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“It’s a double-edged sword,” then Consumer Intelligence insights manager Mike Miskelly told Insurance Business earlier this year. “If it’s done well, it can provide clear choices, or, if it’s done badly, it can just be confusing.”

More than 50% of insurance purchasers using aggregators over the last year saw three or more brands from the same insurer in the top five results, according to data from Consumer Intelligence, which collects data on thousands of quotes generated monthly. This is up from around 20% in 2017, meaning there has been an increase of 30% over the past five years.

The practice, according to Consumer Intelligence, was first developed by two motor market players and has “existed as long as the PCW”.

However, the customer acquisition tactic has since been adopted by a “greater range” of providers and Consumer Intelligence is increasingly seeing it in the home insurance market too.

“It’s far more common in motor than home, but that’s kind of on the change a little bit,” said Miskelly.

Insurance Business understands there have been market murmurings that the Financial Conduct Authority (FCA) may wish to look into the practice down the line, with firms that may be pushing products that are not sufficiently differentiated potentially facing up to tough questions.

It is “highly likely” that the FCA has been monitoring behaviour around brand stacking, according to Miskelly, particularly following General Insurance Pricing Practices and product governance rule changes.

Last October’s product governance changes, though, rather than GIPP as some pockets of the market had feared, are more likely to be responsible for a boom, according to Miskelly.

Read more: Insurance industry stakeholders react to price walking ban

“A lot of what we see was driven not by the pricing rules, but by the product governance rules,” he said.

“As we moved into 2022, January being the ‘Big Bang’ for GIPP rules, we’d already started to see this uplift in brand stacking, and it goes hand in hand with the number of products that the providers have.

“We started seeing more and more tiered product offerings launched, differentiated brand offerings launched, and in some cases, like the resurrection of, say, a legacy brand that was on PCWs but wasn’t very active become more active.”

While Consumer Intelligence’s analysis suggests that initial fears that GIPP changes could lead to an onslaught of dodgy brand stacking tactics may well have been unfounded, there have been at least a couple of instances that could suggest insurers or brokers may have looked to flex the rules to get ahead.

“We’ve only seen one or two cynical cases of that, where it looks like a legacy brand has clearly been resurrected and repositioned as the cheapest brand line PCW ahead of another sort of bunch of brands from the same provider to kind of get around those GIPP rules,” Miskelly said.

“The most obvious one that we saw was very temporary, it was only for a couple of weeks.”

With PCWs keen to remain compliant and offer customers a good experience, Miskelly suggested they could to some extent be “self-regulating” to keep bad behaviour off their websites.

In the past, some stacked brands have effectively offered the same cover but under a different brand name, though this appears less common into 2022.

“[GIPP and product governance rules have] triggered a lot of insurers to look at that and review that situation and say, well, actually, if we’re going to the trouble of having two brands on PCW, you might as well differentiate them,” Miskelly said.

“We’ve seen quite a few of those sister brands, or legacy brands, be repurposed in something that is truly different from the headline brand.”

PCWs may look to ensure that customers are kept informed about the differences – or lack thereof – between products and brands.

Consumer Intelligence believes they could be on the “cusp of change” to make search results “more value oriented than price oriented”.

“If you look at the sheer volume of products on the PCWs now, it would make sense to move in that direction,” Miskelly said.

As for the FCA’s take on brand stacking, a spokesperson said: “We expect firms to comply with our rules to design and distribute products that offer fair value to customers. 

“We routinely engage with firms on their approaches to this, and we will take decisive action where we uncover evidence that companies have not acted in the best interests of their customers.”

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There’s a consistent inconsistency to the spectre of cyber risk which plays out against an ever-shifting backdrop, leaving SMEs continually reevaluating how they can mitigate the challenges associated with this operational threat. And so it is little surprise that the role of insurance and risk management in providing thought leadership and proactive solutions to those doing business in our increasingly digital-first world has shone in recent years.

Discover more about Travelers’ best-in-class cyber offering today

Providing insight into the current roster of cyber threats impacting the SME market, Chris McMurray (pictured above), cyber lead at Travelers Europe, highlighted how the variable nature of cyber risk can be seen from recent evolutions in the ransomware space. The last few months saw ransomware claims drop off a little, he said, which was considered to be linked to certain threat actors changing focus amid the Russia-Ukraine conflict.

