Add ons
Briefing: Who is behind the mask?
Last week I wrote a strongly worded letter to my household emergency provider and a blog on this site detailing the issues I was having.
New add-ons provider aims to dispel 'Mickey Mouse' image, says founder Paul Muir
The founder of One Answer Network and One Answer Insurance is poised to roll out a new business that aims to remove the “Mickey Mouse” stigma of add-ons. With another lead generation start-up waiting in the wings.
Lemonade vows to ‘rebuild insurance’ with zero deductible product
Insurtech disruptor Lemonade has launched an upgrade to its products, allowing customers to file up to two claims each year without rate hikes.
QBE to repay millions in Australia following add-on review
Australian giant QBE will repay customers A$15.9m (£9.6m) following a review of add-on insurance sales by the Australian Securities and Investments Commission.
Willis Towers Watson's Liz Lister on the benefits of specialist knowledge
The only absolute certainty in today’s modern world is change. Change creates new risks for all businesses, whether they are based in the north or south of the country, have international reach or are mid-market organisations.
Blog: Brokers need to cross-sell more
Brokers need to exploit cross-seeling opportunities to protect their business, writes Nick Mohan, joint managing director at Jackson Lee Underwriting, pointing to gap insurance and other niche covers.
Q&A: Colin Fagen, Insurance Council of Australia
Post interviews Colin Fagen, former group chief operations officer at QBE, who assumed the role as president of the board of the Insurance Council of Australia at the beginning of January.
Australian Securities and Investments Commission targets add-ons
Some of Australia's largest insurers have been named in a critical report examining car insurance add-ons sold by car dealers.
Video: FCA study into the sale of add-ons
This infographic illustrates the main details of the FCA’s study into the sale of general insurance add-ons.
Blog: Product ratings gaining momentum as an alternative to claims ratios
In my last blog for Post, I pitched the idea of product ratings as an alternative to claims ratios. I am delighted to say that the debate has moved on significantly in recent weeks, thanks to an independent review company which publishes star ratings for…
Consumer confusion mooted as potential outcome of add-ons ban
The incoming ban on the sale of opt-out add-on insurance policies could spark consumer confusion and ultimately lead to a smaller scale “PPI-style scandal”, according to industry observers.
FCA to introduce ban on pre-ticked add-ons from April 2016
The Financial Conduct Authority will ban the sale of insurance add-ons via pre-ticked boxes from April 2016 after a consultation found that customers were overpaying by as much as £200m per year for additional products.
Product ratings championed as alternative to claims ratios for add-ons
Legal expenses insurers have supported product ratings as an alternative remedy to publishing claims ratio information for add-on products, but only if the ratings are based on detailed and relevant criteria.
FCA reconsiders claims ratios for add-on products following industry backlash
The Financial Conduct Authority has backed down from its intention to require general insurers to publish claims ratio information for add-on products and plans to publish a discussion paper addressing alternative options in “the coming weeks”.
Redress for opt-out add-on buyers mooted
Redress for consumers who bought add-ons unnecessarily through the opt-out process would be a "logical conclusion" of the Financial Conduct Authority consultation into the sales practice, according to PWC.
FCA mulls ban on opt-out selling of add-ons
The Financial Conduct Authority has sounded the death knell for the opt-out method of selling of add-ons, following its market study last year.
Swinton unlikely to be last broker to face add-ons penalties
The sales practices that saw three former Swinton executives fined and banned remain widespread and the broker is unlikely to be the last to face sanctions, according to compliance specialists.
Ex-Brightside placement boss Freer promises 'innovative' add-ons from new role
Christian Freer has pledged to bring add-ons of “real value” following his appointment as commercial director of Strategic Insurance Services.
FCA calls for claims ratios in final add-ons report face renewed criticism
The Financial Conduct Authority’s proposal to impose a requirement for insurance companies that engage in the sale of add-on products to publish claims ratios as a measure of value is expected to face continued criticism.
Add-ons: Under the microscope
The sale of additional products is under immense scrutiny by the Financial Conduct Authority. With the insurance industry pushing resources into self-policing since the motor legal expenses inquiry, has it done enough?
Biba 2014: Brokers to be briefed on add-on products by Axa Assistance
Axa Assistance will provide brokers with regular customer research findings on the sale of add-on products along with updated product information, a review of policy wordings and clearly defined customer benefits.