Skip to main content
All Posts By

ldoherty

Motor complaints top list of UK general insurance grievances

Motor complaints top list of UK general insurance grievances

Motor insurance complaints topped the list of general insurance (GI) grievances in the UK in a period spanning the last five years. Research from Insurance DataLab found that car/motorcycle insurance accounts for one third of all GI complaints referred to the ombudsman from 2017 to 2022.

Out of almost 170,000 complaints lodged at the GI market, 55,250 were levied towards the motor insurance sector. Grievances toward the sector were also trending upward, as the Financial Ombudsman Service recorded 3,800 motor complaints in the final three months of 2022, a 49% year-on-year increase.

Insurance DataLab co-founder Matt Scott raised the alarm about these numbers, saying that regulators have already highlighted complaints figures as an area that insurers should be looking at when analysing customer outcomes as part of their Consumer Duty monitoring.

“Not good enough”

Insurance DataLab named buildings insurance as the second most complained-about product within the space, accounting for 16% of grievances over the last five years. This was followed by:

  • Travel insurance at 12%
  • Home emergency insurance at 7%
  • Home insurance at 5%

Despite topping the list, complaints upheld in favour of the customer were highest for motor insurance at a rate of 26.7% over the last five years. All GI product lines averaged 30% across the board.

In a news release, Scott said that complaint upheld rates for the best performers in the market can be as low as 10.5%, a percentage that is wildly different on the other end of the spectrum.

“At the other end of the market, we are seeing a number of insurers with more than 30% or even 40% of complaints being upheld in favour of the customer – this is clearly not good enough, and with Consumer Duty coming into force this July, insurers need to act fast to remedy this issue,” Scott said.

What are your thoughts on this story? Please feel free to share your comments below.

Source

Genasys expands with new business units and innovation HQ

Genasys expands with new business units and innovation HQ

Genasys Technologies has announced an expansion with two business units in South Africa, with one focused on continued product development and innovation.

Genasys London will continue to be led by group CEO André Symes (pictured right). Symes will head the insurance administration platform provider’s commercial growth strategy. Craig Olivier (pictured left), co-founder and group CTO, will be based at Genasys’ new South African headquarters in Cape Town, called the Product and Innovation Campus. Olivier will lead the new Genasys Software Solutions division from this office.

Genasys will retain its existing office in Johannesburg as its third office. In this location, newly appointed delivery and operations head Eugene Wessels will lead the Professional Services division while reporting directly to Olivier in the Cape Town office.

Driving technology expansion

In a press release, Symes said that the firm, through its new Product and Innovation Campus, is creating “a new workspace that will support our team to drive our technology expansion.”

“Through the creation of these two new business units we are in an exceptional position to propel our company forwards with real focus on our core strengths – our excellent cloud-based insurance software and our brilliant customer servicing,” Symes said. “This is an exciting moment in our Genasys story as these developments reflect our trajectory as a global insurtech company and our continued commitment to using technology to positively change the consumer view of insurance.”

The fast-growing insurtech made headlines last year as it launched a partnership with health solutions business Simplyhealth, resulting in the move of 2.3 million customers to a single policy platform.

What are your thoughts on this story? Please feel free to share your comments below.

Source

MS Amlin taps industry expert as new risk analytics head

MS Amlin taps industry expert as new risk analytics head

Lloyd’s global (re)insurer MS Amlin has appointed Dr Jessica Turner as its new head of risk analytics, effective June 26. Turner will report to director of underwriting performance Martin Burke.

In a press release, Burke said that Turner’s appointment reflects the firm’s objectives of “seeking out new perspectives and expertise.”

“By expanding our talent pool to include those with cutting-edge skills in analytics, modelling, and catastrophe risk, we can provide more innovative insights and solutions for our clients. I am therefore delighted to welcome Jessica to our business,” Burke said.

Turner joins the reinsurer from Guy Carpenter, where she has worked as a managing director and head of international catastrophe advisory for over four years. That role saw her leading a team of natural catastrophe experts in evaluating and analysing climate change physical risk quantification for all major perils within the EMEA and APAC regions.

