Consumer Duty
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.
Why insurers relying purely on post may not be Consumer Duty compliant
As the Consumer Duty deadline fast approaches, Phil Shelley, chair of regtech company docStribute and a former Goldman Sachs banker, explains why insurers relying on paper communications will struggle to fully comply with the new rules.
Axa XL’s carbon emissions product; Defaqto’s updated Matrix software; Flock appoints CFO
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Trade Voice: CII’s Matthew Connell on how the industry measures up on Consumer Duty outcomes
Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, says the trade body’s outcome monitoring suggests insurers and brokers are in a good place ahead of the Consumer Duty deadline.
Big Interview: Ecclesiastical’s Richard Coleman
Richard Coleman, managing director of Ecclesiastical, shares his growth plans for the provider and how the insurer’s reach is going far beyond protecting the steeples of this land.
Government grills FCA on broker commission
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, conceded the regulator needs to “be tougher on brokers” after Dame Angela Eagle slammed them for “ripping off leaseholders”.