The latest news and views from the world of insurance.
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Insurance Post: How are aggregators going to evolve?
13:46Insurance Post recently conducted a survey to get an overview on motor pricing trends and the impact the current economic climate has had on consumer behaviour.The results of this have just been published but to get a deeper understanding of the findings and trends Post content director Jonathan Swift sat down with Consumer Intelligence founder and CEO Ian Hughes and LexisNexis Risk Solutions’ senior director of personal lines (motor, household, telematics and connected car) Martyn Mathews to discuss some of the themes the research teased out.In this, the second of two podcasts the trio focus on data enrichment; how aggregators might evolve; and what insurers need to do with their pricing strategies to remain competitive. See acast.com/privacy for privacy and opt-out information.
Insurance Post: What impact will the FCA review of pricing practices have on insurers?
9:14Insurance Post recently conducted a survey to get an overview on motor pricing trends and the impact the current economic climate has had on consumer behaviour.The results of this have just been published but to get a deeper understanding of the findings and trends Post content director Jonathan Swift sat down with Consumer Intelligence founder and CEO Ian Hughes and LexisNexis Risk Solutions’ senior director of personal lines (motor, household, telematics and connected car) Martyn Mathews to discuss some of the themes the research teased out.In this, the first of two podcasts the trio ascertain how the last 12 months have influenced consumer behaviour; the potential impact of the measures proposed by the Financial Conduct Authority following its market study on general insurance pricing practices; and if there is growing interest in usage based insurance among customers. See acast.com/privacy for privacy and opt-out information.
Future Focus 2030: The future of insurance eco-systems
12:09It is the year 2030 and the last decade has seen the insurance eco-system evolve as quickly in 10 years as it had previously done in the last century.And technology has been omnipresent in these changes, with the introduction of 6000 miles of smart roads across the UK; and a number of major UK population centres deemed smart cities, creating a more holistic digital eco-system in which insurance companies work as part of an interconnected collection of service providers.This has facilitated the ability for non-traditional insurance players to take a greater interest in the opportunities to market, sell and distribute insurance and risk management products and services.Indeed many insurance customers now buy these offerings through apps used to manage their wider needs; whether it is a motor app that allows them to manage their road tax, smart travel tolls, MOT and insurance in one place; or a property app that covers everything from energy bills, wi-fi connectivity, grocery shopping and insurance.Insurance is often not seen as a stand-alone product any more, especially among younger people who want to simplify their lives. And that includes commercial business owners too. And many insurers and brokers that have accepted their role as either a partner in a broader non-insurance eco-system; or have built their own eco-systems by forging their own relationships with non-insurance businesses.Insurers might have had white label deals before with notable brands, but these relationships are now so much deeper. Insurance companies have also had to get smarter in the adoption of technology to enable them to make the most of these digital eco-systems, by collaborating with insurtechs established and new, to be able to understand these customers better by getting a 360 view of them. As one marketing campaign by a well-known telecom boasts: “Our smartest customers want smarter insurance”Indeed the old tired excuse of “we cannot do that because of legacy systems” no longer holds weight, and thankfully has been relegated from most insurance conferences as the decade wore on as digital technology got cheaper and more accessible.Sure businesses still have heritage architecture, but they have access to so much new and exciting kit they are no longer beholden to the past. Among the positive results of this is that the amount of leakage and fraud insurers suffer has been significantly reduced due to the access to better data at the underwriting stage.The insurance industry has also thankfully consigned the concerns over pricing practices the regulator had at the start of the 2010s with dynamic pricing and real time data commonly used by companies selling insurance.Based on this hypothesis, Post content director Jonathan Swift sat down with Vivek Vasudeva, CIO Insurance Solutions, Verisk, to discuss the possible road map between now and 2030. This includes the evolution of collaborations, the involvement of insurtechs and non-traditional insurance players and how data flow is key to the success or otherwise of insurance eco-systems.They also discussed how important the penetration of 5G – and then maybe 6G and 7G – is to help insurance eco-systems flourish and how these deep partnerships can help customers in the event of a Nat Cat or surge. See acast.com/privacy for privacy and opt-out information.
Motor Mouth Podcast 18: How the pandemic disrupted car parts supply chains and repair networks?
19:35From supply chains disruption to social distancing and repair shops, the pandemic has caused presented unprecedented challenges to the supply of car parts to the UK and how repairs are conducted following government guidelines. In the middle of all this disruption the customer is looking for a quick and cost-effective repair process. Has Brexit planning helped the supply networks prepare for the pandemic, and will electric vehicles cause further headache for repair shops and supply chain specialists.Jonathan Swift, Insurance Post content director, is joined by Cath Hulme, head of motor and legal supply chain development at Co-op Insurance, and Mike Partridge, paint and body business manager at Volkswagen Group UK, as they discuss the challenges and look at what the future might bring. See acast.com/privacy for privacy and opt-out information.
