Broking posts

These posts are all about the ethics of insurance broking. It's a big subject and you'll find a wide range of posts providing you with guidance, insight and challenge.

Some thoughts on ethics, insurance and the pandemic
It is in times like the present that the reputation of the insurance sector will be defined. Here are some thoughts on ethics, insurance and the current pandemic.
Is signposting as ethical as the market believes?
Signposting is being set up across a variety of retail insurance markets. The aim is to help consumers find the cover they need. Yet signposting is also a symptom of a stratifying market and that comes with all sorts of ethical implications.
The big ethical challenges facing insurers in 2020
2020 will be an eventful year for insurers. During the many years I’ve been tracking the ethical challenges facing insurers, never before have I seen so many issues demanding attention. Some firms will find the learning curve steep and challenging.
The radical new approach to tackling insurance mis-selling
Mis-selling has been a perennial problem for the insurance market. In the last couple of years, the UK regulator's approach has changed, radically. Intermediaries and representatives should prepare for a new regulatory experience.
The Fundamental Challenges that Insurance faces from Data Analytics
What are the fundamental challenges that data and analytics pose to insurance? Here are six that I think raise profound questions for the sector.
Conflicts of Interest – the vital step from recognising to reporting
Conflicts of interest are a feature of most insurance markets. And a vital step in managing them is helping people move from recognising to reporting them. Yet that isn’t as easy as most might think.
Will the ‘best interests of the customer’ sink some sector business models?
Is the oft heard call from within the sector to be more customer centric about to be put to the test? Some sector business models will struggle to pass, and change could be painful.
7 questions raised by broker fees
Broker fees are common across general insurance now. What ethical questions do they raise? And what can brokers do to manage their implications for client trust?
Where the really fundamental changes in insurance will emerge
How transformative are the changes happening in insurance at the moment? In amongst the noise of disrupting start ups, is a paradigm shift under way?
A checklist for conflicts of interest in insurance firms
Are 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.
Two simple ways to make a fair decision
In 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.
Dual Pricing in Insurance – the beginning of the end?
The 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?
A revolution will soon transform conflicts of interest in insurance
A revolution is about to transform conflicts of interest in insurance, and brokers, MGAs and insurers alike must be prepared for the repercussions. All firms, small and large will be affected.
Ethics in Insurance: the challenges ahead in 2018
2018 looks like it will be an eventful time for ethics in insurance. Here are 11 areas where insurers will find the big ethical challenges.
How can insurance brokers build trust in a digital market?
How can insurance brokers build the trust that will carry them through a rapidly changing insurance market?
Have brokers done enough to improve their handling of conflicts of interest?
Have insurance brokers done enough to improve their handling of conflicts of interest? 3 years ago, the FCA identified multiple problems. So how have things changed?
Ethics and Insurance: what to watch for in 2016
Every insurance firm should be monitoring the ethical events and trends that influence its business. This reduces the unexpected, enables[...]
The top posts on the ‘Ethics and Insurance’ blog – 2015
What have been the most popular posts on the ‘Ethics and Insurance’ blog? Here is a quick look at the[...]
Why corporate social responsibility is failing to build trust in UK insurers
Two thirds of people will repeatedly buy from companies that are socially responsible. So said a leading figure in the[...]
How ethical is it for firms to demand payments from a supplier?
Earlier this year, a survey by the Federation of Small Businesses found that 5% of businesses had been asked by[...]
Are ethics and compliance different? And why it matters.
I occasionally come across companies who question the need to consider ethics, on the basis that they've got all that[...]
How ethical is intermediation?
Is intermediation ethical? This was a question put to me at a recent insurance event I was speaking at. It’s[...]
The Ethics of Flexible Commissions
The UK regulator is said to be ‘incredibly interested’ in the flexible commission arrangements that exist between some commercial insurers[...]
Disclosure: something that’s inevitable for insurers and brokers?
Transparency is an integral part of how trust is established and sustained. Being open with someone about something that’s relevant[...]
Why Insurance brokers are facing a steep and challenging learning curve
Insurance brokers in the UK are facing a steep and challenging learning curve, after the UK regulator identified multiple problems[...]
How to manage your conflicts of interest much more effectively pt2
In an earlier post, I looked at the first of two problems I often encounter when reviewing how insurance firms[...]
How to avoid crashing your ethics metrics in 2014
As many of us approach a new business year, make sure the metrics you're going to be using for ethics deliver the insight your firm needs.
Conflicts of interest – are you ready for 2014? It’ll be busy!
Conflicts of interest look to be the big ethical risk for insurance firms in 2014. How are your firm's being handled? Here are 8 steps to get you started.
Three warning signs that a firm is struggling with its ethical ‘tone from the top’
Delivering an ethical 'tone from the top' can be a challenge at times for some business leaders. So what are some warning signs to look out for?
Ethics training: rounding off 2013 and planning for 2014
People working in the UK insurance sector are wanting more training on ethics and the ethical issues that matter most to their work. How can firms respond?
An Inconvenient Truth coming out of FCA Thematic Reviews
Is the FCA's use of thematic reviews taking control of the setting of best practice standards within the insurance and financial planning sectors? And if so, should those sectors accept this?
Ethics and Claims – 5 big issues Insurers should Focus on
Claims departments are under pressure to reform how they work. Here's why they need to stand back, see the bigger picture and reflect upon why they do what they do.
Getting serious about assessing your firm’s ethical risks
A structured approach to assessing ethical risk that recognises market, firm and employee driven issues will help you focus more on underlying causes.
Pitfalls to avoid when measuring ethics
Measuring ethics is tricky, but necessary. Here are some of the pitfalls that measuring ethics can encounter, during the design, implementation and use phases.
How insurance history could have been different if ethics had been measured
Four examples of how insurance history might have been different if ethics had been measured. Time now for your firm to adopt some?
Ethical Dilemmas – challenging, interesting, important
It may be tempting to ‘learn as you go’ when next faced with an ethical dilemma to resolve. Here are three reasons why some preparation is worthwhile.
Insurance and the Privacy Controversy
Over the next 5 years, I believe tensions between the insurance industry and the general public around privacy issues will grow to be as controversial as the misselling of payment protection insurance is today. This is the first of a series of posts exploring privacy and insurance.
Are insurers and financial planners facing a ‘ napster moment’?
Does the UK insurance and financial services sectors face a ‘napster moment’ around how they engage with customers? In other words, a point at which someone from outside the industry comes in and reinvents how things are done.
To thrive, telematics has to address consent
The telematics debate continues to recognise privacy as an issue, but still stops short of addressing how it should be tackled, let alone resolved. This hesitancy will become a millstone around the necks of insurers unless they address consent.
How wide the Code?
Should a code of ethics refer to sustainability issues like the environment and supply chains? It can get a bit complicated...
Ethics and Fraud – pt2
The second of two posts about the ethical dimension to how insurance fraud should be tackled. Insurers need to look at these six themes as a step towards securing the long term support of consumer groups, and the public at large, for this important initiative.
Ethics and Fraud – pt1
Tackling insurance fraud is an ethical thing to do, but the way in which insurers go about tackling it also has an ethical dimension. In this and a subsequent post, I set out the key themes around which a set of principles could be fashioned to embed some ethical thinking into how insurers tackle fraud.
More on the Bribe Payers Index
Last night's launch of the Bribe Payers Index 2011 shows little improvement in perceptions on bribery since 2008, plus some vulnerabilities in the 'banking and finance' sector's performance.
Reflecting on landmines
The launch of a new landmine charity is to be applauded, but its supporters from the insurance and broking community need to reflect on any association they may have with companies who manufacture ordnance of similar indiscriminatory effect, cluster bombs being the most obvious example.
An Ethical Transformation?
It’s worthwhile viewing last month’s fining of Willis by the FSA (see this earlier post) against the backdrop of some research published earlier this[...]
The FSA and Willis
The key message that comes out of the Final Notice issued last week to Willis by the FSA for failures[...]
Carrier Charges
There’s been a lot of debate about carrier charges recently. These are not without their ethical implications, some of which[...]
iPad issue
When might your presentation set off alarm bells for the client? One occasion might be when it's done on an iPad.[...]