Listen now: Cyber Risk: The threat and key steps to minimising exposure

“I don’t think anybody expected that to hold for long,” he said. “Indeed, as we leave the summer, we’re seeing ransomware activity creeping back up. And that’s still the number one area where we see a lot of activity, and it really is across the board – whether you’re a small SME or a large global client. We’ve been banging that drum for quite a number of years now but I like to think we’re making some headway and getting the message out there – that everybody is impacted by this.”

Cybersecurity is not a once-and-done approach, McMurray said, but rather requires constant reviewing to ensure that elements such as patching and market intelligence are kept up to date. Leaning into some of the insights yielded by this intelligence, he highlighted that threat actors have become more aware of the growth of the cyber insurance market, which is being reflected in the ransoms demanded.

In the past, he said, cyberattacks tended to be more of a volume play where a threat actor would demand relatively small ransoms from SMEs and quickly move on to the next victim.

“They’ve now realised, it seems, that a lot of these smaller businesses have cyber insurance policies in place and they’re getting hold of that information and asking for payments up to the policy limit,” he said. “That’s something that we weren’t seeing even six months ago, so again, it’s just a good example of the threats in this space and how they’re continuing to change.”

On the flip side, noted James Doswell (pictured below), senior cyber risk management consultant at Travelers Europe, it seems that some companies which have obtained cyber insurance and bolstered their cybersecurity, are now mistakenly feeling secure. That complacency is a real concern across the market, he said, and it’s precipitated by a lack of education around cybersecurity.

“In some cases, they are just not aware of [the exposures they face],” he said. “They don’t have the security knowledge and understanding of how some of the attack chains happen, and how the attackers actually get in and compromise networks.

“And some of these networks do have relatively comprehensive security, as we’ve seen from some of the bigger organisations where attackers have still managed to gain a foothold somewhere. Quite often, it’s a question of the weakest link and it could be as simple as a phishing email.”

For Travelers Europe, the key to removing that false sense of security has been the creation of a truly proactive cyber insurance offering that works across the entire lifecycle of the policy. This keeps insureds cognizant of the changing nature of cyber risk, and builds recognition of the idea that having an insurance policy or certain security controls in place doesn’t mean you can relax your approach to cybersecurity.

Travelers is well-regarded for how stringent it is with regards to the implementation and attestation of MFA controls, Doswell said. This is largely due to its insight into the exposures that partial implementation of MFA can bring – particularly in the wake of COVID and the move to remote working. At that time, many businesses missed the fact that an attack can happen from within the network as well, as in the case of phishing attempts. And if an attack vector gains a foothold on an individual’s machine, it can spread internally across a network – causing widespread damage.

Read more: How can businesses protect themselves from cyber breaches?

That’s where elements such as employee training really come into their own, McMurray said, as these exercises are critical to communicating to employees what they should be looking for when it comes to phishing attempts etc. That should be an ongoing process, he said, and Travelers is leading by example on this by creating training modules that require active participation and encourage a proactive stance on cybersecurity.  

“From a product perspective, we absolutely continue to review what we put out there,” he said. “And it’s not just the actual product itself but also additional sides to that. First are our pre-breach services, where we’re trying to mitigate the risk to the clients and we have various things in place such as our eRiskHub, and access to Symantec (now HCL). These can try and prepare our clients a bit better, and that’s where we’re trying to reduce something going wrong in the first part.

“But obviously, you can’t eliminate that risk completely. So, the second part is what we do when something does go wrong – our breach response. Again, that’s somewhere where we’re constantly evolving our panel to make sure we have the right vendors, and to make sure those vendors have the capacity to manage an incident should something go wrong.”

Travelers Europe prides itself on working closely with its vendors and its claims department to make sure its offering evolves alongside the cyber risk environment and is fit for purpose, he added.

“In the same way that we would say to our client that their cybersecurity is not a once-and-done approach, that equally applies to us,” he said. “We need to make sure that what we’re offering both pre-loss and breach response following a loss is more than adequate, and is going to be the best solution for the client at that time.”

Combining a best-in-class pre-breach and post-breach proposition is an offering that is resonating well across the market, he said, particularly where it’s bringing previously unconsidered exposures to the attention of clients. McMurray emphasised how bringing on board risk control experts, such as Doswell, has really rounded out Travelers’ full-service cyber insurance offering and how it presents a significant advantage both to his team and the wider market.

