UK insurance is adopting new pricing principles for personal business. While the principles recognise the sector’s pricing problem, they will not be the solution. That lies with individual insurance firms and the tough questions they now need to be asking themselves about some controversial practices.
Continue readingActuaries are approaching an ethical crossroads, where the opportunities of data and analytics will meet a new era of accountability in insurance. How they respond will set the scene for how trust in insurance develops over the next five years.
Continue readingAre conflicts of interest in insurance being taken seriously enough? It’s a question that needs to be addressed, given recent headlines. So what should insurance firms check for when it comes to being better at conflicts of interest? Here are nine suggestions.
Continue readingIn the midst of demanding situations and time pressures, there will be occasions when it will be important that we make a fair decision. What can we do to make this as easy and straightforward as possible? Here are two skills that will help.
Continue readingThe next 12 months will see the pricing practices of UK insurers put under close regulatory scrutiny. Their focus will be on dual pricing in the household market. So what should insurance firms be on the lookout for, and how might they prepare for the spotlight about to be turned on them?
Continue readingWhen you’re told that what’s being offered is honest insurance, what do you think? Some will be reassured that all is bound to be well with the policies of an insurer like that. Which indeed it might be. If however you’re curious about what is meant by honest insurance, then read on.
Continue readingThe most ‘ethically questionable’ practice to have emerged out of the innovation currently transforming insurance is ‘claims optimisation’. As key pieces of accountability and data legislation go live in 2018, what should claims directors weigh up in relation to this controversial practice?
Continue readingWe need to think differently about trust in insurance. Digitisation makes this more important, not less. Firms need to organise their thinking, and not just leave trust to chance. If there’s a new ‘trust story’ to be told, it’s insurers who need to write it, before someone else does in their place.
Continue readingInsurance is being transformed not by data or analytics, but by personalisation. Yet personalisation has some inherent flaws, which I examine in this post. What we could end up with is a cauldron of disruption, fuelled not by innovation, but mistrust.
Continue readingThere are many ethical dilemmas in insurance. And they often make people angry, and suspicious and fearful, and many other things besides. Yet that emotional side is often overlooked. Being good at ethical dilemmas can often hinge on how those emotions are handled.
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