It was fascinating to read the results of Xchanging plc’s survey at the end of last year, which revealed that only one-third of insurers in the London Market believe their firm could withstand a major cyber-attack, and almost half felt they were underprepared, according to a survey conducted by the company.
Why do I dislike these two tasks so much? Simple answer – they are both painful experiences!
Very rarely now does the customer deal with a third party
The internet started the revolution of connecting people with products and that was bought alive by the trading platforms such as eBay and Amazon which facilitate the direct relationship between consumer and seller.
20 years in minibus insurance...
1995. What a year… Amazon sold its first book, Ebay set up shop online, ‘Toy Story’ was the first computer-animated film, Robson & Jerome were topping the pop charts with ‘Unchained Melody’, and PC users were clamouring to get their hands on Windows 95.
It seems there is no chance that the M&A market for insurance intermediaries will slow down anytime soon.
When Marsh agreed to pay close to 15x EBITDA for Jelf it was clear that the appetite for insurance brokers remains very healthy. It's an interesting move for Marsh as they signal a dramatic move into the SME market and I fully expect Marsh to support further acquisitions into the Jelf business.
I’m told that, apparently, no-one really chooses a career in insurance. It’s an industry that most people just seem to fall into at different stages of their life. My own experience would suggest that this is indeed the case.
With 20 years’ experience in marketing and managing small businesses, mainly in the IT and software arena, I’ve just found myself celebrating my first year in insurance, at business insurer QBE.
Over the last few years the UK insurance industry has been blighted by the reputation damaging phenomenon of ghost insurance broking.
Thankfully instances of this criminal activity are far and few between. I’m sure that several successful media attention grabbing prosecutions have played a part in convincing would be ghost insurance brokers that engaging in this activity is a not a good idea.
As millions of TV viewers are gripped by the dramatic minibus crash on Coronation Street this week, Jason Cowlishaw, senior motor underwriter with QBE, is taking the opportunity to remind minibus operators of some essential advice in the event of an accident, and to also check with their insurance broker that they have adequate cover in place.
Driver responsibility
“You can fool some people sometimes, but you can’t fool all the people all the time”
Bob Marley, ‘Get up Stand Up’ paraphrasing Abraham Lincoln, the 16th President of the United States.
I’ve always wondered how I might get to squeeze reggae deity Bob Marley into a blog about insurance. I think I may have just pulled it off. I’ll let you decide…
The FCA’s thematic review of Price Comparison Websites (PCWs) is surely a welcome announcement. In the blurb on the FCA website, they say:
“Price comparison websites (PCWs) are a valuable tool for shopping around, but consumers may not be getting the best deal if they focus solely on price instead of the level of insurance cover.”
