhodes, group CEO of Applied Systems said the firm studies any businesses looking to challenge and take some market share in a move he describes as “playing offense”.
Admiral founder Engelhardt shares investor relations battles
Henry Engelhardt, co-founder of Admiral Insurance Group, has questioned whether investor relations should be replaced with statements on the business.
Applied now ‘more mature’ when dealing with AI
Anupam Gupta, chief product officer for Applied Systems, has said the company and wider market is more mature now when talking about artificial intelligence than it was a year ago.
Charles Taylor InsureTech steps up London Market digitalisation
Charles Taylor is to offer Delegated Data Manager to London Market clients as an elective market service via London Insurance Market Operations and Strategic Sourcing.
Marsh and Aon call for lifting of Ukraine exclusions
The world’s two largest insurance brokers have urged for the removal of blanket Ukraine exclusions in order to aid the country’s reconstruction efforts.
Esure claims 20mph speed limits could cut insurance costs
The average driver could be looking at a £50 saving per year on their car insurance premium if 20mph zones were rolled out in towns and cities across the UK, according to Esure’s chief customer officer Peter Martin-Simon.
Court of Appeal upholds key Covid BI judgment
The Court of Appeal has confirmed that hundreds of thousands of businesses with ‘at the premises’ disease cover are entitled to claim for Covid losses, dismissing appeals brought by insurers.
How fraudsters’ fake documents and images are challenging insurers
Fraud trends have moved on since the pandemic and now insurers face the challenge of tricksters who generate fake documents and imaging, insurance professionals gathered at the Verisk Insurance Conference in London were told yesterday (5 September).
Aviva’s cyber partnership; Clear buys Accelerate; Bupa's insurance CEO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Verisk boss urges testing of AI data to avoid discrimination and bias
Verisk’s head of analytics for underwriting solutions has told the industry to use broad and representative data sets to avoid “disparate outcomes and unfair discrimination” when developing AI models.
Esure identified ‘200 customer pain points’ during IT overhaul
Esure CEO David McMillan revealed his team identified numerous issues with the way the insurer, as well as the wider market, operated during its recent digital transformation overhaul.
London market has a ‘cost problem’
The London market is weighed down by a cost problem, and will struggle to provide the best solutions for clients unless it pushes forward with a digital-first approach, a Marsh digital leader explained.
Lloyd’s CEO predicts no changes to current pricing cycle
Lloyd’s CEO John Neal has said he expects current insurance pricing conditions to persist, dismissing suggestions of imminent widespread softening of rates.
Police warn insurers about uptick in deepfake fraud
Detective Chief Inspector Tom Hill, head of unit for the Insurance Fraud Enforcement Department at the City of London Police, has warned audio and visual manipulation enabled by technology, also known as deep fakes, is a major growth area for insurance…
Lloyd’s CEO hails ‘superb’ first half of 2024
Lloyd’s has today announced an overall profit before tax of £4.9bn (HY 2023: £3.9bn) for the first six months of 2024.