“Being able to utilise James’ [insights] in real-time when we might have a question around client security, or when we have a more complex client and we’d like to involve James in that client meeting is all something that just adds to our proposition,” he said. “And that’s just another great example of the evolution, not just of this product but of the services we offer around that.”

To find out more about Travelers’ cyber offering, visit travelers.co.uk/cyber  

 Chris McMurray is cyber lead at Travelers Europe and James Doswell is senior cyber risk management consultant at Travelers Europe.

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The FT highlighted that the case, which is likely to come to a full court hearing next year at the earliest, will be closely followed by other leasing companies expected to lodge similar claims. Vitaliy Seveliev, Russia’s transport minister, has stated that 1,140 planes have been newly registered in the country, as a result of a decree authorising the seizure of foreign-owned aircraft.

A source quoted by The FT as being party to the case indicated that an initial case management conference for the trial would likely take place early in 2023, though it could take a further year before a final judgement is delivered. The group, led by AIG, provides “all-risk” cover for the aircraft in question – insuring against risks excluding war. Meanwhile, the group led by Lloyd’s of London covers war-related risks.

It was reported that AerCap’s court filings show that both the all-risk insurers (referred to as “Section One” insurers) and war-risk insurers (referred to as “Section Three” insurers”) claimed that the aircraft’s seizure did not constitute a loss for insurance purposes. However, AerCap’s filing has said that the all-risk insurers should accept its claim.

“Wrongfully and in breach of the policy, the Section One insurers have not paid the sum or any part of it to the insureds,” the filing read.

The FT revealed that: “The two groups of insurers disagreed in their filings on what should happen if the court held that, contrary to their arguments, the aircraft had in fact been lost. The group led by AIG argued that the decision to retain the aircraft was a political one — which could put it outside the scope of the coverage that they provide.”

“In the circumstances . . . the acts of the lessees . . . were acts done for political purposes,” the AIG-led group defence argued.

Meanwhile, the war-risks insurers insisted that, even if the court decided that the seizure was part of an event covered by their policies, they would be liable only if the aircraft were destroyed.

In addition, the FT revealed that limits on the war-risk insurance mean that if the claim is found to be under that cover, any payout is likely to be limited to $1.2 billion, instead of the $3.48 billion being claimed under the all-risks policy.

The publication highlighted the response of Mark Pring, a partner specialising in insurance issues at the law firm Reed Smith, who said there was likely to be a “wave” of insurance claims over assets stranded in Russia in the coming months.

“The insurance fallout from the ongoing war in Ukraine has only just begun,” he said.

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“Cyber threats of all sizes and across varying industries are continually evolving, and are a severe risk for businesses.  

In this episode, Travelers’ cyber lead, Chris McMurray, and senior risk management consultant for cyber, James Doswell, explore cyber threats in detail. They share expert tips on security steps clients can take to mitigate cybersecurity risks. In addition, with the legal and regulatory environment potentially daunting for some businesses, they will explore what you need to know and what to do in the event of a cyberattack.  

Liked this episode of IB Talk? Don’t miss upcoming episodes, as well as a weekly news roundup from across the globe – just be sure to follow on Apple Podcasts, Spotify or Stitcher below. You can also find IB Talk on Podbean. https://insurancebusiness.podbean.com/

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It’s official – Lloyd’s wholesale broker Tysers is now owned by ASX-listed firm AUB Group Limited. AUB, which consists of insurance brokers and managing general agents in over 500 locations across Australia and New Zealand, has completed its purchase of the London-headquartered brokerage.

“In accordance with the terms of the acquisition and as previously announced, AUB confirms that it has now issued 9,018,974 new shares to Tysers’ former owner, Odyssey Investment Partners,” noted AUB. “The new shares will be escrowed for a 24-month period.”

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Read more: Aviva introduces broker-sought insurance product in the UK

The insurer recently announced a $10 million investment into the Anthemis Female Innovators Lab Fund – financing that will specifically support UK-based fintech firms which are founded by women. Discussing how the partnership came about, he highlighted that the fund, which was created in 2019 and already has some investment from Barclays, is focused on investing in pre-seed and seed stage female founders in fintech.

