Russell Upton

Mmmmm - A smidgen of truth but so many factors not considered:- *FCA price walking rules *Solvency 2 rules that need slacking off *For Private Hire as a example Uber having a prescribed panel in London rather than drivers having true choice *Police not dealing with crime properly (just claim off your insurance) *Re-insurers talking tough but not acting tough *Re-insurers not helping the innovation of new carriers / MGA's *All combined with claims inflation no doubt Watch and I would love to hear your thoughts? https://lnkd.in/esFmYuMr BIBA, the ABI, the industry heavy weights all need to be making more noise. Insurance professionals are virtually considered scum by joe public and it is no wonder #insurancestep up #cutregulation # insurance innovation

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Some excellent feedback from a recent claim we handled. If you want to find out how Qlaims Limited can help your clients in the event of a claim, please feel free to reach out directly to me [email protected]

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Figures from the Association of British Insurers (ABI) reveal that a record 4.7 million people were covered by #PrivateMedicalInsurance (PMI) through their employer in 2023 – the highest in more than 30 years of data collection. More #policyholders made use of their private #medicalcover in 2023 too. Data shows a 21% increase in the number of #claims made across individual policies and workplace schemes to 1.7 million. Workplace claims were the main driver, up 26% to 1.3 million. https://lnkd.in/eAsvH9ni

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Ever wondered about the difference between product warranty and product insurance? The Bolt Cover team has you covered! Seems like we discuss this a lot, especially in categories like furniture: - Warranty - provided by the product manufacturer, typically 12 months (though sometimes more), only covers structural damage, which is rare in most products. Usually serviced via replacement only. - Insurance: provided by an insurer, usually covers all harms (for furniture accidental damage, stains and structural coverage), in this case serviced by a repair-first network of 100+ furniture repair technicians (via our partner Castelan Group). If you're not offering your customers insurance, you're doing them a disservice. #warranty #insurance #insurtech

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*** UK Financial Conduct Authority Post Implementation Review - Travel insurance signposting rules consumers medical conditions *** Travel insurer purchase paths could always be better in ensuring that customers understand the coverage they have and don't have. 🧨An area of particular contention is coverage for pre-existing conditions. 🧨 The implications for an individual can be personally and financially catastrophic if they have a medical incident in a high cost country. 🧨 They may not get the medical attention they need or will have to pay a significant price which can be in the millions for serious injuries or in the tens of thousands for less serious injuries. Governments have a strong interest in ⭐ensuring their citizens are protected when they travel around the world ⭐ to reduce the impacts on the embassies and consulate networks around the world in managing injured or unwell uininsured individuals and ⭐also to educate citizens that when they travel they don't have the safety net government health care they have in their home countries The FCA introduced rules aimed at ✅ reducing the number of uninsured consumers, ✅ lower travel insurance premiums for customers with more serious preexisting conditions and ✅ increase consumer confidence and trust in the travel insurance  The attached report by the UK regulator ⭐ assesses the effectiveness of rules, introduced in April 2021 as part of Policy Statement (PS20/3) ⭐ that made insurance companies direct higher risk consumers with pre-existing medical condition to specialist providers. The findings: ✅ the signposting rules had a positive impact on the market with an estimated 21,000 additional policy sales were attributed to the intervention though lower than the 32,600 expected. ✅ £100 medical condition premium trigger point for signposting was found to be too low, with travellers with minor conditions being signposted to the specialist directories ✅ potential to highlight to consumers single trip cover may be easier to source for their conditions than annual cover ❌ Concerns around commissions being a percentage of premium without an absolute cap suggesting a fair value issue for consumers ❌ identified 10% of firms either didn't comply or should have made things clearer ❌ travel premiums have generally increased in the face of higher costs ❌ the pandemic and the withdrawal of the UK from the European union were identified as reasons for withdrawal of underwriting capacity ❌ some firms gamed the specialist directory by having multiple brands of the same underwriter giving perception of choice #travelinsurance #travel #insurance ASIC Financial Conduct Authority https://lnkd.in/gP4mhMpX

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Emma Wood has been speaking to Mia Wallace at Insurance Business UK on how the UK health insurance market is evolving at pace. As coverage expands beyond essential healthcare, Emma and her team are committed to implementing meaningful benefits plans and preventative care for our customers. Read more about the market evolution in this article. #healthinsurance #UKmarket #preventativecare

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Retain and recruit top-talent through targeted benefit schemes... Outdated and basic benefit schemes that don't align with your workforce generally lead to higher employee turnover. Through strategic thinking and thought, I can help you create bespoke benefit schemes that align with your values, for your employees. Send me a DM! #employeebenefits #employeemotivation

