Seeing things differently
Rules play a vital role in the success of the insurance industry, but what happens when they are taken away? Phil Evans looks at the regulator's principles-based treating customers fairly agenda and explains that, by putting itself in customers' shoes, the industry can dispel the confusion surrounding this issue.
The insurance industry likes rules — in fact it could not function without them. Policy documents are awash with them, in the form of terms and conditions, and pricing is fundamentally rule-based
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 Regulation
FCA CEO promises focus on growth in letter to prime minister
CEO of the Financial Conduct Authority, Nikhil Rathi, has written to prime minister Keir Starmer promising growth will be a “cornerstone” of the regulator’s strategy through to 2030.
New City minister promises Labour will unlock broker potential
Less than 24 hours after replacing Tulip Siddiq as City minister, the new holder of the post Emma Reynolds has promised to partner with brokers to help them achieve growth.
FCA told to stop insurers exploiting Goldilocks-like customers
Rocio Concha, director of policy and advocacy at Which?, claims her organisation’s research suggests insurers are failing to “put themselves in their customers’ shoes” and are exploiting their Goldilocks-like approach to purchasing policies.
Biba’s manifesto demands regulator to raise its game
The British Insurance Brokers’ Association launched its manifesto for 2025 today (15 January), titled ‘Partnering to deliver value’. Scott McGee breaks down the main points, including tougher scrutiny on the regulator.
City minister Siddiq is replaced by Reynolds
Less than 24 hours before she was due to appear at the British Insurance Brokers’ Association’s Manifesto launch, Tulip Siddiq has resigned as Treasury minister and been replaced by Labour MP Emma Reynolds.
Regulator aims to make it easier for insurers to invest
The Prudential Regulation Authority is proposing to make it easier for insurers to invest within their matching adjustment portfolios, according to CEO Sam Woods.
AI system launched to overhaul claims settlements
Stephen Kavanagh, who has spent more than 25 years developing technology to transform financial service business processes, has created a system that overhauls how insurance losses are assessed and settlements reached.
Five steps to non-performative culture change
Trade Voice: Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, urges organisations to move past performative lip service with five steps to cultivate genuinely ethical cultures.