“We came across it because the fund is run by the venture capital fund Anthemis and we’ve actually invested in a couple of their other funds,” he said. “So, we knew the business, we knew the teams and we got to know how they work. When they opened up this fund earlier this year to additional investment, we started that conversation. And we’re very excited to back it because I think it’s just an absolutely brilliant fund and thesis.”

Aviva is very conscientious about the investments it makes, and Luckett noted that three key elements made this partnership the right opportunity. Firstly, he said, it very much aligns with the company’s broader strategic investment appetite. Aviva makes investments into funds, and directly into startups, where it sees a good opportunity for a strategic and financial return, and where it can work closely with the funds to deliver powerful insights for its business and support its portfolio businesses in their growth.

“Secondly, and probably most importantly, there is a significant gap between the funding that goes to male and female founders,” he said. “We’ve noticed this and we signed up to the ‘Investing in Women Code’ a few years ago and started seeing that data and it was clear that the whole VC market needed to change. And of course, this also aligns to our broader agenda at Aviva in terms of both supporting diversity and women in finance.”

Aviva did evaluate several other initiatives focused on female founders, Luckett said, but this fund really stood out not least for its exceptional team. When he had the opportunity to meet with the founders and spend time with those running the fund, the broad alignment of their values and ethos became very clear – supported by Aviva’s existing relationship with Anthemis.

“And then thirdly, the opportunity for us to learn and work with some of the portfolio companies was also very strong,” he said. “So beyond investing, we are keen as Aviva to make sure that we’re understanding and seeing new technologies and new propositions coming through to both support broader financial services and also to think about ways that we can collaborate with the new and different to support our customers.

“My philosophy is very much one about collaboration and partnership. And we try and do that with the broader startup ecosystem and this gave us another opportunity to meet, to understand, and to work with emerging propositions and technology. So, it has all been very exciting and I’m delighted that we’ve made the investment.”

In an ideal world, there would be no need for investment into funds specifically relating to any single quantifier, but as it stands the market does need catalysts to create a fair and equitable environment. It is necessary for people to take a stand, Luckett said, and not just to talk about equality but to take action and make investments into the ecosystems capable of creating real change.

Such funds are critical in raising awareness of the gap that exists in the investment community, he said, because a lot of people are simply not aware of the extent to which it exists. These investment opportunities are essential to moving conversations forward and to role-modelling what can be done.

Read more: Aviva unveils which employee benefits attract and retain talent

“This is also critical to inspiring a younger generation,” he said. “And I think part of the challenge that I see, particularly with women in technology, is that it can start at such an early age – that you get this imbalance between… boys and girls and what they’re focused on. This is why we support that Code First Girls piece because it really needs to start at an earlier age – enabling people of whatever gender to see the whole range of opportunities available and not just assume that the boys are the ones who can go and learn computer science.”

The companies that embrace the full spectrum of talent will quickly find what a win-win situation that represents – with role-modelling what’s possible being reflected in a diverse and fulfilled talent pipeline. Looking across Aviva, Luckett highlighted how senior leaders such as Amanda Blanc [group CEO], Charlotte Jones [CFO] and Andrea Montague [CRO] are leading that conversation, and doing incredible jobs in championing and representing the range of opportunities in insurance.

Aviva will serve as a strategic partner to the fund, he said, which goes far beyond just a financial contribution. Getting the investment signed, sealed and announced is just the beginning, and the team at Aviva is looking forward to working with Anthemis on the ground to support its portfolio companies where it can add value. The fund is looking to make more investments in the UK, which Aviva will be on hand to support.

“[In addition], we will work with them to understand the pipeline of technologies and propositions that are coming through so we can think about how to reflect them in how we’re thinking about serving customers,” he said. “And we will potentially look at some of these companies for direct investment as well.”

For Aviva, effective investment is not about a once-and-done approach but rather active and strategic partnerships, he said, and with that in mind the insurer will continue to arrange events and networking activities to bring these portfolio companies together. Across Aviva, Luckett noted that there are so many people who would love to increase their exposure to such opportunities and vice versa – and he relishes the opportunity to bring those entrepreneurially minded people together to build that community.

