Insurance Age - 2010-06-02
Articles in this issue
News: Time is ticking on UK Broker Awards deadline
The deadline is approaching to get your entries in for the 2010 UK Broker Awards, the only industry awards dedicated to the broking community. Entries have been coming in from all over the country and across the categories. Although the volume has been…
News: QBE ambitions realised
QBE looks set to double the size of its commercial property book as it closes in on a deal that could see it snatch £40m worth of business from Axa, Insurance Age has learnt.
News: Quinn saga highlights 'chicken letter' risks
Brokers have been warned against relying too heavily on disclaimers to protect themselves from breaching their duty of care, in light of the recent Quinn scare.
PPI complaints take FOS caseload to new level
The number of Financial Ombudsman Service (FOS) insurance disputes has increased by 38% largely due to a surge in complaints about payment protection insurance (PPI).
Axa head condemns claims farming practice as 'immoral'
Axa's head of personal lines intermediary has slammed brokers that make money from the "immoral" practice of claims farming, warning that insurers would penalise those who were heavily involved.
Back in discussion: CC pushes for point-of-sale PPI ban
The Competition Commission (CC) is to return to the issue of payment protection insurance (PPI) and is once again pushing for a point-of-sale ban.
Aviva to restore broker faith with price review and restructure
Aviva has taken steps to try to win back independent intermediaries by shuffling its regional management structure and vowing to improve its personal lines pricing model.
News: Contribute to Insurance 360 to receive a free of charge respondents' report
Last summer, Insurance 360 - the sister industry insight unit of Insurance Age, Post and Professional Broking - carried out its first annual Business Insurers Insight Study.
Biba news: 'Black swans' are no longer 'freak' occurrences, cautions Willis boss
Willis chief executive and chairman, Joe Plumeri, has warned the broking industry that 'freak' occurrences are increasing in frequency and that the industry must adapt to this reality to survive.
Biba news: 'Unbelievable change' afoot
Towergate chief executive, Peter Cullum, has predicted that the UK is set for two years of "unbelievable change" under the new coalition Government with the economy and regulation set to top the agenda.
News: Biba chief warns Con-Dem leaders of tax hike implications
The chief executive of the British Insurance Brokers' Association (Biba) has called on the new coalition Government to avoid taking the "easy option" of raising taxes to cut the deficit.
Quinn latest: 900 to lose jobs as CEO quits amid takeover rumours
In another tumultuous month for Quinn Insurance, 900 job losses were identified, chief executive, Colin Morgan, quit and the American insurer, Liberty Mutual, expressed an interest in acquiring the company.
Health news: Launch of hybrid PMI products test traditional cash plan waters
Traditional private medical insurance (PMI) providers National Friendly and Bupa are set to challenge the cash plan market with the launch of hybrid products, following a surge in intermediated sales in the sector.
Health news: Medical database add-on gives brokers PMI edge
Brokers looking to stand out in the private medical insurance (PMI) arena can now offer an add-on product independently from insurers.
Another round of RBSI cutbacks points to gloomy NIG future
Broker-only insurer NIG could face further cuts following Royal Bank of Scotland Insurance's (RBSI) announcement that it is axing up to 2,000 roles across all of its brands over the coming year.
Results news: Fortis to plough on with rebranding despite loss
Fortis UK has confirmed it will complete its rebrand to Ageas by the first quarter of 2011, after announcing a £1.8m loss during Q1 2010 (Q1 2009: £4m profit).
Results news: Allianz determined to do away with all loss-making business
Allianz chief executive, Andrew Torrance, has outlined plans to push through rate increases in commercial after admitting that the current level of return was "not terribly attractive".
Results news: 'Admirable' performance as Towergate rates stay put
Towergate executive chairman, Peter Cullum, has claimed that the company has refused to follow the market's "kamikaze" approach to rates.
News: A series of broker buys fuels an increase in acquisition activity
The recent flurry of insurance market acquisitions has continued with a number of broker buys.
News: Regional broker growth continues across UK
Regional broker expansion has continued with Oxygen Insurance Brokers announcing the opening of an office in Bristol, Giles growing its Welsh head office and Henderson Insurance Brokers boosting its Manchester hub.
Competition: World Cup fever
As England, the only home nation to appear at the South Africa World Cup, prepares for kick-off, we are running an accumulator competition in association with Equity Red Star.
Schemes: Scheme boom to drive down rates
Commercial affinity schemes are growing in popularity but increased competition could have a detrimental impact on rates.
Product launches: APC extends niche product
APC has rolled out specialist cover for estate agents and letting agents to its entire agency base.
Risk management/claims: FSA in warning over bribery and corruption controls
Commercial brokers risk imprisonment and unlimited fines if they do not strengthen their anti-bribery and corruption systems and controls.
Risk management/claims: CLS launches accident management service
Co-operative Legal Services (CLS) has launched a one-call accident management service for brokers and insurers.
