Ben Farmer

The surge in complaints about motor insurance products, reaching over 280,000 unhappy customers in the second half of 2023 according to FCA data analysed by Insurance DataLab, highlights the heightened focus on customer outcomes under the Consumer Duty rules. This marks a significant increase from under 240,000 complaints during the same period in 2022, making motor insurance the most complained-about business line in UK general insurance over the past five years, with over 2.5 million complaints. Insurers have paid out nearly £580 million in redress for motor complaints during this time, indicating potential regulatory action from the FCA. Insurance DataLab co-founder Matt Scott emphasised the necessity for insurers to measure, analyse, and benchmark their performance against metrics outlined in the Consumer Duty rules to avoid a reputational crisis in the industry. We've got you covered, learn more: https://lnkd.in/dF-wUUn3 #MotorInsurance #IndustryNews

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Making insurance claims can be complex, but with an LV= policy, your clients can safely rely on our dedicated support throughout the whole process. Find out more about our claims service https://lnkd.in/eD3EtbNU #generalinsurance

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Need claims guidance? Head over to our Claims Information page for everything you need to know. https://bit.ly/4dBLlEu #hoa #claims #hoalife

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Talking to my daughter about different job roles in insurance. Then stopped to think how I usually describe my job when random people ask what I do. You say loss adjuster, most don’t know what an adjuster is unless they have had an insurance claim. So then I’d usually say ( depending who it is and how interested they are ! ) something along the lines of, ‘’if someone had a fire in their house I’d come round, look at the damage and decide if and how much insurers can pay to fix it.’’ But there’s so much more to the role that actually describes the best bits…… The anticipation of not knowing who will answer that door when you arrive and what you will find / see. The stories you will hear about people’s lives whilst they talk to you about what has happened. Visiting so many beautiful houses, some bigger than you’d ever be able to afford to buy. Getting out and about and not just sitting at a desk all day. When I was 19, how cool to have a company car ! Opportunities to work abroad. Every day is different, you can have your planned ‘to do’ list and then have to drop everything to help someone , so becoming skilled at ‘spinning plates’ 🤣 Working alongside a team of people who are passionate about their job too. But the overiding best bit, I love to help people. I love the challenge of seeing someone who may appear quite nervous and anxious, when the sometimes assumed ‘scary’ loss adjuster arrives, or maybe cross and angry, or upset and emotional, slowly relax and be at ease by the time you have left. I like then working with them and all the various stakeholders, with the challenges along the way, to get their lives back to where they were before. So maybe I’ll change the description next time I get asked …. What are the best parts of your job ? #lossadjuster #hnwi #insuranceclaims #customerservice

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Are you an Insurance business in need of some help in navigating the regulatory landscape? Then this article is for you. In the words of Fraser, don't just comply but thrive under the new regulations. ✨🚀

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Our Head of Motor Underwriting, Rob Clark, joined the panel at this week's Association of British Insurers Motor Conference in London, discussing 'The Road Ahead...' Focussing on the sector's complex challenges, from affordability and accessibility to rising costs and regulation, the panel of industry experts shared their views and insights on the factors impacting the risk profile of the motor insurance market. Rob said, "It was fantastic to be part of an ABI motor panel discussing how the market can come together to address structural cost challenges in the market and offer more value to our customers. There are so many opportunities for the market to work together to drive better outcomes for UK motorists." #ABIMotor24 #FixInsuranceForGood #Insurance #MotorInsurance #AssociationOfBritishInsurers

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Did you know that the FCA's Financial Lives Survey 2022 found that of the consumers they surveyed who had used a CMC in the past 3 years, 66% said that they would not have been confident enough to pursue a complaint without the support of a CMC? #claimsmanagementassociation #claimsmanagement #consumerjustice #accesstojustice #financiallivessurvey #consumersupport #complaints #claims

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Today the Association of British Insurers (ABI) released its detected fraud figures for 2023. As the ABI (rightly) highlight on their website, 'this information provides an indication of the level of detected fraud impacting on the insurance industry as a whole. Individual insurers have their own mechanisms for understanding their own exposure to fraud and taking steps to mitigate the related risks'. 👉 £1.1 billion was the value of detected fraudulent claims in 2023. 👉 This figure has remained flat over recent years. 👉 Whether it is £1.1 billion or more, it remains an expensive industry issue. 👉 The frequency and value of undetected fraud is obviously an unknown. 👉 Motor insurance fraud accounted for 54% of the figures. 👉 Good to see inclusion of 583,000 detected instances of application fraud. It would be helpful to include the below in the annual industry reporting, as it would further support the industry messaging and promote the value of holistic counter fraud strategies: ✅The estimated financial value of the detected application fraud; and ✅The lines of business. ✅ Reference to organised fraud by frequency and value. ✅ Supply chain fraud. ✅ Successful prosecutions by number, incident types and outcomes. Motor insurance fraud again features in the highest detection figures. Does this represent a line of business most exposed to fraud, and or where the greatest investment has been made in fraud mitigation? 🚦With the level of investment in technology - including the availability of AI and now extended to include GenAI, data enrichment and cross-industry controlled data sharing, logically successful fraud detection should be on an upward trajectory. Therefore, when there is reference to an increase in fraud detection, it's not always clear whether the industry is getting better at detection, or the frequency of fraud is growing. Perhaps a combination of both. It would be difficult in the current financial climate and with the long-tail impact of the pandemic, to see the fraud risk reducing. Certainly, counter-Fraud Strategy maturity significantly varies across the industry and there is no shortage of opportunities to raise the bar and challenge the status quo. We have been in an on-demand online world for some time now, which suits fraudsters. If counter-fraud strategies are not fully aligned to this, it will prove very costly.

