FCA probes 500 insurance policies in test case preparation

FCA | June 01, 2020

The Financial Conduct Authority has reviewed more than 500 business interruption policies from 40 insurers in order to pull together a sample of 17 policy wordings as part of its plans to bring forward a High Court test case. In an update this morning (June 1) the regulator confirmed it had selected the 17 policy wordings which will be used in the court case to represent key issues in dispute between policyholders and insurers.

Spotlight

Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customize business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.

Spotlight

Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customize business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.

Related News

INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

P&C | May 30, 2022

Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year. Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.” Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power. The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project. Key findings of the 2022 studies are as follows: Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction. Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools. The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527. Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.

Read More

INSURANCE TECHNOLOGY

Cybercube and Kroll Collaborated to Launch a Response Service for the Cyber Insurance Industry

CyberCube | May 31, 2022

CyberCube, a provider of cyber risk analytics, has announced the debut of CAERS, a new cyber incident response service for customers of the company's SaaS products. CyberCube will join with Kroll, a renowned provider of data, technology, and insights linked to risk, governance, and growth, to deliver information and assistance on important cyber aggregation events to CyberCube's clients through the Cyber Aggregation Event Response Service (CAERS). Kroll will give frontline threat intelligence derived from its tens of thousands of incident response cases each year. After a big cyber event, the CAERS team will give CyberCube's clients the most up-to-date information, and CyberCube's SaaS solutions, such as Broker Manager, Account Manager, and Portfolio Manager, will help with any impending cyber disasters. Darren Thomson, CyberCube’s Head of Cyber Intelligence Services, expressed, “With cyber events becoming increasingly common, the speed and accuracy with which organisations respond to them is critical. That’s why we’ve launched this response service, specifically tailored to CyberCube’s growing client base. The pressure on our clients during a major cyberattack can be extreme. With CAERS, our team—comprising data scientists, actuaries, engineers, economists, and cyber security experts—will become an extension of our clients’ teams, providing the updates they need and sharing both our expertise and data.” We’re pleased to be contributing to CAERS because effective incident response depends on the most current and relevant threat intelligence available. In our most recent Threat Landscape Report, we saw a 356% growth in the number of attacks quarter-on-quarter where the infection vector was a zero-day or freshly-announced software exploit. Ransomware groups have also been found to be leveraging newly announced vulnerabilities just days after release. It is only with access to frontline intelligence that firms can prioritize resources, mitigate the risk of a cyberattack and react appropriately if the worst happens.” Benedetto Demonte, Chief Operating Officer for Kroll’s Cyber Risk practice

Read More

CORE INSURANCE

HUB INTERNATIONAL STRENGTHENS PERSONAL INSURANCE CAPABILITIES WITH ACQUISITION OF THE ASSETS OF BUBRIG INSURANCE AGENCY, LTD. IN LOUISIANA

Hub International | August 05, 2022

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Bubrig Insurance Agency, Ltd. and its affiliate Blue Cedar Insurance, LLC (collectively, Bubrig Insurance Agency). Terms of the transaction were not disclosed. Located in Belle Chasse, Louisiana, Bubrig Insurance Agency is an independent agency providing personal insurance solutions, including home, auto, flood, life and recreation. "With Bubrig Insurance Agency, we will continue our growth in the region, We are enthusiastic about our future together, and we're confident that this partnership will create new opportunities for us." -Shaun Norris, President of Hub Gulf South Bill Bubrig, President, and the entire Bubrig Insurance Agency team will join Hub Gulf South. Joining Hub is an attractive opportunity and gives us access to additional national resources and capabilities so that we can continue to provide the highest quality of service to our clients, said Bubrig. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More