Dual pricing
Brexit and fair pricing lead FCA general insurance agenda for 2019/20
The Financial Conduct Authority has set out its priorities for the year ahead in its 2019/20 business plan, identifying Brexit as its “immediate priority”.
This week in Post: Funds, loyalty and crime
Gift cards may not be very personal, but they are perfect when you are not sure what to get someone. However, if you are anything like me you put them away in a “safe” place and forget to use them in time.
Home insurers make 100% of their profits through the 'loyalty penalty': Citizens Advice
Citizens Advice is calling for the FCA to identify concrete solutions to the loyalty penalty as part of its insurance market study, after its research found that 100% of home insurance profits come from loyal customers.
This week in Post: Scraps, slurs and sexual harassment
Post held its reputation event this week, which felt somewhat prescient as parts of the industry were shamed on diversity and inclusion.
Industry could face ‘heavy-handed’ regulation if dual pricing isn’t fixed: Citizens Advice Bureau
The industry could see a “heavy handed” approach to dual pricing from the government, if it doesn’t do enough to tackle the issue by itself, the Citizens Advice Bureau warned at Post’s inaugural Reputation event.
Blog: What could CEO Penny James bring to Direct Line?
Jonathan Swift reflects on whether Direct Line's new "understated" and "inquisitive" CEO Penny James might be the right person at the right time, given the on-going pricing review.
This week in Post: Storm, Brexit and diversity
This week, the sunshine we were blessed with last week was replaced by a more winter-appropriate grey sky and rain.
Go Compare expects increased dual pricing in motor
Go Compare is expecting differential pricing to grow more pronounced this year, potentially buoying the company’s flagging motor comparison business.
Insurers should stick to 'risk reflective pricing'
Insurers should ensure that premiums are a fair reflection of risk, a conference heard.
Amanda Blanc issues caution on insurer big data use
Zurich EMEA CEO, Amanda Blanc cautioned insurers on how they use big data in her keynote speech at the Association of British Insurers annual conference.
Insurers must ‘take responsibility’ for dual pricing: Minister
Finance minister Robert Jenrick today warned insurers they must take responsibility for dual pricing.
LV's Mike Crane on dealing with changing customer expectations
Customers’ expectations are changing and they are demanding to be more informed. Mike Crane says insurers risk alienating customers if they don’t explain how and why they price risks
Auto renewals cost drivers £1.23bn a year
Auto renewals are costing drivers a collective £1.23bn a year, according to research by Go Compare.
Post launches new Reputation event focused on creating an ethical and inclusive insurance market
Those that work in insurance have long known it has reputation issues.
Blog: Telematics data delivers claims validation yet insurers forego the facts
Telematics has been proven to provide incentives for safer driving and help lower premium for customers but Penny Searles, CEO of Smart Driver Club, believes insurers are missing a trick when it comes to the data this technology puts at their fingertips.
Blog: Model behaviour for insurance risk prediction - destroying the myth of the magic funnel
In a highly competitive market, it is important that insurers maximise their data models to create more intelligible insights. Only then, argues Alan O’Loughlin of Lexis Nexis Risk Solutions, will they gain a strategic advantage over competitors
Editor's comment: New year, new you!
We’ve all seen the memes about how it’s a new chapter in our lives with the striking of the bell at midnight and how we have a blank page to do what we’ve always wanted to and be the best version of ourselves.
Merry Christmas from Post
Infopro Digital's offices are now closed until Wednesday 2 January 2018 for the festive period. We would like to take this opportunity to wish you all a very Merry Christmas and a Happy New Year from the Post team.
CMA unveils raft of recommended reforms as insurance slammed over pricing practices
The Competition and Markets Authority has ‘uncovered a range of problems’ around the loyalty penalty and made several recommendations for change in its damning response to a super complaint on pricing practices, but some feel that insurers are catching…
This week: God bless us, every one!
At a time of year when good cheer to all men is encouraged and Scrooge is forgiven all his wicked ways and most of the world has been out enjoying their Christmas parties (I know we have), it appears the insurance world is still seen as the Grinch.
Majority of customers support a ban on dual pricing
Eight out of ten customers believe there should be a ban on insurers charging higher rates for renewals than for new customers.
This month: That sinking feeling
We may have enjoyed plenty of sunshine this summer, but spare a thought for the insurers. The ABI this week reported a record-breaking surge in subsidence claims.
Aviva promises to 'reinvent' insurance and end dual pricing
Aviva will sell motor and household lines through a platform that will "reinvent" the way insurance is sold and tackle the issue of dual pricing.
This week in Post: Another unrated insurer bites the dust
Hooking the headlines this week, Danish unrated insurer Qudos was placed in liquidation by its owner.