View more on these topics

Data burden shifts to providers

Association of British Insurers’ guidance is expected to result in more insurers taking responsibility for data collection rather than relying on advisers.

The guidance, to be released before Christmas, will push for insurers to pay a proportion of claims which may otherwise be declined for non-disclosure. Sources say this is likely to boost protection sales by making products easier to sell.

Reinsurers are expected to offer more attractive terms of risk to insurers that collect data themselves, such as through tele-underwriting, because they have lower claims’ costs than firms which rely on advisers.

It is hoped the shift will motivate more advisers to sell protection because they will no longer be burdened with underwriting responsibilities or be liable for misrepresentations.

Munich Re director of client management Andrew Francis says: “We would consider differentiating the terms of risk depending on whether data collection is done by the insurer or the adviser.”


Former HBOS chief exec Crosby is appointed FSA deputy chairman

Former HBOS chief executive Sir James Crosby is to replace Deirdre Hutton as deputy chairman of the FSA. As well as taking on the role of deputy chairman, Crosby will become chairman of the FSA’s committee of non-executive directors. Hutton will step down from the board when her current term of appointment ends in December.Crosby […]

Pioneer welcomes changes to DWP incapacity benefit rules

Pioneer has welcomed new incapacity benefit rules outlined by the department of work and pensions on Tuesday claiming anything that highlights the issue of incapacity is positive for the industry.The rules plan to change the way people qualify for benefits, focussing on what work claimants are fit to do rather than what they cannot do, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment