Post forward features list
Insurance Post writers are working on the features listed below.
You may contact the journalists directly to offer interviews and comments.
Please make sure they have all relevant material several days before the deadline.
Topic: How can brokers make sure vulnerable customers get the right representation at point of claim?
Author: Veronica Cowan
Contact: [email protected]oud.com
Deadline: 3 May
The British Insurance Brokers’ Association warned in its latest manifesto that commercial clients are allegedly signing irrevocable mandates with loss assessors forcing them down the route of using their providers. Loss assessors are quickly on the scene of an accident to talk to the policy holder to say they can help with a claim to make sure property is reinstated as quickly as possible. They have no existing contract with the client as they are not their insurer or broker.
- What do these mandates actually mean?
- How and why are assessors doing this? In what way is it best for the customer?
- How is this affecting the insurance contract? And customer relationship?
- Clients may not understand this or the conditions of the document they’re signing and want to go down a different route.
- How can brokers help to ensure clients have access to the suppliers they and the insurance companies are working with.
- What is the brokers role in these cases?
- Comment from Biba and Malcolm Hyde at the Charter Institute of Loss Adjusters on signing an irrevocable mandate and what needs to be done to support customers and improve the situation.
Topic: How can brokers help SMEs use premium finance to manage cash flow problems?
Author: David Worsfold
Contact: [email protected]
Deadline: 26 April
- Insurance premiums have been rising and millions of people and SMEs are struggling to pay for their cover. But what role does premium finance play in helping SMEs become financially protected?
- We will look at the benefits of premium finance to brokers, for example in driving profits - they receive a percentage commission for every new credit agreement they set up.
- How can brokers work with underwriters to evaluate the risks for clients?
- A survey revealed 43% of SMEs in the UK have not heard of premium finance. This is despite there being only 51% of consumers and 45% of SMEs who say they pay for their insurance in a single payment.
- What more can be done to educate SME’s on how they can become protected?
- How has the financial payments landscape changed in the last five years – what other payment options are there for SMEs? Is technology helping speed the processes?
- Comment from Premium Credit insurance premium finance company in the UK.
Topic: Evolution of external data use to support property underwriting
Author: Edward Murray
Deadline: 4 April
Post recently undertook some research into the challenges facing property underwriters, with a focus on how they use could external data sources to overcome them. Among the findings were that ‘access to the most granular data’ and ‘being able to get the most out of existing data’ were ranked second and third among the key challenges facing these property underwriters.
Meanwhile, property attributes and perils risk information [at address level] came out top when the respondents were asked the most important data sources in the future.
Interestingly on the latter point among the major risks surveyed it was evident that address level lags someway behind postcode level, including flood data (57.53% to 34.2%), theft data (54.79% to 21.92%), modelling tools (42.7% to 34.25%), storm (52.05% to 20.55%) and subsidence (50.68% to 20.55%).
There is evidently a variation in the use and uptake of different perils data by postcode rather than by full address and a variation in the uptake and range of data sources used across the market.
- What influences which insurers buy?
- Do they believe these products have been effectively deployed and are delivering significant value?
- What are the hindrances and barriers to greater use for them and wider uptake and use in the market?
- Escape of Water claims is a key issue for many insurers yet there hasn’t been a wide uptake of external perils data to support this compared to other perils, what are the reasons for this?
- How do insurers believe external data solutions will evolve over the next few years?
- What would be the next game changer they would like to see to give them an edge over competitors?
- A look at the benefits/detriments of working with external providers or in-house resources to improve accurate data collection, greater understanding and assessment of certain risks; the issues of working with brokers in terms of data access and verification; and what the future might hold in terms of new developments and offerings.
Topic: The changing face of terrorism cover
Author: David Worsfold
Contact: [email protected]
Deadline: 8 April
The Counter Terrorism and Border Security Act 2019, brought into law on 12 February, makes legal changes that allow Pool Re to offer new policies to businesses that include ‘losses from a terror attack that are not contingent on damage to commercial property’, including business interruption.
The move was welcomed by many including The British Insurance Brokers’ Association who have estimated that fewer than 3% of SMEs buy any sort of terrorism cover.
With this in mind this article will seek to speak to broker about how the CTBSA might make it easier for intermediaries to market terrorism cover, and what efforts the wider industry could take to publicise these products - and help put misconceptions to bed.
Especially for those who have clients in areas that might be seen to be at greater risk of terrorism-related losses, such as sports stadia and popular tourist attractions.
It will also speak to the insurers about how they are evolving products to adapt to both the changing legislative environment and nature of terrorism risks, such as the return of contingency cover to the primary market in Q1 2019 and propensity for an attack to take the shape of a cyber hack or lone wolf attack.
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