‘Dear CEO’ letters have been sent out to insurers with a warning for firms to take more action to ensure good outcomes for consumers.
RAAC’ing up the cost: Insurance sector responds as RAAC crisis continues
Following the recent safety concerns and increased news coverage on buildings containing Reinforced Autoclaved Aerated Concrete (RAAC), this article explores the wider implications for the insurance sector.
The True Cost of Insurance Fraud: Understanding the Impact on Consumers and the Industry
The Association of British Insurers (ABI) has reported a slight decline in the number of insurance scams being committed, however, it has warned that the value of insurance fraud has increased as criminals become more ambitious.
Starting from the Beginning: Designing an Effective Induction Programme
In this article, we discuss the importance of developing an induction program and provide guidance on how to do it effectively.
Potholes and Payouts: The surging cost of motor insurance claims
Inflation of motor insurance claims continues to be a hot topic among insurers, with vehicle theft, repair and personal injury claims having reportedly increased by 14% since the beginning of 2023.
Inside FCA Podcast: Fraud and Financial Crime
The FCA has released a podcast interview with Director of Specialists Emad Aladhal. This article examines the FCA’s expectations of firms regarding fraud prevention and how the advancement of AI has impacted the industry.
How to Avoid Exploiting Behavioural Biases
While behavioural biases may be good for marketing and selling products and services, they can easily be exploited. Firms are expected to recognise the potential harms that behavioural biases can present for consumers and put their needs first.
The Role of AI in Detecting Insurance Fraud
With the FCA publishing a reminder for consumers to be aware of fraud over the summer holidays, we examine how the use of AI is being used to detect cases of insurance fraud.
The Consumer Duty is here – Are firms prepared?
As of 31 July 2023, the Consumer Duty is now in force. The FCA is expecting initiatives for improvement to come from the highest levels and will hold companies, including senior executives and boards, responsible for ensuring positive outcomes for consumers.