Consumers rank insurers highly for data protection
The insurance industry is one of the most trusted sectors for looking after consumer data. That’s one of the findings of an Australian study by Deloitte which asked consumers for their views on what elements of their data usage is most important to them.
The majority of respondents (94 per cent) said that trust is more important than convenience, whether using an app or a website. Clearly communicating how data is used and shared is a key component to building trust.
The most trusted sectors using consumers’ data are: banking & finance, government, energy and insurance. That puts insurance firms ahead of sectors including media, retailers, health & fitness and higher education.
A trusted brand, security protocols and shorter expiry times for cookies were all deemed important to consumers.
Economical reports solid improvement
Growth in commercial property and liability helped Canada’s Economical Insurance achieve stronger results for the first three months of 2016 compared to a year earlier.
President and CEO Karen Gavan highlighted solid improvement in the firm’s underwriting performance and the relatively benign weather conditions.
“We remain committed to our commercial pricing strategy to address the historic profitability challenges with this line of business despite the impact on retention. During the quarter, we continued to make significant investments in the development of our separately-branded direct channel and the replacement of our policy administration system, two key elements of our continued strategy to drive profitable growth," Gavan said.
Gross written premiums were up 1.1 per cent in the first-quarter of 2016 compared to the same period in 2015 but commercial lines premiums were down 8 per cent.
However, combined ratio for the quarter was much improved at 101.1 per cent (105.7 per cent in 2015) with a loss of $5.4 million in Q1, 2016 ($26.8 million in Q1, 2015.)
UK insurers facing biggest shake-up for 110 years
Commercial lines insurers operating the UK market are set to face a huge shake-up. Legislation passed by the government in 2015 comes into force this August and will replace the Marine Act 1906.
Among the key changes - highlighted in a report from consultancy Mactavish and the Association of British Insurers - business customers will have clarity on what information they must share with insurers while it will become harder for insurers to invalidate a claim on the basis of small breaches of terms, or non-disclosure.
An article at ft.com quotes Mactavish CEO Bruce Hepburn who says that the old law is “very insurer-friendly and gives insurers wide-ranging abilities to refuse to pay.”
The new rules are intended to make things clearer for all, however the Mactavish-ABI report says there will be “a number of tricky practical questions and creates potential hazards for the broker and customer”.
