NEWS & INSIGHTS
Open Minds, Open Ears: The FCA, Common Sense And Consumer Duty
Exactly one year ago, I wrote my first article on this 'blog. In it, I explained why I had joined this firm. I'm pleased to say that the decision has been completely justified by my experience of the intervening 12 months at a brokerage rightly regarded as one of the most dynamic and capable around. My arrival at Broadway, though, coincided with one of the significant shake-ups in the insurance industry's obligations to its customers in recent decades. New rules in relation to Consumer Duty took effect a year after they were introduced by the Financial Conduct Authority (FCA). They
Evolving Business Priorities: Putting A Premium On Risk Advice
Running a business can at times feel like trying to complete an obstacle course. There is simply no shortage of internal and external challenges with which company directors have to contend. Like business itself, the nature of risk develops over the years. Not too long ago, most threats seemed to be financial, operational, reputational or regulatory. Our increasingly connected lives, however, have added fresh dangers. The likes of cyber attacks and climate change highlighted in a report published by one of the biggest insurers, Zurich, earlier this year can be added to the importance of meeting the healthcare needs of
Broadway Shortlisted For Prestigious Health Insurance Award
When Broadway Insurance Brokers launched back in 2020, we did so with the determination to make a difference. We recognised that we could improve the service provided to private clients and to businesses, in terms of supporting how they manage the variety of risks which they face. In assembling a vastly experienced team of insurance professionals, we knew that there was a place for a boutique firm like ours to gain a better and more detailed understanding of what clients need in order to have more productive conversations with underwriters about making more tailored policies available. That was also the
Pandemics And Policies: A Supreme Challenge For Insurance
The last year has seen the health of the world's populations and its economies take a battering. With a renewed spread of infection and governments across the globe introducing ever tighter measures to protect their citizens, the coronavirus pandemic has shown few signs of releasing its grip on personal or commercial confidence. In the UK this week, the Office for National Statistics released a brace of reports providing a snapshot of the current severity of the financial consequences of the Covid-19 outbreak. The first - the latest instalment in a series of surveys of businesses from across the country operating
In A Year Of Change, A New View On Insurance
The last 12 months have been remarkable for the degree in which the certainty of how we live and work has been turned upside down. In having to work from home, we've not just become estranged from our desks but our friends and colleagues too. Mind you, social distancing has even required us to change how we interact with family and neighbours - a topic which is of particular sensitivity as I write, only days before Christmas. Stability is something which we all fundamentally crave. Even as Santa prepares for his yearly delivery run, I reckon that we're all a
In Summary: FCA Covid-19 Business Interruption Test Case
On March 19, the FCA wrote to insurance firms making clear their expectations in relation to the widespread impact of Covid-19 on policyholders. They outlined an expectation that insurance firms should ‘consider very carefully the needs of their customers and show flexibility in their treatment of them’. Insurers were asked to ‘clearly communicate any policy exclusions that may impact the cover and use of individual policies.’ This was followed by a Dear CEO Letter to all Chief executives of insurance firms outlining expectations of firms with regard to the settlement of BI claims and the need to assess and settle claims quickly.
A Corporate Client Guide to Broker Selection
Emerging risks. Rising premiums. Reducing insurer capacity. Limited Business Interruption (BI) contract terms due to Coronavirus. Many UK companies are facing an altogether more challenging insurance marketplace as they prepare for their next renewal. Furthermore, the UK broking market remains in a constant state of change and evolution. Independent insurance brokers continue to be targets for acquisition by Private Equity interests and large brokers. Year on year, continued consolidation has led to a reduction in the number of specialist brokers in the market, leading to established brokers becoming more focused on internal reorganisation as they seek to harvest cost reduction
Great Expectations
Young future leaders are no longer content with the beaten path. Instead of making their way up the traditional corporate leadership path like their predecessors, the absolute best are seeking opportunities to prove themselves right from the outset. To meet these shifting demands, the most agile organisations are re-examining their existing business structures. Tomorrow’s leaders have arrived. In truth, they entered the workplace sometime ago and did so armed with a quite different set of skills, behaviours and expectations. In recent years, the insurance industry has welcomed the arrival of new technologies, big data and artificial intelligence (AI). Valuable tools
Expect The Unexpected But Don’t Kill The Goose That Lays The Golden Egg
When contributing to devising a risk management plan some years ago for a FTSE 100 company, I read many Corporate Governance articles encouraging me to do the expected. Categorise the key risks to the strategic plan and the budget so as to be sure to identify those relating to financial, operational, infrastructure, people, IT and legal and regulatory matters and give each a score by assessing their likelihood and their impact. Then came the most difficult part. How best to mitigate each risk? At this stage I stopped reading the articles and used a simple acronym -TRAP or Terminate, Reduce,
Sharing In The Value Of BIBA
For established insurance colleagues and professionals, BIBA, the British Insurance Brokers Association, is one of the most recognised and highly respected brands in the industry. For over forty years, BIBA has been representing the interests of insurance brokers, intermediaries and their customers by campaigning on all aspects of insurance to ensure the industry is united and working for all involved. Today, it is the UK’s leading insurance intermediary organisation, representing the interests of insurance brokers, intermediaries and their customers. Its purpose is to act as the voice for industry-advising members, the government, the regulator, consumer bodies and other stakeholders about
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