As part of our service to the general insurance broking community, we regularly prepare a digest of the most significant publications from the FCA. Given the volume of paperwork they produce, it can sometimes be difficult to see which is the most relevant to our sector.
Client Terms of Business (TOBA's)
A Client TOBA is a very familiar document to us all and these were in existence in many firms long before January 2005, the start of FSA regulation.
The Insurance Act 2015: Insurance Broker Sentiment Survey
RWA Solutions approached 300 of those firms with an anonymous 20 question survey and almost exactly 25% responded.
My Development Zone in Corfu: Reflections
As the British public are rediscovering 1930’s Corfu through the recently aired and beautifully captured series, The Durrells, I took to the sky to be there in the present day attending the 3rd Annual Corfu Symposium 2016 – Managing and Marketing Places.
In-depth: Making connections
Another initiative where Aviva has been involved is the Meeting Recorder app, developed by consultancy firm RWA and funded by the insurer. Tom Wood, director at RWA Business Consultancy, explains that the app allows brokers to create a record of when they have been to see a client, using their GPS. They can also add notes on what has been said in the meeting. “So if there is a claim they can say they have evidence that they went to see the client on that day and show a copy of the notes they made,” he says, adding that a copy of the record can also be sent to the client.
The Insurance Act News Bulletin 3
Getting Close to the Client's Knowledge: There is a danger of dealing with too large a chunk of the Act at one time. What we want to do with these bulletins is focus on one key learning point at a time. The Act has a section on the knowledge of the insured and it is one aspect of that we wish to deal with today. There are actions that you may consider taking once you have read it.
The Insurance Act News Bulletin 2
The second issue we want to raise concerns online and non-face to face business where gathering information will be much more difficult if a fair presentation is to be made.
The Insurance Act News Bulletin 1
The duty of an insurance broker to help the client settle a claim: There are a number of issues under this heading but one of the key worries is that there is a duty to help a client settle a claim and it is clear that in a vast number of cases, currently the client deals direct with the insurer throughout all aspects and steps of the claim and the insurance broker is only advised when the claim is settled.
Building Better Business
Will Greenwood, Pen Underwriting’s Brand Ambassador, talks about the importance of Planning, Peripheral Vision and The Team when trying to achieve success. How small, continual improvements - sometimes even just 1% at a time - across all critical factors can turn a good team into a great team, and in the case of England’s 2003 Rugby squad, a World Cup winning team.