Steve McGuinness

There's never been a better time for vanguard insurers serious about customer satisfaction and retention to really differentiate and fly What's your experience - has the customer experience left you wanting? 👇 Whilst this article relates to UK Personal Lines products, on reflection we still see significant unmet customer needs in #cyber. Some clients tell me they can't get the [cyber] balance sheet protection they need in spite of a softening market so they walk away The recent hard market was needed to get back to profitability; is it now time to push the innovation button including Cyber Underwriting 2.0 with Axio as your assessment and quantification partner? www.axio.com #insurance #personallines #motorinsurance #homeinsurance #travelinsurance

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Last week, the Association of British Insurers released data showing that the average motor insurance premium has fallen for the second consecutive quarter. Whilst this is undoubtably good news for consumers, we know that many continue to struggle due to the cost-of-living crisis and the relatively high cost of insurance premiums - despite the quarterly drop, the average cost of motor insurance is still £50 higher than the same period in 2023. We continue to encourage members of the public to explore legal ways to reduce their premiums: ➡️ Renewing early ➡️ Shop around ➡️ Consider a policy with a black box ➡️ Combine policies (multi-car and/or home insurance) ➡️ Make sure you're on the electoral register Read more: https://ow.ly/474E50U6XY3

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Ever wonder what it's like to work in Delegated Insurance? Our very own Katie Balme, Head of Partnerships for Customer and Strategy, has the answer! In the latest Diary of an Insurer from Insurance Post, Katie offers a unique glimpse into her role, detailing the daily opportunities, challenges and rewards. 📈   From navigating complex risk assessments to fostering deeper client relationships, Katie's experiences highlight the dedication and expertise our team brings to the table. Read the full article here: https://lnkd.in/eXehZb9g #Insurance #InsuranceIndustry #DelegatedInsurance

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‘No let up in crack down on insurance cheats as industry detects £1 billion worth of fraudulent claims’ as reported by the Association of British Insurers Public sector bodies and Registered Social Housing providers are not immune to exaggerated and spurious claims. I have always felt that an insurers fraud detection capability is critical in helping Risk Managers protect future insurance costs. The article shared by the Insurance Fraud Bureau (IFB) provides some useful information and case examples that will prove valuable reading for those looking to act as the ‘first line of defence’ and work in tandem with their broker and insurer to tackle this type of insurance cost leakage. Miller Insurance Services LLP #socialhousing #fraud #insurance

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I've always said that the ICX innovation class of business was one of the best things Lloyd's has done in recent history, and now they've gone and made it even better by increasing the budget from 2% to 5% on top of syndicate business plans. To those that don't know, the ICX class of business at Lloyd's is a big deal because it encourages the development of innovative insurance products through the provision of certain capital, reporting & permission benefits. Great news, driven by Rachel Turk - CUO at Lloyd's. Furthermore Lloyd's is establishing a TCX 'transition' class of business that will provide all syndicates with additional budget to pursue insurance innovation relating to the climate transition problem specifically, with incentives to be announced. For CFC, having launched into carbon insurance just a few months ago and already leading the market conversation in many areas, this is brilliant news on both fronts as we will use both classes. We need more infrastructure support to make Lloyd's and London the epicentre of the insurance industry's climate relevance and this kind of thing from Lloyd's is great evidence for how fast insurance can move if the right people are involved. If you want to know more about CFC's carbon offering please follow the link.

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⏰ The FCA is urging insurers to step up and ensure they deliver fair value and good outcomes for customers! While some progress has been made, many insurers and brokers are still falling short when it comes to proving they offer “fair value” to their customers. Matt Brewis, FCA's Director of Insurance, emphasised: "We’ll continue to take action where we see poor value so consumers can have confidence when buying insurance products." ⚠ A warning from the FCA – if insurers cannot show their products meet FCA rules, there will be regulatory action! Read the full breaking news here: https://lnkd.in/gTX85e-a #Insurance #FCA #FairValue #CustomerOutcomes #Regulation #ConsumerProtection

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At AllClear - Voted UK's No.1 for Customer Care and InsureandGo UK we love using #AI to support our teams doing more with less! It's a great journey learning how to leverage new tools and new ways of thinking. We only have a small team, compared to some of the large insurers, but we are able to do so much using the latest technology. There are exciting times ahead... AI isn’t about replacing individuals in organisations, it’s about generating more productivity and allowing people to focus on more productive things. Well covered Clare Ruel and the Insurance Times.  

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I enjoyed talking to Clare Ruel about the implications of AI on claims. Historically insurance has lagged behind other sectors but with the insurtech we now have available we are in a prime position to change this perception and attract the best talent into the sector. We need to evolve with the customer and having people in your business who can relate to them is absolutely key to this. #insurancecareers #claimsmanagement #claimsconsortiumgroup #synergycloud #ai #talentaquisition

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Exciting to see captives back on the government agenda as discussions about the need for regulatory reform in the UK gain momentum. Various sources suggest that implementing a greater level of proportionality in captive regulation could unlock significant growth opportunities across the economy, industry, and talent landscape. Looking forward to seeing how this unfolds! #Captives #LMG #MarshMcLennan #Insurance #RiskManagement

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Episode 5 of 'Client Speaks: The Exdion Partnership Journey' is now live! Karen Simmons, Corporate Operations Manager, shares the remarkable success story of how Exdion far exceeded the expectations of James G Parker Insurance Associates in setting new standards for excellence. #PolicyCheck #ClientExperience #Automation #InsurTech #ExdionInsurance #PartnershipStories #ExdionPartnership

