Insurance Brokers

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.

In this article, we discuss the importance of developing an induction program and provide guidance on how to do it effectively.

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.

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. 

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.

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.

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.

The implementation deadline for the new Consumer Duty is now less than two weeks away. This article examines three key questions from the FCA which asks firms what they are doing to support customers with vulnerable characteristics.

The FCA is sending ‘Dear CEO’ letters to selected firms to participate in the second phase of their review of product governance and oversight arrangements.

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