“To date, it’s really been my team and the Anthemis team working together to get the deal done, but now it’s done, we can open that up to our colleagues and they can see this work firsthand which I think is really exciting,” he said. “Working and partnering with [these entrapreneurs] is just a great part of my job. And I’m regularly humbled and inspired by the entrepreneurs we work with because they’re so fantastic, driven and passionate – and that’s great to see.”

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Speaking during the online Dive In panel session, Beale likened tactics used by some groups on social media to “guerrilla warfare”.

She also disclosed that she felt pressure from multiple sides, including “top down”, particularly when looking to tackle culture in the market while in post.

“I had abuse from all sorts of people, but actually also top down a little bit,” Beale said. “I had them saying ‘you shouldn’t be talking about that so much’.

“They sort of did it politely, but I felt pressure from everywhere to sort of want to put me back in my little box and fortunately there was enough movement and support that enabled me to move forward.”

Beale, who is bisexual, was out during her time in the Lloyd’s market – she served as CEO from 2014 to 2018 – and has previously disclosed abuse and harassment that was directed at her while in post.

Read more: Inga Beale on resilience, her legacy, and harassment in the industry

In the Dive In session, she described being sent anonymous letters – “some handwritten, typed, once a person cut the letters out of a magazine, they said I should kill myself, I didn’t deserve the job, very terrible things” – as well as receiving comments on social media.

“I deleted Twitter,” Beale said. “I wanted to be out there, because the younger generation said to be a part of everything you need to be online.”

The former Lloyd’s boss acknowledged that she was in a “privileged” position, with a communications team able to “keep track of things and make it not visible to me”.

This did not, however, “stop people from being abusive,” Beale said.

Abuse was not limited to platforms like Facebook or Twitter, Beale said, recalling a response to one of her LinkedIn posts in which a professional had responded “vomit, vomit, vomit”. During her tenure at Lloyd’s, multiple fake LinkedIn accounts were set up in her name, Beale said

As for how she dealt with the abuse she received, Beale said it was a case of keeping “work and personal life very separate”.

“I wasn’t quite prepared for it, because before I took the role I wasn’t on social media and I didn’t have [such] a high-profile role,” Beale said.

“[Had I stepped into the role today] I would be so much better prepared, had my armour on, if you will – [at the time] I felt like Arnold Schwarzenegger, feeling like I had to keep going, no matter what comes at you, just keep going.”

Looking forward, the former Lloyd’s CEO, who serves as a director and non-executive director for businesses including WTW, Clyde & Co and Crawford & Company, said she had hopes that the Online Safety Bill will make it harder for anonymous perpetrators of abuse.

“Hopefully, that new bill, when it comes out, will also give extra powers about preventing online abuse or taking action against abusers, because at the moment, there seems to be a lot around ‘well, it’s not illegal to say something so you can’t take any action against them’,” Beale commented.

Read more: Online Safety Bill – what changes could mean for insurers

Beale was joined on the panel by moderator Eva Echo, a trans woman, Gender Intelligence spokesperson and Birmingham Pride head of communications and engagement, and Max Slack, a trans man, content producer and self-styled influencer.

Both shared their experiences of online hate and abuse – and the difficulties they had faced in getting content taken down or users sanctioned.

“When I first came out as trans, I experienced a lot of unwanted attention from men, and they’d be sliding into my DMs and leaving really inappropriate comments,” Echo said. “And it wasn’t until I started following more like trans men or gender non-conforming people that I realised that it’s not just trans women; it affects all of our community.”

Social media platforms were typically unhelpful, according to Echo.

“When it comes to platforms, I’ve reported comments, I’ve reported death threats of all sorts,” she said. “And sometimes I do wonder, why do I even bother? Because nothing really happens. And if anything, they turn it around on you.”

For Slack, who said he no longer uses Twitter due to the lack of “nuance” offered by its 140-character post limit and users who “just want to be angry”, Instagram has become more of a “safe space” with algorithms directed at finding users with similar interests. However, he pointed out that in some ways this could create an “echo chamber”.

Slack also disclosed that receiving abuse on video platform TikTok that had led to him turning down paid jobs.

“If you work in marketing at all, you will see people saying TikTok is the new Instagram, TikTok is the new Google – TikTok, TikTok, TikTok, all your money should be here,” Slack said. “And I’m looking at it as a trans creator, who, every time one of my videos goes viral, or gets more than a couple of thousand views, I get a torrent of hate.”

