Vulnerable customers
FCA finds ineffective monitoring of outcomes for vulnerable customers
The Financial Conduct Authority has reported ineffective outcomes-monitoring for vulnerable customers by financial services firms, with some businesses lacking clarity on what good looks like, and failing to have clear measurements.
Rating factors ‘fundamentally discriminatory’, according to Stella’s Sam White
Experts at the Association of British Insurers’ annual conference have urged that everyone working together is what will improve the poverty gap.
Aviva and IFB join forces to help combat paid-ad spoofing scams
Consumers are being urged to be extra cautious when searching for their insurer or broker online.
Blog: Why is claims in such a mess?
Claims service is not in a good place at the moment and it is brokers who are having to pick up the slack. That is the view of Movo Partnership head of claims Liz Tytler, who suggests the right people, process and technology would go a long way to…
Broker Expo 2023: Brokers need not fear getting ‘rinsed’ exploring AI adoption
Brokers need not go for a ‘big bang’ transformation programme when it comes to introducing artificial intelligence into their business; but gain confidence incrementally by experimenting and trying things.
FCA cracking down on home and motor insurers
The Financial Conduct Authority has warned insurers about the support provided to struggling customers.
The FCA: 10 years on has it been a success, failure – or somewhere in between?
On 1 April 2013 insurance brokers faced a new regulatory dawn as the baton passed from the Financial Services Authority to the Financial Conduct Authority. Insurance Age canvassed opinion throughout the market to find out views on how the first decade…
People on low incomes are giving up insurance due to ‘poverty premium’
More than half of people in poverty are finding it difficult to pay for their insurance, leading some to give up insurance as they prioritise food and energy bills, according to research by Social Market Foundation.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
Sicsic Advisory urges treatment of vulnerable customers should be top priority
Associate director at Sicsic Advisory, Sue Mallender, has stressed that the treatment of vulnerable customers is seen by the Financial Conduct Authority as an integral part of how businesses should operate.
Cost-of-living crisis to place additional regulatory focus on market
DAC Beachcroft has published its predictions for 2023, which touches on the impending implementation of the Consumer Duty and what the Financial Conduct Authority will expect of the insurance industry during the cost-of-living crisis.
Insurance Cares: Broker helps launch home contents cover aimed at closing premium poverty gap
ECH Facilities has launched a home insurance policy in partnership with the Salvation Army to help people with lower incomes to protect their contents.
Broker Week 2022: A fine balancing act
Faced with customers expecting easy, seamless digital access, but amid rising levels of cybercrime, brokers need to balance security with convenience. Valerie Hart looks at what brokers can do to ensure trust remains at the heart of their proposition.
GI firms need to step back and consider what to do differently under Consumer Duty, says FCA
The insurance sector is well placed ahead of the implementation of new Consumer Duty rules but “there will be changes needed”, according to Daniel Hurl, head of market analysis and policy, insurance, at the Financial Conduct Authority.
FCA data shows 19% of BI insurance claimants still waiting for full payment
Figures from the Financial Conduct Authority have confirmed that 34,506 business interruption insurance claimants have received their full payment out of 42,586 accepted by insurers.
FCA mixes praise for insurers on BI claims handling with concerns and lessons to be learned
The Financial Conduct Authority has welcomed insurers quickly making interim payments, reallocating resources swiftly and proactively communicating with policyholders in its review of business interruption claims handling.
FCA warns insurers to support customers’ wellbeing during cost of living crisis
The Financial Conduct Authority has expressed concerns, in a new 'Dear CEO' letter, that customers may cut-back on the insurance they need as pressure mounts on household budgets.
BGL Insurance prioritises talent and digital following Markerstudy deal
Managing director of distribution at BGL Insurance, Laura Mullaney highlights the brokers’ main focuses after its takeover by Markerstudy.
Analysis: The challenge to build back better – as trust in insurance drops
Consumer trust in insurance has fallen over the past 12 months, but experts can see a route to a brighter future. Emmanuel Kenning reports.
Insurance sector welcomes changes to Online Safety Bill
The Department for Culture, Media & Sport announced yesterday that the Bill has been adapted to include paid-for scam adverts on platforms like Facebook, Twitter and Instagram.
Zurich pledges match funding scheme ahead of Insurance Day of Giving
Insurance Cares: Zurich Community Trust is set to match funding donations during this year's Insurance Day of Giving, which takes place on 4 November.