Post magazine – 4 December 2014

In this issue, market observers warn that the senior insurance managers regime proposed by the Prudential Regulation Authority could prove to be a stepping stone towards the more stringent system imposed on the banking sector, despite the current “light touch” approach.

This follows the launch of a consultation paper on 26 November, which outlined plans to ensure those running regulated insurance companies behave with integrity, honesty and skill. It also set out further proposed changes to the PRA’s rules to implement the “fit and proper” requirement provisions under Solvency II.

Also in the news, Covéa is expected to realise its commercial growth ambitions by enveloping Sterling’s commercial business into its own brand after its acquisition of the high-net-worth specialist gains regulatory approval; Crawford has pledged to protect claims handler jobs despite admitting some office closures may be possible in the aftermath of its £45.8m acquisition of GAB Robins; Association of British Insurers chairman Paul Evans warns that dual pricing looks certain to come under the Financial Conduct Authority spotlight; and more brokers could follow Gallagher in severing Towergate Underwriting ties.

We also have a roundup of news from the recent Post Claims Club. KPMG non-life actuarial partner David Brown believes that periodic payment orders could account for a third of insurers’ future liabilities amid increasing frequency in bodily injury claims; Alain Dunoyer, head of Safe Car at motor technology developer SBD, claims that the extent of human interaction is one of the biggest challenges companies face in the race to develop driverless cars; and Ninety Consulting’s Geoff Knott says insurers can proactively reduce their claims costs by encouraging the uptake of connected-home devices.

Axa’s Amanda Blanc and Willis Research Network’s Professor Pier Luigi Vidale are in the C-Suite. Blanc asks what the industry can do to quell the forces of bad press, while Professor Vidale suggests a new Met Office supercomputer could provide more accurate models for insurers.

Post’s Digital Insurance and Technology Awards recently took place at the Royal Garden Hotel in London. We bring you all the winners and some of the best photos of the night.

With price comparison sites making customers more price-focused than ever, how can insurers ensure they stand out for other reasons and also improve their retention rates? Post brought together 12 senior industry figures in conjunction with sponsors Pegasystems and Capgemini to discuss how the industry is harnessing technology to build more sustainable business models.

And finally, we kick off our review of the year. Marks Sands looks back at how loss adjusting has fared in 2014, while Mairi MacDonald revisits legal.

Enjoy the read!