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A very insightful article from #Cityam highlighting an important aspect of Private Medical Insurance (PMI) that helps to enhance business resilience which is often overlooked. PMI is typically viewed as a perk to employees as part of a remuneration package and used to manage the risk around attracting and retaining staff. The article however quite rightly points out a significant additional benefit of protecting against reduced economic output of employees due to poor health and the positive impact it can have on reducing staff absence. Providing access to private diagnosis of conditions and the ability to have those treated quickly (whether as a surgery or as a form of therapy) really make a difference in helping employees recover from illness and perform at their best. With extended waiting times currently being experienced for NHS treatments, PMI really is an important risk mitigation tool. Happy to help you review options in this area as part of a business resilience audit. #businessresilience

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The Vitality Health Claims Report is yet another indicator that the trends in healthcare that are being seen, within the NHS and also private providers, is here to stay. This is a huge challenge for government, insurers and private providers and we will continue to work to ensure there is enough focus on prevention. Only by starting to focus now on the steps we can take to avoid preventable, and often long term chronic, poor health, will we be able to make the impact needed. Our recent white paper provides some really valuable insights into attitudes towards preventative health – drop me a line if you'd like a copy

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WPA is rated the number 1 insurer on my tribe. Based on customer reviews and expert ratings,  with a 9.6 out of 10 rating! Check it out below: https://lnkd.in/dctyU2p5

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As NHS strains continue, private healthcare is likely to play an increasingly critical role in supporting both workers and companies alike. Emma Wood has been commenting. As we enter flu season, the pressure on the NHS grows, with millions waiting for treatment. In response, more companies are offering private medical insurance to their employees, recognising the growing need for quick access to healthcare. With musculoskeletal issues on the rise - and mental health impacts often following - private health assessments are becoming an essential tool for businesses to keep employees healthy and productive. As NHS strains continue, private healthcare is likely to play an increasingly critical role in supporting both workers and companies alike. Broadway Insurance Partners https://lnkd.in/eqK-Rdqt

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Lansdown Insurance Brokers proudly supports #MentalHealthAwarenessWeek! 🙌 This year's theme emphasises 'movement: moving more for our mental health'. Let's bust this myth: mental health conditions are NOT a sign of weakness. Movement can be a powerful tool in managing our mental health. Take a look at the Mental Health Foundation's website to discover more: https://lnkd.in/gq7NeA8 #MomentsForMovement

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The UK health cover market experienced significant growth in 2022, expanding by £385 million due to increased demand for private medical and dental insurance amid the NHS crisis. Tim Read, the report's author, noted that the surge in demand began in 2018 as NHS waiting lists grew substantially. The report suggests that the prolonged waiting times are causing people to reassess the value of investing in private healthcare, which technically they should get on the NHS.  As healthcare providers, 18WS remain dedicated to increasing NHS capacity and support trusts across the UK as they tackle the waiting list backlog. To learn more about how we can help manage demands and provide support, access: https://lnkd.in/eMsKXs5F Source: https://lnkd.in/emMhE7aG

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🔒 Attention Tech Innovators! 🔒 In a world where your ideas and innovations shape the future, it’s crucial to protect what you’ve created. That’s why professional indemnity insurance is essential for every tech company. Why consider professional indemnity insurance? 1. Protection Against Claims: Safeguard your business from potential claims of negligence or errors in your professional services. 2. Peace of Mind: Focus on innovation without the worry of legal disputes and unexpected costs. 3. Client Confidence: Many clients require proof of insurance before engaging. Having coverage boosts your credibility and opens new opportunities. At SJL Insurance, we specialize in tailored professional indemnity insurance solutions designed for tech companies like yours. Let us help you protect what you’ve built. Interested in learning more? Reach out today! #TechInsurance #ProfessionalIndemnity #TechCompanies #BusinessProtection #Innovation

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How are training policies affecting staff retention in care homes? 🤔 In the UK care sector, staff retention remains a critical issue. Recent insights reveal that care homes with robust training and professional development policies see higher retention rates. This isn't just about keeping staff; it's about investing in their growth and satisfaction. A study by Skills for Care found that care homes offering regular training had a 20% higher retention rate compared to those that didn't. This highlights the importance of continuous professional development in fostering a committed and skilled workforce. When staff feel valued and see opportunities for growth, they are more likely to stay. At QCG, we understand the unique challenges faced by care home managers. Our tailored solutions help improve staff retention by focusing on training and development. Visit qcaregroup.co.uk to learn more about how we can support your care home. What training initiatives have you found most effective in your care home? Share your thoughts below! 👇 #CareSector #StaffRetention #ProfessionalDevelopment

