Codes of ethics are important documents. Yet they can often lie unchanged for several years. Codes then acquire a rather fossilised existence, losing their influence on how people work. Here are 11 reasons why it's worth reviewing them.
Privacy in insurance has been getting lots of attention recently, largely because of the EU’s GDPR. Yet there’s a danger that this surge in legal and compliance activity will overly focus minds on the policy and process detail, while leaving scant time to think through the big privacy issues that the insurance buying public is concerned about.
Insurance pricing is undergoing a revolution, just at the time that underwriters are being held to account like never before. It’s important then for underwriters to know about the ethical issues that that accountability is built upon.
Insurance is a risky business, so the idea of an insurer making too much profit seems a bit harsh. Yet some in Australia would disagree, where profit levels on compulsory motor insurance are being hotly debated.
Insurance claims are pivotal experiences in the relationship between the insurer and the policyholder. In a series of posts, I'll be exploring the key ethical issues associated with insurance claims, starting this week with information asymmetry.
The practices described in the recent OFT report into motor insurance may well have led to all sorts of unintended consequences for insurers. A couple are outlined here, along with some thoughts relating to a central issue for consumers: fairness.
A more detailed analysis of the ethics of what the OFT found when investigating motor insurance claims. Are referral fees unethical? How did corporate cultures appear to leave ethics by the wayside? The FSA and MoJ have some questions to ask, of individuals, insurers and themselves.
What should insurers do to resolve the question of who will own the data created by their use of telematics in products like motor? One particular step might make a real difference, if handled properly.
The new Investing in Integrity charter mark has much to commend it, but will, like many of those before it, face some challenges. Greater transparency around the results of its accreditation would be a worthwhile step.
The transparency of price comparison websites has come under renewed scrutiny. The way in which their assumptions are often pitched is raising questions about who's interests are being put first. The new Act makes addressing such concerns more important than ever.
The Dodd Frank Act in the US has introduced a bounty system for whistleblowers who provide the SEC with original information that leads to a successful prosecution. What sort of ethical questions does this raise? And might the SFO adopt such an approach here in the UK?
The recent sacking of Swinton's entire executive board raises just as many questions about Covea's responsibilities as it does about those director's responsibilities. There are conflicts of interest here at several layers.
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.
The insurance sector is associated with jurisdictions that are being labelled as 'secretive'. It should expect to face greater scrutiny and more demanding questions about its involvement there. Insurers would do well to put this issue on their ethical radars.