To tackle online abuse, panellists suggested better education was needed, as well as legal reform and action by social media platforms.

Businesses and the corporate world could also have a role to play, according to Slack.

“The only way that they [platforms] are going to start taking that seriously is if they start getting pressure from people, but also companies and groups of people like this, who are saying: actually, this isn’t acceptable, and we don’t feel comfortable using a platform that allows people to experience this kind of abuse,” Slack said.

As for what those receiving abuse can do to try to mitigate the impact on themselves, Slack said: “It’s OK to take a break.”

“The other thing I would remind people is that if there is ever a brand, or a company involved, raise it to them, because people have a lot more respect, particularly when it can come into their role,” Slack said. “If you’re in a work environment, for example, do raise it to HR, raise it to the people team, or raise it to someone who you know is an ally in the environment that you’re in, because people will help you.”

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In a Press release, the insurer noted that the sale follows its decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business. The transaction will see Ascot offering renewal terms on the portfolios, while existing back book policies will remain with QBE.

Commenting on the deal, Cécile Fresneau, managing director, insurance, said the group is “very pleased” with this outcome, having spent several months investigating the most suitable home for the business. Together with Ascot, she said, QBE is committed to working closely with its broking partners on the renewal of the portfolios in order to minimise disruption for existing customers.

Andrew Brooks, CEO of Ascot Group, also commented on the deal and said: “We’re pleased to assume the renewal rights for this business from QBE. We believe this provides the best possible outcome for clients and brokers who will benefit from a consistent and smooth transition to Ascot. We welcome these new insureds to Ascot, and look forward to providing them with the high-quality underwriting and service for which Ascot is known.”

QBE highlighted that it will continue to manage and provide ongoing services across all policies until Ascot offers renewal terms.

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Read more: EDII CEO reflects on one-year anniversary

The showcase saw a real range of ideas presented – from a chat about translating insurance acronyms, to an ESG newsletter assembling news and updates from the wider market. But despite the variety of ideas on display, each was connected by a clear thread – that innovation is a team sport and that it doesn’t happen in a vacuum. It’s a key message that EDII is looking to deliver, Bedford said, as the firm looks to develop and nurture the ‘insurance intrapreneur’ of the future.

Discussing the role of the intrapreneur, Paul Willoughby, a coaching director with EDII, highlighted that an intrapreneur is usually an employee working within a company on an innovation concept, whether it’s their own idea or something they’ve been asked to deliver.

“The idea really is to make the company better by increasing the organisation’s effectiveness or its competitiveness within the industry, but [it’s] generally motivated by a bit of freedom to innovate,” he said. “Intrapreneurs don’t really like to be locked down into sort of specialist roles. But being a specialist can help them because if it’s a subject matter that’s close to your heart, and you’re an expert, you can drive it forward.

“On the other hand, being a generalist in this position is normally a pretty good position to be in. [As an intrapreneur] you need to secure collaboration and buy-in internally. And you generally have to pitch your life away… You’re always pitching ideas, trying to get buy-in, and trying to get the energy levels up so you can shift the dial and move them forward.”

Read more: EDII names new non-executive director

Intrapreneurs thrive today, Willoughby said, but they’re only going to become more critical going forward because the leaders today have so much on their shoulders. As a market, insurance is facing its relevance being challenged – which means it needs to invest wherever it adds value. There are huge capital distribution pressures, with new entrants to the market all the time while the industry is also facing a significant talent crunch.

The responsibility for how a business is run tends to fall to the executive board, he said, but with so many new considerations impacting how a business, and indeed the wider market, is faring, do the c-suite have the capacity and skills to consider all these new factors as well? And is it solely their responsibility?

“Well, it’s not,” he said. “It’s you. Everybody within an organisation has a passion, everybody has an interest, everybody can take an idea, and they can move it forward. And actually, this is what the execs are looking for. They’re looking for you to do that. If they’re not, in my mind, they shouldn’t be the execs. They need to give you the space, to be able to organise your thoughts, to build up and test the desirability of your idea, and test your viability.”

No good executive will throw findings back in the face of an intrapreneur who has done their research, he said. For those looking to develop their intrapreneurial spirit, Willoughby highlighted that key characteristics define an intrapreneur – including curiosity, passion, motivation and resilience.

