Archive

The Financial Services Authority is set to regulate travel insurance sold by travel agents from January 2009. This has been seen as a great ‘win’ for the broking community. However, what does this mean in practice for brokers and how can the industry best prepare for the impending regulation? We will also discuss the implications of insurers passporting into the UK, the sheer demands of regula... [read more]

Claims and the broker - a logical step or dilution of the ideal? While brokers claims handling on a delegated authority basis is one way of enhancing client service and retention, are brokers in danger of coming adrift from the emphasis of getting paid for their advice? - something many consider key to brokers efforts in fulfilling their aspiration to be on a par with other professions. Are broker... [read more]

There are numerous factions within the UK insurance market in favour of hard disclosure, leaving the provincial broker out on a limb. The London market is a notorious supporter, as are many company market insurers - no doubt under the impression it will give them greater control over commission paid to brokers. Then there are those brokers that, after being shamed for abusing commission structures... [read more]

Sixteen months on from the last Broker Management Forum debate on imarket what has changed? What progress has been made in terms of broker user numbers, new products and joining insurers? Also how far off is full integration with software houses to achieve the holy grail of re-key elimination? While the feeling is the project is gaining momentum, insurers seem to be offering brokers a choice of ch... [read more]

As the broker market contracts consolidators have been able to leverage higher commission levels from insurers by delivering greater volumes of business. This has enabled consolidators to edge closer to the return on capital model, as pioneered by Towergate, and while undoubtedly insurers have enjoyed the return on capital, it has also shifted the balance of power in distribution. So is it insurer... [read more]

Due to demand Professional Broking is holding an additional Broker Management Forum this Thursday when our panel will debate the issues around technology and the broker. While this is a broad topic area, discussion will home in on the IT issues brokers need to address plus examination of the key areas of business benefit that technology can harness; for example providing a way for customers to ac... [read more]

Achieving contract certainty across all insurance lines was one of the first challenges the FSA set the industry, and a timetable for voluntary compliance was agreed with the market of January 2007. The Code of Practice from the London Market Principles defines contract certainty as having the complete and final agreement of all terms, including signed lines, between insurers and insured before in... [read more]

With no immediate end in sight for the soft market, as little insurer appetite exists to rein it in, brokers are starting to feel the pain. But while the soft market spells lean times for the broker, clients are enjoying the benefits of the rate-slashing insurers are currently engaged in. However when the cycle turns it will be brokers that are left to deliver the news that rates have spiked again... [read more]

Sourcing and recruiting talent from insurers is no longer the fertile hunting ground it once was for brokers, so where are/ will they recruit the skills needed to maintain and grow their businesses now and in future? With this plus the lack of fresh blood coming into insurance generally is broking on the cusp of a talent crisis?

While claims handling is one way of enhancing client service and retention, are brokers in danger of coming adrift from the emphasis being on getting paid for their advice? - something which many consider key to brokers’ fulfilling their aspiration to be on a par with other professions. Are brokers getting more involved because of inadequacies in insurer’s claims departments? And how... [read more]

Broker remuneration has long been a contentious issue and the efforts of regulators both British and American have done little to clarify matters. Many feel the hoo-ha about compulsory commission disclosure is a red herring as it does not actually address the real goal which is to provide better protection for the end client. Also with market softening set to continue what should brokers do to sta... [read more]

As confusion remains over what constitutes a conflict of interest, let alone how to manage it, are brokers misinterpreting the rules or is the regulator misunderstanding the issues, particularly with provincial independents? What has been learned since the FSA first issued its 'Dear CEO' letter in November last year and what implications will the requirement to manage conflicts of interest have on... [read more]

Exactly what does the coming year hold for smaller brokers who are already grappling with the problems of mounting regulation and industry competition? The forthcoming Broker Management Forum will focus on the key issues facing provincial brokers such as, how to improve their prospects in a soft market and implementing new technology. It will also touch on the issue of remuneration and cost effect... [read more]

Insurance brokers wield a powerful force in the battle against fraud, a problem that is costing UK businesses at least ?550m a year. Our panelists will debate how brokers can help reverse this trend for the benefit of the market and their own business.

One year on from Eliot Spitzer?s investigation into Marsh and AIG in the U.S the UK has so far escaped similar scrutiny. However, with just such an investigation round the corner by the EU how concerned should UK brokers be? Panelists will debate the issue and look at what UK brokers need to learn from Spitzer.

While the insurance industry has yet to make the most of the efficiencies offered by technology, imarket is promising to succeed where others have failed. But is there sufficient appetite from brokers and support from insurers for it to become the industry standard portal? On the next Broker Management Forum panellists will debate whether imarket can realise the hopes of the UK insurance industry ... [read more]

Regulation under the Financial Services Authority is a fact of life for the general insurance industry but, six months into the regime, is it delivering the benefits it has been designed to? When will the regime deliver its stated objectives and what can be done about the rules ? such as those on risk transfer ? that are regarded by many brokers to be unworkable? The panel will discuss the issue l... [read more]

Regulation under the Financial Services Authority is a fact of life for the general insurance industry but, six months into the regime, is it delivering the benefits it has been designed to? When will the regime deliver its stated objectives and what can be done about the rules ? such as those on risk transfer ? that are regarded by many brokers to be unworkable? The panel will discuss the issue l... [read more]

In the face of competition from banks and supermarkets, as well as direct writers, many brokers are overhauling their marketing efforts. But because many brokers have not traditionally engaged in advertising or marketing, the challenge of producing an effective campaign is considerable. Also as the market contracts brokers are looking to market themselves to gain a competitive edge over nearby... [read more]

While the large market share controlling insurers insist underwriting is more disciplined, rates have, in many classes, been softening for some time. The panel will consider the challenge this presents to brokers and how deep this current trough may become.