Consumer Duty
Markerstudy to use tough PL market to fuel further growth
Following its merger with Atlanta Group, Markerstudy Group said the current squeeze of the personal lines market, and the added pressure of more strict regulation, presents an opportunity to grow the business further both organically and through…
FCA set to squeeze the insurance industry to ‘prove worth’
The Financial Conduct Authority is set to squeeze the insurance industry over the next 18 months, to prove to the next government it is a watchdog worth keeping.
Trade Voice: Cila’s Marc Sweeney on navigating the evolving landscape
Marc Sweeney, president of the Chartered Institute of Loss Adjusters and director at Davies, says the professional body has a critical role to play in helping its members navigate challenges.
Aston Lark’s latest acquisition; World Nomads’ travel product partnership; and Lloyd’s unveils Women’s Cricket Team
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Insurers should stop boasting about paying 99% of claims
Insurers need to stop advertising themselves as being a panacea and be honest with customers if the industry is to be trusted, according to James Daley, managing director of Fairer Finance.
How insurers are tentatively embracing AI
Analysis: Frances Stebbing explores how insurers are using generative AI, while recognising the risks and preparing for the incoming regulation for this type of technology.
Time to stop treating travel insurance customers like idiots
Editor’s View: Emma Ann Hughes argues treating travel insurance customers fairly doesn’t mean treating them like an idiot only capable of ticking a box.
View from the top: Markerstudy's Fox on creating customer-centric insurers
Amanda Fox, chief customer officer at Markerstudy, outlines the key considerations for insurance businesses pursuing a truly customer-centric approach.
Embedded insurance: Blind to the risks?
Analysis: David Worsfold examines whether wrapping up insurance with other products risks obscurity, especially if there is a poor understanding of consumer behaviour in a digital environment.
Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
Big Interview: Biba’s Graeme Trudgill
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, sprints across the Square Mile to share his plans on what more the body can do for members.
FWD Research to create dashboards to check Consumer Duty compliance
Martin Grimwood, director of FWD Research, has revealed plans to help general insurers create management information dashboards to demonstrate their compliance with the Consumer Duty.
Axa pulls two home products in run-up to Consumer Duty
Following an internal review, Axa has announced it plans to pull Axa First and Axa Residential Let policies in the UK.
FCA Consumer Duty deadline is ‘end of the beginning’
General insurers have been warned today’s Consumer Duty deadline is just “the end of the beginning” as work now needs to start on four extra strands of activity.
Pen restructures; Percayso raises £2.7m; Axa’s Foley successor
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
How the Consumer Duty will create two kinds of insurers
While most firms are currently focused on simply getting over the line of the Consumer Duty deadline on Monday, insurance consultant Prakhar Agrawal says long-term providers should use the regulation as a springboard to digitise.
Q&A: John Milliken, Defaqto
John Milliken, chief executive of Defaqto, explains how insurers are using the agency’s product database to ensure their products are Consumer Duty compliant and reveals plans for new ratings.
Which? warns insurers are falling short of Consumer Duty standards
As the deadline for the Consumer Duty edges closer, a Which? survey has highlighted shortcomings in how insurers explain rejected claims.
Insurance lacks a ‘champion’ to lead best practice on Consumer Duty
With only a few days to go until Consumer Duty comes into force, firms are still struggling to prepare for the regulatory changes and the hurdles ahead, industry leaders explain.
Travel insurance that fits in with 2023’s holiday plans
Analysis: Rachel Gordon examines what impact Covid plus post-pandemic holiday trends have had on travel insurance terms and conditions.
FCA extends latest product governance survey deadline
Having originally given brokers only a few weeks to send back a “demanding” survey into product governance and distribution practices, Post can reveal the FCA has extended its deadline from 11 August to 1 September.
Trade Voice: Biba’s David Sparkes on why ‘duty’ is an interesting word
David Sparkes, head of compliance and training at the British Insurance Brokers’ Association, asks whether the regulator is fulfilling its duty ahead of the looming Consumer Duty deadline.
Big Interview: Sicsic Advisory’s Michael Sicsic
With the Consumer Duty deadline looming, Michael Sicsic, former head of supervision for the UK general insurance retail sector at the Financial Conduct Authority, considers whether the industry is ready for the new regulation.
Aviva buys Barclays home insurance portfolio
With just days to go until the Financial Conduct Authority’s Consumer Duty deadline, Aviva has bought Barclays UK’s home insurance portfolio, which comprises 350,000 customers.