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Five key elements of fair value assessments: 👇 - Benchmarking is a good first step, but not the only step; firms can refer to the FCA published insurance value measures - Solid data and credible evidence - Clear consideration of customer cohorts based on the target markets - Clear examination of the total price paid relative to the benefits that customers are expected to receive over their lifetime - Considerations of customer understanding, support and the options a customer is given within the overall considerations of value More information and guidance below in this useful article from Alastair H. for UKGI Compliance. https://lnkd.in/eWCkSuyR #insurance #compliance #ukgiinsight

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Symon Weedon Cert CII looks at some of the factors behind rising car insurance premiums with InsurTech Digital #Insurance #CarInsurance #InsurancePremium #TowergateInsurance

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Very interesting article - and I for one completely agree that sentiment around brands has significantly shifted. For many of those in the insurance market, I suspect that traditional loyalty to historical insurance brands was often based more on an individual's personal history rather than actual reality - often relating to the home of their first insurance job, where they formed lifelong friendships and were invested in during the early years of their training. These loyalities could create strong emotions. I certainly remember a lot of people getting hot under the collar when consolidation in the insurance sector gathered pace in the run up to the turn of the century. And when it came to the creation of RSA, apart from those lamenting the loss of both Sun Alliance and The Royal, there was even a big hoohah over the dropping of the & in R&SA... And let's not mention CGNU - whatever happened to them.... The reality today is that brand names can change, and often do, and will, and that is fine; as it is culture, focus and trust that need to sit firmly at the heart of any business that wants to succeed in the future. Brands can change, shift, evolve - in fact that is probably a healthy thing - they do not have to stay intact so to speak, but they must always deliver on what they promise and live by what they stand for.

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The ban on the loyalty penalty in the UK motor and home insurance markets, while well-intentioned, may have led to unintended consequences. According to Fairer Finance, insurers may now be resorting to brand stacking, offering multiple sub-brands with varying levels of cover. This can make it difficult for consumers to compare policies and understand exactly what they're getting. Key points: Brand stacking has increased complexity in the market. Consumers may be unaware of missing features in 'essentials' products. Some Australian insurers have multi-brand strategies. I haven’t heard of this “brand and policy stacking” as an approach. Rather the approach seems to be more around pricing rather than coverage. That said, I haven’t reviewed a bunch of PDSs. Thoughts? Annabelle Butler - GAICD Paul Sofronoff LL.B, LL.M, MBA, MAICD Aidan Pallister Anthony Justice Bernadette Hateley Fiona Phillips GAICD Jim Williscroft Rohan Morrison #insurance #loyaltypenalty #brandstacking #consumerprotection #FCA

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Big news in the UK car insurance market: Aviva's offer to acquire Direct Line Group (DLG) has been accepted. This merger unites the second and third largest players, creating an entity nearly twice the size of its nearest rival. The result? Almost a quarter of all UK car insurance policies will now be underwritten by a single provider. This development raises important questions about competition in the market. In the FCA’s final report on Pricing Practices - that introduced the General Insurance Pricing Practices (GIPP) reforms - “competition” was mentioned 55 times, underscoring its vital role in delivering better outcomes for consumers. Yet here we are, three years on, and instead of fostering more customer choice, the market seems to be moving in the opposite direction. What does this mean for the future of car insurance in the UK? Will fewer, larger players ultimately benefit consumers - or does this signal a worrying trend for competition and pricing? I’d love to hear your thoughts.

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🎥 Andy Talbot, Director of Marketing, Broker and Schemes, talks about ARAG's approach to setting up specialist commercial and personal schemes for brokers, insurers and MGAs, to cater to clients' needs in a specific market niche. See ARAG's latest video here: https://lnkd.in/eGeE2Axi #ARAG #Insurance #SpecialistSchemes #Brokers #MGAs #CommercialInsurance #PersonalInsurance 

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UKGI Compliance MD, Nikki Bennett, is taking part in Cover Magazine's Claims and Underwriting Forum tomorrow as part of an expert panel discussion on Consumer Duty. The session, Consumer Duty in action: Adapting with purpose, will: 👉 Investigate how the implementation of the Consumer Duty has shifted industry practices regarding mental health underwriting. 👉 Highlight changes in exclusion policies and how this has impacted the market. 👉 Share collaborative examples of best practice in meeting Consumer Duty requirements. Event and registration details are here: https://lnkd.in/gYPTiKxB #insurance #compliance #ukgiinsight

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📣Attention insurers! It's not too late to enter the General Insurer of the Decade category at the British Insurance Awards. To celebrate our 30th anniversary, we plan to reward the general insurer that has made the biggest mark on the sector over the last 10 years [2015 – 2024]. Thank you to Sedgwick for sponsoring this category. The winner will be judged in terms of success in the following areas: 🌟Financial goals achieved versus objectives and business plan. 🌟Transformational moves [technology, M&A, investment, hire, diversification etc…] to further the standing of the business. 🌟Supporting and delighting customers whether individual policyholders, commercial clients or by extension brokers. 🌟Raising the bar in terms of being both a good employer and an industry standard-bearer for DEI and ESG. 🌟Any other notable achievements that you think should be highlighted to support your case for being The General Insurer of the Decade. Enter here: https://hubs.li/Q02tzF6v0 Entries close at 5pm on Friday 17 May. #BIA24

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