Before joining Guy Carpenter, she spent over two years at Lloyd’s Banking Group as a senior manager. She also held positions at Willis Re and RMS. She holds a Ph.D. in atmospheric science, and advanced diploma in insurance, and is a Certified Catastrophe Risk Analyst.

Earlier this year, MS Amlinbolstered its underwriting leadership team with the appointment of Grant Baxter as interim CUO and Neil Walker and Sam Geddes as co-deputy CUOs.

What are your thoughts on this story? Please feel free to share your comments below.

Source

AXA confirms extended cover for clients sheltering Ukrainian refugees

AXA confirms extended cover for clients sheltering Ukrainian refugees

AXA Retail has confirmed an extension of home insurance coverage for brokers’ clients who have policies underwritten by the UK insurer and are currently sheltering Ukrainian refugees.

This means that clients’ guests escaping the war in Ukraine will be treated as their extended family, giving them coverage just like any other member of the family residing in their homes.

In a message directed to the insurer’s brokers, AXA also outlined some commitments that they intend to follow for these circumstances:

  • Clients do not need to let AXA know if they are taking in Ukrainian refugees temporarily, and their cover will not be impacted as a result
  • Ukrainian guests will temporarily be treated as members of the family and will therefore fall under the standard terms of the policy
  • Ukrainian guests’ belongings will also temporarily be covered by the usual policy limits

The insurer said that brokers will just need to let the company know if any Ukrainian guests intend to become a permanent resident of the property.

What are your thoughts on this story? Please feel free to share your comments below.

Source

Legal & General talks about Consumer Duty Alliance membership

Legal & General talks about Consumer Duty Alliance membership

“We welcome the new Consumer Duty as it reinforces the importance of consumer protection and drives enhanced outcomes.”

Those were the words of Legal & General retail annuities distribution director Cecilia Furner while announcing the financial services group’s Consumer Duty Alliance (CDA) membership. Legal & General, along with Howden, is a foundation affiliate of the new independent professional body.

“The need for an alliance across financial services has the potential to unite the profession in both a pre-and-post consumer duty landscape, which is evident from the significant cross-sector response and encouragement following the launch of the CDA,” said CDA chief executive Keith Richards in an emailed release.

“We would like to thank Legal & General for their support as a foundation affiliate, along with their expertise and input to the creation of the Retirement Income guide.”

Launched earlier this month, CDA is a not-for-profit, community interest company created by and for the personal finance sector. It is described as the first dedicated body of its kind.

“We have always understood the value of transparency, clear standards, and providing products and services that both intermediaries and customers can easily understand and benefit from, and we’re committed to supporting people in vulnerable circumstances,” declared Furner.

“With four months to go before the Consumer Duty comes into force, the launch of the CDA is an incredibly timely initiative. We are delighted to partner with the Alliance to share good practice in support of better client outcomes and are committed to working closely with industry peers to ensure effective delivery against the new standards.”

You can find out more about the Consumer Duty Alliance here.

Source

Aviva UK reveals individual protection claims figures

Aviva UK reveals individual protection claims figures

Last year, Aviva paid nearly 50,600 individual protection claims in the UK amounting to £1.07 billion.

According to the insurer, 2022 was the third consecutive year that claims payments for individual protection claims exceeded £1 billion. Of all the individual protection claims that were lodged, 98.3% were paid last year – the highest claims paid rate reported by Aviva since it acquired Friends Life in 2015.

Here’s the breakdown, as reported by the insurance giant:

Insurance product

Number of claims paid

Value of claims paid

% of claims paid

Life insurance (including terminal illness benefit)

41,002

£683,638,563

99.4%

Critical illness (including children’s benefit and total permanent disability)

4,689

£334,070,894

93.5%

Income protection

3,683

£50,636,470

94.3%

Fracture cover

866

£2,185,300

89.7%

Hospital/trauma/therapy/carer cover

355

£531,177

99.2%

Totals

50,595

£1,071,062,404

98.3%

“The scale of the payments we consistently make to individual protection customers year-on-year evidences the crucial financial support that our protection insurance provides for tens of thousands of UK households, especially during times of broader cost-of-living challenges,” said Aviva claims philosophy manager Jacqueline Kerwood.