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OK so here's a fairly significant FCA fine to start the week off with - £1.1m levied on an individual, Leigh Mackie, who stole money from his insurance broking business (Inspire Insurance Services Ltd), of which he was the sole director, beneficial shareholder and manager. He's also been banned from the financial services sector in its entirety. From what I can see, he effectively used his firm as a licence to print money for his own benefit and enjoyment. He lied to the FCA on his regulatory returns for four successive years by declaring he'd had client money audits when he hadn't - and he even had the audacity to report that they were 'clean'. I wonder who he named on those RMARs as his client money auditing firm...the FCA hasn't said. But it did contact the un-named auditing firm, who confirmed they'd never done any client money audits for Inspire. Under cover of no client money audits, he was siphoning-off funds to pay for expensive cars and transferring a few hundred grand directly to his own personal bank account, rather than passing it on to insurers. He also made a £50,000 payment out of the client money account to a construction company developing one of the properties he owned, and he paid £9,500 out of the insurer premium trust account to a horse racing company he had links with. How did he EVER think he'd get away with all this?! The FCA said: "This fine and ban shows how seriously we take individuals who abuse their position for personal gain and risk damaging the integrity of the UK’s financial system." Well for once I agree with the FCA. Unlike a previous 'hand in the till' case (Martin Sarl of Perry Prowse (Insurance Consultants) Ltd), where the regulator dropped the fine from £63,600 to a paltry £5,021 due to the individual's 'financial hardship'), Mackey owes the FCA £1,102,879. However, unsurprisingly - he's bankrupt! So, as the FCA says in its Final Notice (link below), "as such realisation of assets is currently uncertain." I bet it is. With those assets including expensive cars, investment properties, and maybe the odd horse or two, surely some pennies can be scraped together somehow. https://lnkd.in/e4wiPBch #fcafines #integrityfail #icscompliance #insurancecompliance

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Essential Guidance for Insurance Firms (and beyond) - how to support your Teams during this traumatic period In light of the recent traumatic events across the UK, it's crucial for organisations to respond with sensitivity and clarity. It has also been made clear to us that some firms are not communicating with their employees - which we find beyond frustrating and we implore you to reconsider. If there is anything we have learnt from Black Lives Matter, it was communication is key - employees want to know that you care. At iCAN: The Insurance Cultural Awareness Network, we have produced a guidance doc on how firms can effectively communicate and support their employees during this challenging time. Here’s our advice for firms on managing this situation with empathy and integrity. Our key points include: 🔹 Communicate Openly Silence can be more damaging than any statement. Address the situation openly to show your commitment and support for your team. 🔹 Align with Your Company's Values Reflect on your company’s values. Read them. And again. And one more time. Let them guide your response and communications to ensure authenticity and integrity. They exist for a reason! 🔹 Lead from the Top Snr executives, including the CEO and CFO, must deliver messages of support. This sets the tone for the entire organisation and shows leadership. 🔹 Use Accurate Language Speak clearly about issues like racism, xenophobia, and Islamophobia. Avoid minimising terms and ensure your language reflects the seriousness of the situation. 🔹 Communicate Zero Tolerance Implement and communicate a zero tolerance policy for harmful comments or actions. Ensure vigilance and support in maintaining this standard. 🔹 Create Safe Spaces Provide environments where employees can express their feelings. Recognise the emotional burden and support your staff networks effectively. 🔹 Invest in Your Staff Networks Give time and resources to your network leaders. Ensure they have access to coaching and support to manage their roles effectively. 🔹 Ensure Safety Prioritise both physical and emotional safety. Implement security protocols for on-site staff and support their well-being. 🔹 Lead with Compassion Show genuine concern and empathy. Authenticity in your communications will set the tone for your organisation’s response. 🔹 Be Flexible Provide flexible work arrangements and support your colleagues in feeling safe and secure. 🔹 Show Compassion Demonstrate empathy and avoid minimising the situation. Provide realistic support and reassurance. 🔹 Encourage Well-being Support Highlight available resources such as EAPs and mental health services. Ensure colleagues know where to find help. In these trying times, decisive and compassionate action is essential. If you need guidance, reach out to the iCAN team. Reach out to me at [email protected] for our full guidance doc. Stay safe and look out for others, it means more than you think.

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