Motor Mouth Podcast 17: Tackling road safety with technology
16:33From the way it has revolutionised safety in the cars to the infrastructure around the country, digital tools are supporting the continued efforts to push for ever better standards on our roads.Join Jonathan Swift, Insurance Post content director, and Adrian Ryan, CEO, and Colin Butler, advisor, of a new technology start-up Road How, to find out more about improving driver knowledge and awareness on the roads. See acast.com/privacy for privacy and opt-out information.
Future Focus 2030: The future of Lloyd's and the London Market
42:03It is the year 2030. Following the success of 2019’s Blueprint One and 2025’s Blueprint Two [which also co-opted in the IUA and broader stakeholder representation], Lloyd’s and the wider London market is now ready for the highly anticipated third iteration.While Lloyd’s had previously had a poor history of making change successful, many commentators admit that under the auspices of CEO John Neal and his successor Baroness Shields [a high profile appointment that was widely welcomed] the market has finally bought itself into the 21st century.Among the successful foundations laid down by Blueprint One were the Risk Exchange offering end-to-end quote-and-bind platform for non-complex risks which processes 45% of risks now placed in the market.The complementary Complex Risk Platform has also proved a success, building on PPL, with its adoption being helped by the Covid-19 pandemic, marrying the best of the traditional face-to-face Box interactions with more streamlined efficient technology. This has been assisted by a much greater use of data and automation in areas like contract building and compliance checks.The claims solution designed to triage and route claims, automating the simpler ones and assisting with more complex claims handling also achieved its aim at massively reducing payments for claims under £250 000. The cycle time for complex claims have also improved dramatically with Lloyd’s again being seen very much as a centre of excellence for claims handling across multiple disciplines including legal and loss adjusting.The interest of the IUA and greater London market into adopting the concepts outlined in Blueprint One saw them play a greater part in Blueprint Two which has been heralded as a major factor in London stabilising its share of the global (re)insurance market. Reversing a trend where emerging markets – particularly in Asia – had been using growing hubs such as Singapore, Bermuda and Zurich.This saw it benefit from a wave on new entrants in 2021 and 2022 looking to capitalise on the marketing hardening.Speaking of which, since the launch of Munich Re’s first syndicate-in-a-box on 1 January 2020, there has been steady stream of these new launches, the most notable of which being the one Amazon launched in 2025, a move seen as a major coup for Baroness Shields.Indeed the interest of technology giants in Lloyd’s has escalated over the decade beginning with Google’s involvement in Ki, Brit’s standalone algorithmically-driven digital Lloyd’s syndicate, which topped $1bn of GWP by 2024 and marked a shift with others following along shortly with similar platforms. Indeed today half of the top 10 syndicates in Lloyd’s have no presence on the trading floor of Lloyd’s.Despite calls for Lloyd’s to depart the iconic building on Lime Street, this remains the Lloyd’s building, although it has significantly changed in the last ten years with less floor space given up to traditional boxes, and more of it now being used by insurance technology firms [including a number that began as a syndicate in a box], digital brokers and even a ‘capsule’ hotel.Finally, EC3 has continued to build on the work of the market’s Culture Advisory Group, and annual Dive-In Festival, with the London insurance market now seeing much greater diversity among its employment. For example women now hold 45% of board positions across the top 20 Lloyd’s Syndicates, and BAME representation is rising steadily too.Based on this hypothesis Post content director Jonathan Swift sat down with Tom Payne, managing director, UK & Europe, Verisk ISO and Paul Latarche, chief commercial officer at Sequel, to discuss the possible road map between now and a 2030 that looks like this.This includes whether the illustrious history of Lloyd’s and the London market might be a millstone when it comes to modernisation, the potential of Blueprint One and beyond, the fallout from Brexit and culture and diversity within EC3. See acast.com/privacy for privacy and opt-out information.
Motor Mouth Podcast 16: Maintaining road safety standards
23:10Join Jonathan Swift, Insurance Post content director, and Jaime Hassall, team leader at Highways England, to discuss how road safety is adapting to the challenge of Covid-19, and the key priorities in maintain the UK’s high safety standards.Britain operates some of the safest roads in the world and has built a strong reputation on its road safety management. However, there is always room to improve and drive at even better standards. With the impact of Covid-19 on UK motoring and changes in the way we are travelling, it is a constant and continuous challenge to ensure that everyone makes it home safe. See acast.com/privacy for privacy and opt-out information.
Motor Mouth Podcast 15: Road safety in the age of Covid-19
23:10From high speeds to driver awareness, UK drivers have endured a strange 2020 on Britain’s highways. But as a degree of normality and pre-lockdown levels of use return to the roads, how have the police had to adapt to the changes, and what has occurred since?Find out what can the insurance industry do to help tackle the scourge of the uninsured driver, be ready for a new model of road user (with the e-mobility generation hitting the streets) and learn about promoting a culture that shames speeding in the same way drink and drug driving is shamed. See acast.com/privacy for privacy and opt-out information.