“Over the last five years we have paid over £5.1 billion across more than 200,000 individual protection claims, supporting UK families during the most difficult times.”

What do you think of this claims story? Share your thoughts in the comments below.

Source

Ballantyne Brokers completes management buy-out

Ballantyne Brokers completes management buy-out

London-based Ballantyne Brokers has completed its management buy-out from parent company K2 Insurance to form its own independent entity. The buy-out was led by original founders Ross Ballantyne and Richard Spragg, plus chief operating officer John Harris; the latter will continue to lead the company moving forward.

With this buy-out, Ballantyne, which is now 100% owned by its employees, will continue to provide brokerage services to clients in its native UK as well as Europe and North America. The firm focuses on cyber, professional liability, property and casualty, personal accident, medical malpractice, financial services, and directors and officers as its main lines of business.

Ambitious plans in the pipeline, including expansion

Spragg said in a press release that the brokerage has “some ambitious plans in the pipeline which include expanding our team of talent.” He teased that the firm has already made two new appointments this year, both of which will be announced in the near future.

Harris said that the buy-out is a culmination of the management team laying foundations for its growth, including adopting the latest technologies as well as employing new talent.

“The fundamentals are all in place; being 100% employee-owned means that we are nimble, flexible and ready to scale up. It’s a really exciting time,” he said.

Ballantyne Brokers was founded in December of 2020. It was then focused on the SME business and led by operations director Alex King.

What are your thoughts on this story? Please feel free to share your comments below.

Source

Nirvana bolsters planned EU underwriting team with veteran hire

Nirvana bolsters planned EU underwriting team with veteran hire

Nirvana has bolstered its planned EU underwriting team with the appointment of industry veteran Thomas Mannsdorfer (pictured).

In this new role, Mannsdorfer will lead a pan-European team of underwriters to develop a warranty and indemnity (W&I) portfolio focused on small-to-medium sized deals on the continent. Based in Barcelona, he will also take responsibility for the European business of Nirvana, focusing on local products in local languages as well as English.

Mannsdorfer has more than two decades’ worth of experience as a mergers and acquisitions (M&A) underwriter across European markets. Prior to this new role, he headed up European specialty underwriting at Sompo International. In this capacity, he also led Sompo’s Barcelona branch and underwriting hub. He previously served as director of M&A insurance and chief underwriting officer (international) with ANV in Barcelona.

“Nirvana’s ‘underwriting first’ mindset was a major attraction for me, and I am thrilled to be joining Rob [Thomas] and Kabir [Chanrai] to help them grow the European W&I business,” Mannsdorfer said. “With Rob’s deep underwriting experience and Kabir’s financial expertise, Nirvana is well positioned to grow a profitable book of business providing protection for entrepreneurs involved in European M&A deals.”

Mannsforder’s track record to play “an important role”

Nirvana founding director Kabir Chanrai said that in the MGA’s plans to grow its European team, Mannsforder’s track record is set to play “an important role,” especially with his expertise in building out teams.

According to his LinkedIn profile, Mannsdorfer got his graduate degree in general law from the University of Fribourg in Switzerland, in addition to his postgraduate degree in tort law, medical malpractice, and insurance. He also holds a postgraduate degree in insurance and tort law from the University of Virginia School of Law.

Nirvana recently finalised a management buyout from Castel Underwriting Agencies.

What are your thoughts on this story? Please feel free to share your comments below.

Source

IS2 names commercial director as part of growth plan

According to Simon Pritchard, IS2 founder and managing director, Sultana’s new role will see him “working to maximise existing opportunities in the business, supporting our entry into new sectors and markets and advising us on potential acquisition targets.”

Before his tenure with the company, Sultana worked as director at e-Zee Insurance Solutions. Prior to this he was chief operating officer at Applied Systems Europe; he was previously managing director of applied systems for the same firm for six years.

IS2 and Atlas the “market’s best kept secrets”

In a press release, Sultana said that he looks forward to his new role, noting that IS2 and its Atlas platform have been one of the “market’s best kept secrets.”