Risk management/claims: Halifax tops the league of UK business crime hotspots
Halifax has been named as the UK's top business crime hotspot for the second consecutive year, with one in 15 companies having made a claim last year compared with a national average of one in 37.
E-commerce: MMA products made available on SSP platform
Broker insurer MMA Insurance has made its Master Tradesman and offices and surgeries products available online to brokers via the SSP platform.
E-commerce: Coverzones revival to spark more aggregator integration
The re-launch of Coverzones, which was recently saved from administration, could trigger greater integration between commercial and personal aggregators, following overtures from its chief executive.
E-commerce: Real-time rating solution is revolutionary, says Aviva
Aviva claims to have "revolutionised" personal lines pricing after joining with Open GI to launch a real-time rating solution for brokers.
E-commerce: Home & Legacy motor system to slash quote turnaround time
An online system that pledges to slash turnaround times for mid to high-net-worth motor quotes by more than half has been introduced to the market.
E-commerce: Avanade's CRM solution aims to boost brokers
A new customer relationship management (CRM) solution has been released, which aims to maximise broker sales and cut the time it takes to train new staff.
Agenda: Travelling on a dodgy passport
The Quinn saga came as no surprise to most of us in the industry. The position at the time of writing is that the UK business of Quinn is in run-off and the Irish parent company is in administration.
Your letters: A missed opportunity
Who or what is Biba? Thousands of visitors to Excel last week are none the wiser - I don't mean delegates to the Biba conference, but the huge audience of potential insurance customers who also happened to be in the vicinity. To the average passer by,…
Your letters: Will some people go to any lengths to win business?
From theBroker Forum, May http://forum.broking.co.uk
Opinion: Editor's comment
This years' British Insurance Brokers' Conference (Biba) was all about professionalism but I have to report that there wasn't much on show as far as I could see.
Insurance Age interview: An even keel
For Phil Scarrett, managing the network operation at Willis is all about striking a balance between the need for growth and maintaining the community spirit. He tells Martin Friel how he keeps everyone happy.
Power hour: Life after Quinn
This month's power hour sees our panel of experts discuss the fallout for brokers following the problems at Quinn Insurance. Liz McMahon reports.
Viewpoint: Grasp the nettle
There are sound business reason why clients should be seeking risk management advice - so brokers should overcome their concerns and provide it for them, says Andy Hawkes.
Reportage - state of the market: A very British coup
Unlike our continental cousins, buying insurance online has become de rigeur for the UK public - but it is not all doom and gloom for personal lines brokers. Louise Meeson reports on the state of market.
Reportage - market share: Survival tactics
The birth of the direct line in 1985 left many predicting the death of the personal lines broker - but 25 years is a long time and, in true entrepreneurial spirit, brokers have defied the sceptics by adapting to survive. The struggle has produced many…
Reportage - specialist lines: Freedom of movement
InsureCancer's award-winning approach to providing travel insurance for cancer sufferers is changing perceptions of this sensitive market. Dr Krish Shastri tells Liz McMahon how the company manages to underwrite the majority of cases and about plans to…
Reportage - high net worth: Because they're worth it
Edward Murray looks at how upgrading standard policies to mid and high net worth can benefit both the client and broker.
Regional review: In the middle of it all
The self-sustaining and refreshingly honest nature of the Midlands insurance market mean it is well-equipped to ride out these difficult times, reports Martin Friel.
News review: May
Former insurance broker turned MP, Andrew Stephenson, described being an intermediary under the labour Government as a "nightmare".
Polly C
The British Insurance Brokers Association's (Biba) annual conference always provides Polly with a plethora of titbits and this year was certainly no different. It was a gamble to hold it in London as there had been fears that the accompanying social…
Schemes: Allianz Insurance engineers R K Harrison contract win
Allianz Insurance has landed a five-year contract to underwrite wholesale broker R K Harrison's print and engineering schemes as the broker looks to broaden its appetite in the sector.
Product launches: HSB equipment policy launched
HSB Engineering Insurance has launched an equipment breakdown product that aims to address the green issues faced by businesses, helping them reduce their carbon footprint and gain energy efficiency savings.
Schemes: Semploy Extra boosts trades
Fortis UK has introduced Semploy Extra following a review of its existing Semploy offering - a liability-based product for the self-employed.
Schemes: Misfuelling errors targeted
Claims management solutions business Complectus has developed a product with Axa Assistance, which aims to get drivers mobile again after misfuelling their vehicle.
Schemes: British Insurance MPPI offering
Towergate-owned British Insurance has launched a new mortgage payment protection insurance policy.
Product review: Vehicle liability to cover smaller fleets
Broker ratings: The products reviewed here by brokers are rated from one to five, based on the policy’s key benefits.
Biba news: Joanna Lumley closes Biba conference
Actress Joanna Lumley OBE captivated a packed auditorium for well over an hour during the closing session of this year's Biba conference.