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First Notification of Loss (FNOL) - a crucial moment in any claim process. Something has already gone wrong and this process can either reassure and support or it could be the first step to an eventual complaint... We are really looking forward to this session at I Love Claims #claimstech24 tomorrow. The home session will be hosted by Alan Soutar and Tom Burroughs, Tori Hutchinson and Connie Beasley will be discussing the role of technology in facilitating this part of the overall claims journey. #claims #FNOL #claimsprocess #claimstech #claimsmanagement #customerservice #insurance #insurtech #claimsjourney

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Further to my ‘Increasing Claim Delays’ writing https://lnkd.in/d64i2D7x  The constabulary has written concerning delays: ‘We acknowledge that [redacted] police are not offering a level of service at this time due to reduced staffing levels. The Office of Police & Fire Crime Commissioner is aware of the current position. On behalf of [redacted] police I take this opportunity to apologise for the level of service you received during your contact with the police.  I believe the level of service you received from [redacted] police was not acceptable. ‘ The response sheds no light on what the constabulary is doing, or intends to do, to address the matter. The level of service ‘at this time’ (08/2024) remark appears somewhat patronizing; the issue commenced 07/2023 – over a year and no change? Many must be affected with one advising me they received a letter this month advising: ‘Unfortunately, the situation with regard to such disclosures has not changed; we are still not in a position to process any new Civil Proceedings RTC requests. We anticipate that this will change in the future but due to staffing shortages we simply do not have capacity at the present time’ So, there you have it … it is ‘anticipated’ (hoped, expected?) that there will be change ‘in the future’. Clearly, the change has not occurred (past) and appears not to be occurring (currently) … but how long is this future ‘piece of string’? So far, over a year! 

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In the May edition of HFW's Insurance Bulletin, we outline key updates from across the industry. This edition includes: The FCA has recently published its finalised non-handbook guidance on its anti-greenwashing rule which comes into force today, 31 May 2024. Ali Mynott discusses the guidance and its implications for the insurance sector. On 22 February, the FCA published an update on its approach to artificial intelligence, and the PRA published a letter on the same topic. These were in response to the Government’s pro-innovation strategy on AI. Kate Ayres sets out the details of these developments. Will Reddie explores the implementation of the Consumer Duty, which is fast approaching for closed products and services. Barry Vitou summarises the FCA's recent proposals to publish details, including the firm name, when it opens an investigation, which have met with a huge amount of commentary, much of it highly critical; including from politicians. Nigel Wick discusses Project Angel Bidco v Axis, a case that centred around a warranty & indemnity (W&I) policy and considers policy interpretation. The Court of Appeal has recently handed down judgment in Bellini v Brit, in which it held the policy did not provide cover in the absence of damage. Jacqueline Lewinton discusses this case, which joins the growing collection of decisions interpreting business interruption cover in the context of the COVID-19 pandemic. Read the full bulletin here: https://lnkd.in/eRvDUihH For more information on our global Insurance & Reinsurance capabilities, speak to Editor Will Reddie or Co-editor Kate Ayres, or visit: https://lnkd.in/e7dW2tR2 #Insurance #Reinsurance #WarrantyAndIndemnity #ArtificialIntelligence #Greenwashing #ConsumerDuty

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See how Aviva goes beyond paying claims to provide health and wellbeing support for employees. Our Claims and Wellbeing Insight Report has the numbers – and more 👉 https://lnkd.in/dnmv4b4u #GroupProtection

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Why Should You Use Agile Claim? - Smart Appraisal : With our in app damage assessment, repair authorisation's are sped up and streamlined. - Fraud Prevention : Have piece of mind when knowing your proof of claim is secure and validated. - Claims Mitigation : Capturing the data as early as possible allows quicker liability decisions and reduces losses on claims. Why not book a call with us to see how we can streamline your claims process! #agileclaim #insuranceclaim #inappclaim

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📑 When Should You Hire a Loss Assessor? Navigating insurance claims can feel overwhelming. Engaging a Loss Assessor can make all the difference, ensuring you maximise your claim and reduce the stress of the process. Here’s when to consider hiring one: ✅ Complex Claims: Substantial losses that require expert handling. ✅ Disputed Settlements: When the insurer’s offer doesn’t feel sufficient. ✅ Large-Scale Claims: For businesses or high-value assets. 🔍 Why Act Early? Hiring a loss assessor at the start of the claims process increases your chances of success, ensures you get the fairest outcome, and relieves the burden of navigating the complexities alone. 👉 Discover how Harris Balcombe can help: https://lnkd.in/ecCcNghg Make the right choice for your insurance claim today! #LossAssessor #InsuranceClaims #MaximiseYourClaim #HarrisBalcombe

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