Future Focus 2030: The future of climate change
29:40For its part the insurance industry has contributed to this objective by:Offering new schemes and products to help insure those invested in boosting renewable energy production.Offering more competitive rates to incentivise the use of ‘cleaner’ energy.Putting pressure on its supply chain to commit to a prescribed ‘green agenda’.Withdrawing investment in businesses associated with construction and operation of coal fired – or other carbon heavy fossil fuel – plants.Indeed insurance trade bodies saw playing a key role in the climate change movement as a key part of rebuilding trust and faith in the sector after its reputation took a hit due to highly publicised pandemic-related claims disputes.Pressure was also applied by the Financial Conduct Authority, which extended the requirement for ‘commercial companies’ with a premium listing to make climate related disclosures, to other sizable businesses during the decade. Today three quarter of the ABI membership [by firm numbers], 20% of British Insurance Brokers’ Association members [by firm numbers], 15% of MGAA members [by firm numbers] and all Lloyd’s syndicates are covered by this, with further extensions planned. The focus on climate change has been further intensified by the fact the UK continues to be hit by significant weather events, with it seeing losses of over £500m three times over the last ten years. ‘Resilient’ improvements [rather than repairs] have become more popular after the government reformed the £5,000 flood resilience grant scheme to help homeowners make proactive improvements to their properties to withstand future flooding. Before households could only access after they have been flooded. The insurance industry has invested in significant climate change research efforts, and there is a growing number of roles within businesses such as chief science officer to help lead these projects.Consumers now rank ‘green credentials’ fifth overall among factors when buying insurance, with it rising to third among 18 – 25 year olds. It is also a major recruitment factor for school/college leavers.Following the Covid-19 pandemic insurers also dramatically reduced their carbon footprints linked to travel, especially internationally, with the benefits of video conferencing coming to prominence.The streamlining of property portfolios in keeping with the desire of more staff to work remotely, has also seen dramatic reductions in waste production and energy efficiency.Although there has been some improvement in terms of green emissions globally, there has been a growing trend for business impacted by a withdrawal of capacity to self-insure and the captive market remains active here.Based on this hypothesis, Insurance Post content director Jonathan Swift sat down with Dr Richard Hewston, head of strategy, environment and climate change, Verisk Maplecroft and Shane Latchman, vice president and managing director, AIR UK, to discuss the evolution of modelling/ mapping climate change risk and how insurers can use data more intelligently to quantify them.The trio also discuss how the Covid-19 pandemic has impacted the insurance sector’s thinking about climate change risk; and which natural hazards it might priortise. See acast.com/privacy for privacy and opt-out information.
Future Focus 2030: The future of property
22:19At the end of 2019 there were an estimated seven to eight billion active IoT devices, a figure which now stands at 40bn. Indeed it is estimated that the average UK household now has well over 100 devices with the rise in the likes of smart meters, security devices and leak detection making household properties much better risks. Indeed escape of water, once a major issue for claims managers, has seen substantially reduced.In the corporate and commercial space, sensors are now omnipresent across many sectors too, allowing risk managers and their insurers to foretell many issues before they become a potential loss.The rise in sensors and intelligent risk management using digital technology/mapping/big data means that property claims numbers have fallen. But they still happen, and when they do insurers have almost instant notification of a loss and an idea of the likely exposure by using photographic recognition/AI tools to assess the damage.This is particularly helpful as Europe continues to see more extreme fluctuations in its weather than it did in the latter half of the twentieth century.When losses do happen, loss adjusters still continue to play a role with major events, although the use of remote desk top assessments and drones is now more common than having someone knock on a door. And if someone does knock on the door, they are just as likely to be a gig economy worker as a full time employee.Although still not as widespread as some predicted parametric insurance for property events as flood, storm and [in other countries] earthquake damage are finding their feet with take up around 5% in both the personal lines and commercial markets.The continued rise of ‘Generation Rent’ – which was exacerbated by the economic down turn post Covid-19 - has seen an explosion in these types of products; whilst the amount of hours spent homeworking has seen a rise in hybrid commercial/personal products as more people set up office at home.Based on this hypothesis, Post content director Jonathan Swift sat down with Benjamin Blain, head of property claims; and Jes Westerman, head of strategic projects at Verisk, to discuss how the insurance industry might make use of Io sensors and the automation of the acquisition of data to better manage risks and handle claims over the next decade.The trio also discuss the greater use of peril models and granular information to manage weather events and underwrite commercial and domestic properties to arrive at future market as outlined above. See acast.com/privacy for privacy and opt-out information.