Open finance identified as key to Consumer Duty compliance
General insurers need to make greater use of open banking in order to comply with the Financial Conduct Authority's Consumer Duty requirements, according to Suzanne Homewood, managing director of decisioning at Moneyhub.
Homewood said general insurers should switch from asking 20 questions about the state of a policyholder’s finances at point of sale, when a premium payment is missed or claim made, to asking for
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
State of the nation’s roofs: A top-down perspective
John Kimmance, chief customer officer of Ordnance Survey, reveals the depth of the data his organisation has on the state of the nation’s roofs, including the risk and insurance ramifications of their use, construction material and age.
Axa’s Foley on rising to the climate change challenge
View from the Top: Tara Foley, CEO of Axa UK and Ireland, explains how insurers can lead the way in building resilience to climate risks.
Throwback Thursday: CII merger; Norwich Union losses
Insurance Post’s Throwback Thursday steps back in time to May 1990 to remind you what was going on this week in insurance history: a Chartered Insurance Institute merger was mooted and Norwich Union suffered underwriting losses.
Quarterly weather damage claims payouts hit record £200m
In the first quarter of this year, claims for weather-related damage to people’s homes and possessions topped £200m for the first time ever, according to data from the Association of British Insurers.
Lloyds Bank launches first Axa-underwritten motor products
Axa UK and Lloyds Bank have launched the first motor insurance products under their partnership, which was announced in December 2024
Most complained about general insurers revealed
Admiral, Aviva, Direct Line, Axa and RSA were the most complained about general insurers in the latter half of 2024.
Ageas unifies customer records using LexisNexis tech
Ageas has partnered with LexisNexis to take policyholder data across all platforms and collate it down to a single identity for each customer.
Big Interview: Drazen Jaksic, Zurich UK
Drazen Jaksic, CEO of Zurich UK, is ambitious and likes a challenge, but he won’t be slashing the price of the provider’s general insurance policies anytime soon to swiftly grow the business.