To be an intrapreneur, there are several critical questions you must ask and answer for yourself, he said, and the first is how far you are willing to push your ideas. And you can’t just be the person who’s always off doing the next shiny, new idea. There has to be real structure to your ideas and how you drive them forward. The ideas need to fit with your company and its defined business strategy.

“So, the second question. Can you do it alone?… I don’t think you can take one idea from start to finish alone,” he said. “Even entrepreneurs don’t do that – they use friends, family and knowledgeable communities. [And ask] ‘will it impact my day job, have I got the time to do it? What am I not going to be doing while I’m concentrating on this new idea?’”

Unless you’re fortunate enough to have your role as an intrapreneur become your day job, he said, for most people, this will have to at least start as a ‘side of the desk’ activity. Another thing for intrapreneurs to consider is how to request funding for an idea, particularly when a budget has already been approved elsewhere. Think about what the CFO will consider, what information will help them make the decision and what justification you can bring for a budget change.

“Show empathy to the people that you’re going to need to take with you on the journey,” he said. “And bring others on the journey. If you’ve got that skill set within your organisation, approach people – beg, borrow or steal their time… It helps shift the dial because you won’t have all the expertise you need to be able to move an idea from start to finish.

“[…] Above all else, make sure you’re enjoying it. It will get tough. People will shoot down your ideas, people will try to disrupt you. That’s jealousy in my mind, and it happens all the time. But if you have a good foundation and a good team behind you, then you’re on the journey so make sure you enjoy it.” 

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This disparity between new and existing customers was particularly acute for older consumers who were less likely to have the IT skills to shop around for insurance regularly and with confidence.

In 2018, two insurance trade associations, representing insurance companies and brokers, published a code designed to address these issues.

Despite these measures, the UK’s insurance conduct regulator, the Financial Conduct Authority, intervened in 2020.

The City watchdog announced its intention to introduce a new requirement for insurers to ‘require firms to offer a renewal price that is no higher than the equivalent new business price for that customer through the same sales channel’ in the retail home and motor insurance market at the same level as the rates for new customers.

These rules came into force at the beginning of 2022 but as headlines in national newspapers show – consumers are less than convinced that the profession is no longer penalising those who fail to shop around.

The Chartered Insurance Institute’s Public Trust Index started collecting data on consumers’ views on renewal pricing in 2018.

The results over the different waves of surveys for the index demonstrated consistent concern over renewal pricing, relative to other key factors.

For retail consumers, it is clear the 2018 code agreed by the insurance bodies had little impact on the reputation of insurers over the two years.

It is also clear that the introduction of the FCA’s new rules has not had a huge impact either.

Since the introduction of the FCA’s rules, the opportunity scores for loyalty have not improved.

There could be three reasons for this.

Firstly, the FCA rules have not had time to bed in.

Secondly, claims inflation is putting upward pressure on prices, increasing premiums for both new and existing customers, leaving existing customers with an impression that nothing has changed.

The third reason the FCA rules have failed to turn around the public’s perception of whether the profession can be trusted is because the regulator’s requirements simply do not go far enough to address consumers’ expectations of rewards for loyalty, rather than simply an absence of penalties.

Throughout the last four years, responses to the CII’s Public Trust Index have shown that existing customers not only want fair treatment in relation to new customers, but they also want better treatment than new customers, as reward for their loyalty.

For example, in the last wave of the survey the statements that had the two biggest gaps between expectation and reality were: ‘My premium doesn’t increase because I’m not a new customer anymore’ and ‘I got a discount for staying with the same company.’

As Alan Vallance, the Chartered Insurance Institute’s new chief executive, pointed out at our recent Shaping the future of insurance conference, insurance professionals should see the price walking rules and the FCA’s Consumer Duty as an opportunity for them “to take greater control of our destiny.”

With the new Consumer Duty, the FCA has said it wants to measure outcomes rather than inputs.

This means that professionals who can demonstrate the value they are providing for consumers could win the freedom to do what works rather than being micro-managed by prescriptive regulation.

I think there is a real opportunity here for us to take greater control of our destiny, prove the value of the profession for the consumers and corporates it serves, or be passive and wait for the regulator to act.

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