Consumer Duty
Diary of an Insurer: Allianz Commercial's Olivia Baker
Olivia Baker, head of motor trade at Allianz Commercial, contemplates the Automated Vehicles Bill and what this will mean for motor insurance, and makes the most of flexible working.
Allianz’s claims fraud savings; WTW’s cyber facility; Biba’s London committee chair
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA commission crackdown goes beyond flats
Editor’s View: The Financial Conduct Authority’s policy statement on multi-occupancy buildings insurance in September plus the decision to push the pause button on guaranteed asset protection insurance sales last week was “a shot across the bow” on…
What to expect from the regulator in 2024
Post Podcast: Insurers should brace themselves for the Financial Conduct Authority kicking the tires of how well providers and brokers are adhering to Consumer Duty requirements in 2024.
Insurers warned Consumer Duty checks cannot paper over cracks
Insurance chiefs and boards must produce an annual assessment of compliance with the Consumer Duty that highlights flaws rather than papers over cracks, a former Financial Conduct Authority leader has warned.
Tackling the surge in claims settlement delay complaints
With a significant spike in complaints suggesting the home insurance industry is struggling to keep pace with the number of claims it is receiving, Tom Luckham examines what is behind settlement delays and how providers are managing expectations.
Big Interview: Ant Middle, Ageas
After a decade with Ageas UK, its CEO, Ant Middle, speaks to Tom Luckham about the changes he’s witnessed, reflects on 2023, muses on his early dreams of footballing stardom, and shares plans to grow the business in 2024.
Why initial attempts at justifying fair value have been too flimsy
James Daley, managing director of consumer group and consultancy Fairer Finance, reveals how the early fair value assessments he has seen fail to “come close to doing a good enough job”.
Big Interview: Matt Brewis, FCA
Matt Brewis, the Financial Conduct Authority’s head of insurance, explains to Scott McGee why premium finance is a “poor product,” denies the watchdog is Miss Trunchbull-like, plus shares the regulator's plans for 2024.
How regulation, AI and customer expectations are transforming claims
Amid regulatory change and customer expectations shifting from simply getting the pay-out to requiring a streamlined process, Patrick Hayward, consultant at Altus Consulting, explores the ways insurers are updating claims processes.
FCA to clamp down on premium finance outliers in 2024
Briefing: The Financial Conduct Authority’s head of insurance Matt Brewis has labelled premium finance a “poor product”, and warned the regulator has “talked about it enough,” hinting at potential action surrounding the practice in the next 12 months.
Reinsurance renewals hint at happier 2024 for insurers
Editor’s View: Emma Ann Hughes reflects on how this year’s reinsurance renewals suggest the trying times of 2023 should result in a happier 2024 for insurers.
KPMG’s Evans expects Consumer Duty to evolve in 2024
Former Association of British Insurers director general Huw Evans, who will replace Trevor Jones as head of insurance at KPMG in April, expects the Financial Conduct Authority’s Consumer Duty requirements will "evolve" next year.
Why Keeping up with Kardashians is vital for marketing insurance
Analysis: Keeping up with Kardashian-like influencers is what it will take for general insurance providers to attract Gen Z to their products and services, writes Tom Luckham.
Most-read insurance stories in 2023 revealed
Like Cher, Insurance Post is turning back time to remember the industry Consumer Duty’s efforts, business interruption cases continuing to rumble on, developments at Direct Line, RSA’s personal lines exit, plus the other major insurance events of the…
MGA Review of the Year 2023
With large insurers and mainstream players pulling out of certain lines in 2023, and products reverting to the core areas, MGA chiefs plan to continue to step up and fill that gap in 2024.
Insurers’ Review of the Year 2023
While 2023 will be remembered as a difficult year for insurers due to consolidation, capacity restrictions plus new regulatory rules, providers still have high hopes for 2024.
Claims and Legal Review of the Year 2023
Looking back at 2023, law firms and claims professionals reflect on how double digit inflation hit the sector and look forward to artificial intelligence speeding-up administration in 2024.
Insurtech Review of the Year 2023
2023 will be remembered as the year the insurtech funding bubble burst but looking ahead to 2024 players in this part of the market expect providers to realise it is easier to buy systems than build them.
Q&A: Lisa Bartlett, Crawford & Co
Following her appointment as chief operating officer for international operations at Crawford & Co, Lisa Bartlett explains to Tom Luckham how she plans to balance this with her dual role as president for UK & Ireland.
Motor insurers with the happiest customers revealed
Data analysis: Fairer Finance’s latest consumer survey shows Audi, NFU Mutual, BMW, Santander, and By Miles have the happiest motor insurance customers and digs into the reasons why they are more cheerful than most.
State of the pet insurance market revealed
Data analysis: While the overall number of pet insurance providers has been decreasing for some time, Angela Pilley, insight consultant for general insurance at Defaqto, explores how the number of policies available has increased significantly.
Diary of an Insurer: Ecclesiastical’s Sarah Pearson
Sarah Pearson, head of enterprise risk management at Ecclesiastical Insurance, kicks off the day with Special K, helps businesses to carry on and ends the week abseiling down Derby Cathedral to support Rainbows Children’s Hospice.
Podcast: How inflation and the Consumer Duty transformed insurance in 2023
How inflation and the Consumer Duty resulted in premiums increasing, cover stripped back and product supply shrinking in 2023 is the focus of the latest Insurance Post Podcast.