Open finance identified as key to Consumer Duty compliance
General insurers need to make greater use of open banking in order to comply with the Financial Conduct Authority's Consumer Duty requirements, according to Suzanne Homewood, managing director of decisioning at Moneyhub.
Homewood said general insurers should switch from asking 20 questions about the state of a policyholder’s finances at point of sale, when a premium payment is missed or claim made, to asking for
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 Personal
Zurich fraud probe leads to solicitor being struck off
A City solicitor has been struck off after a fraudulent bicycle insurance claim triggered an investigation by Zurich and resulted in him being placed on the Insurance Fraud Register.
Penny Black’s Social Diary: Hiscox's stock market fanfare
Penny Black has been out and about again, notebook in one hand and canapé in the other, keeping a keen eye on the insurance industry’s more whimsical moments.
Throwback Thursday: Female first; Co-op’s woe
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 a woman first entered a male building safety arena and Co-operative Insurance’s results were disappointing.
Pets at Home enters pet insurance market with ‘big ambitions’
Pets at Home has today (19 August) launched its insurance product, and CEO of insurance Matt Poll has spoken to Insurance Post about the company's “big ambitions” in the sector.
CDL chief predicts agentic AI will reshape insurance expectations
Insurers must be ready for how consumer expectations will shift when artificial intelligence agentic agents “do our shopping for us”, according to CDL CEO Nigel Phillips.
Aviva outlines plan for double-digit market share growth
Aviva is targeting a double-digit market share of the UK specialty personal lines within the next few years.
English Heritage offers ‘splat’ insurance for ice creams
English Heritage has launched “Ice Cream Splat Insurance” to protect families from the fall-out of dropping an ice cream during a day out.
Aviva's Storah reveals further Direct Line gains to come
While Aviva has completed the bulk of its Direct Line integration, according to UK and Ireland general insurance CEO Jason Storah, a major overhaul of its claims systems is only getting started.