Articles by Frances Stebbing
Elon Musk joins the AI party
Elon Musk has announced the formation of xAI, his long-anticipated artificial intelligence startup designed to compete with Open AI’s Chat GPT, Google’s Bard, and other similar platforms.
Flooding to become ‘more persistent’, with 3m urban homes at risk
The chair of Flood Re has warned widespread flooding will become “more persistent” in the UK with over three million homes in urban areas at risk of flash flooding.
Insurers unsure what diversity data they can collect, legal experts say
Firms have been urged to collect diversity data on a voluntary basis to be able to make “positive action steps” towards change.
MGA service superior compared with ‘monolithic’ insurer approach
Standards have slipped for “big household name” insurers and MGAs have stepped up to offer a “tailor-made” service which is making them the partner of choice, brokers have revealed.
Most common home insurance claims revealed
Go Compare found accidental damage and escape of water made up more than half the most common reasons customers claim on their home policies.
FCA urges insurers to consider what ‘fair’ means
The Financial Conduct Authority has reminded insurers to reflect on what “fair” means going forward, after Direct Line was slammed for underpaying customers.
NZIA relaxes emission target rules after mass exit
The Net-Zero Insurance Alliance has relaxed its requirements to a “no obligation to publish targets” policy after many members exited the group.
Amanda Blanc tells industry to ‘stand together’ following NZIA fallout
Aviva’s Blanc asked three things of the industry in the fight against climate change and said it remains the “most important issue” we face regardless of recent events.
ABI calls on insurers to save ‘shocking decline’ in nature loss
The Association of British Insurers has launched guidance to help the industry become “nature positive”.
AI will ‘democratise’ VIP customer treatments
Edward Challis, head of AI strategy at Ui Path, explained how generative AI could be the ‘birth’ of bespoke experiences, with old systematic and impersonal operations a thing of the past.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
Insurers need to solve ‘core problem of data’ before immersing into generative AI
Boris Krumrey, global vice president of automation innovations, Ui Path, has revealed how insurers need to tackle legacy systems before trying to implement generative artificial intelligence into their business.
Direct Line ordered by FCA to reassess historical total loss claims
The Financial Conduct Authority has ordered the motor insurer to go back through five years of claims, after admitting it had underpaid some car and van insurance customers.
Tough times ahead for motor insurers after ‘worst performing year in a decade’
Motor insurers should expect further losses this year as high inflation and low premium costs continue to hound the sector, reports say.
Zurich aims to build sustainable supply chain
Zurich has shared plans to build stronger transparent environmental reporting with its suppliers, and how it aims to be “one of the most responsible” sustainable companies in the world.
Bank of England says claims inflation will continue to affect every insurer
The Bank of England has provided feedback to the market from its review on the effect of claims inflation and whether insurers took recommendations on board.
Allies needed for underrepresented voices to be heard
Leaders in the financial services sector have shared the importance of how allies push for a more inclusive environment, but need more to step up and speak out.
Lloyd’s former broker Terry Wellard dies
Terry Wellard, the longest-serving chairman of the LIBC Motor Executive Committee, has died aged 82.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
The Insurance Charities seeks industry support for its awareness campaign
As the cost-of-living crisis continues to leave people feeling the pinch, The Insurance Charities is asking for help so it can reach those in need.
Furness to leave Covéa after 30 years
Covéa Insurance has selected Georges de Macedo as chief executive and Chris Moat as chairman of its board of directors.
EU moves forward with AI regulation
The use of artificial intelligence in the EU will now be regulated by the AI Act to ensure that AI developed and used in Europe complies with EU rights.
Industry-specific GPT ‘only way’ to mitigate security risks
Simplifai has stressed that specially built industry-specific GPT, which is trained on insurance data, can alleviate AI concerns and tackle security and data privacy issues.
Motor and buildings insurance top the most complained about products by consumers
The Financial Ombudsman Service revealed motor and buildings insurance are among the top five most complained about products for 2022/23.