“IS2 has an enviable client list, which for me speaks volumes about the business and the opportunity. Our digital platform, Atlas, is a modern, scalable, cloud-native technology with an API-first approach.  The passion and commitment of the highly experienced team, who are all technology specialists but with a deep understanding and knowledge of the insurance market, is equally impressive. I’m looking forward to supporting Simon with his ambitious growth plans,” Sultana said.

What are your thoughts on this story? Please feel free to share your comments below.

Source

Should employers consider a TikTok ban?

Many are asking whether employers are within their rights to take such actions. 

“The technology is owned by the government so, in other words, handheld devices, smartphones, because they own it, they can do what they want in terms of how the device is used,” says Daniel Tsai, lecturer on law and technology at the University of Toronto and Toronto Metropolitan University (TMU).

Obviously, government employees might potentially have access to more sensitive data, versus that of a private employee but the move makes a lot of sense, he says.

“Me hearing that [governments are] banning TikTok on government phones, that doesn’t raise any alarms; to me, it sounds reasonable.”

Employer ban

Should other employers, particularly those in the private sector, consider this kind of ban? There are some laws that must be accounted for, according to Savvas Daginis, associate business law at Siskinds Law Firm.

When thinking about how much protection needs to be offered, it is the type of data that matters most, he says.

“If you’re just holding onto somebody’s name and maybe address, and let’s say that name and address are in a phonebook that is readily available to everyone, you won’t need to implement incredibly detailed security measures. Whereas maybe you’d have to implement such measures if you had medical data.”

When it comes to protecting data that might be found on, or be available via a company-issued phone, there are several considerations employers should undertake to keep everything safe, says Liam Ledgerwood, associate labour and employment law also at Siskinds Law Firm.

“Each individual employer will likely set out what their expectations are about the extent to which employees need to safeguard confidential and proprietary information and that will generally be dictated by contract — or by an employer policy, about what employees must do,” says Ledgerwood.

American action

In the U.S., the federal government is also cracking down on TikTok.

The White House endorsed a bipartisan bill that could give the president authority to ban or force a sale of TikTok, support that could hasten passage and break a deadlock over how to address privacy concerns around the popular app.

The bill introduced recently would give the president the ability to force the sale of foreign-owned technologies, applications, software or e-commerce platforms if they present a national security threat to Americans.

It doesn’t mention Beijing-based Bytedance’s TikTok by name, but the video-sharing app, which has about 100 million users in the U.S., is the clear target.

This is the first time the Biden administration has weighed in on legislation to deal with the app, which the White House says pose national security risks. Critics of TikTok say it allows the Chinese government access to data and viewing trends of the roughly 100 million Americans — as well as users globally — who have made it one of the world’s most popular apps.

While governments are beginning to sense a security threat from various questionable apps, organizations are fighting similar battles.

Who is attacking?

Ransomware, backdoor exploits and phishing are terms that IT professionals have come to know well.

So, how can employers better prepare for the onslaught? It starts with understanding the “enemy,” knowing your organization’s weaknesses and seeing cyber attacks as a business risk — not just an IT problem, say the experts.

Apart from the stereotypical hooded individual who might wish to cause harm, there are two main threats to be aware of for businesses, according to Adil Palsetia, partner in cyber security at KPMG.

“On one end, you have nation states. Some of those are adversarial to ours and they’re attacking infrastructure, organizations, our IP infrastructure, our connection infrastructure, the communications infrastructure, as well as our financial and banking infrastructure.

As well, there are organized criminals with a simple goal, he says. “Their mandate is crime usually, a means to make more money, and so they’re the ones that we’re hearing about around this uptick in ransomware attacks.”

New ways to exploit organizations are often being rewarded in the criminal underworld, according to Evan O’Regan, associate partner, digital trust and IAM, at IBM.

“Whereas if our credit card number will fetch maybe $10 on the dark web, the identity information can fetch a much higher price on the dark web because those can be used to create synthetic identities to perpetrate more sophisticated fraud and even more. So if I develop an exploit, a backdoor into a company, I can sell that exploit on the dark web multiple times at $10,000 a pop.”

Source

contact us