IDD & the Future of Commercial Insurance Broking

Insurance Distribution Direction

The Insurance Distribution Directive (IDD) is the most significant changes in General Insurance regulations in 10 years. It applies to all FCA regulated firms, Insurers, Brokers, MGA’s etc and applies to those conducting Consumer and Commercial Business and to insurance staff.

It will come into force on 23^rd Feb 2018 though its implementation may be delayed until Oct 2018.

It is a new EU directive and it is aimed to create a level playing field, for insurance intermediaries and the distribution of insurance, plus harmonise regulation across the EU. Its aim is to raise the standards of conduct, improve competition as well as improving customer protection.

All firm needs to understand the changes and have plans in pace to implement the changes.

Learning objectives:
By the end of the lectures, delegates will be able to:
- Understand the background and why the IDD is being implemented and who it applies to?
- Explain some of the key changes and what firms need to do including:
• Conflicts of interest
• Disclosure requirements
• Training of staff
• Sales practices

It will also give an overview of what firms needs to do with regards to product Governance and Oversight when designing new policies or schemes

Speaker biography:
Mike is a Director of Create Solutions (a specialist Training and Compliance Company for the general insurance Industry) and has spent the last 12 years helping brokers, Insurers, MGA’s and other regulated firms meet their regulatory responsibilities. He is a frequent contributor to the trade press and an expert on FCA compliance. Mike is a council member of the Manchester Insurance Institute, is a Past President of the IIM and is a member of the Association of Professional Compliance Consultants

The Future of Commercial Insurance Broking

The Future of Commercial Insurance Broking report was created by co-founder of Konsileo John Warburton alongside the CII and PKF Littlejohn. This report takes a deep dive on how the commercial insurance industry has changed over the last 10 years, as well as looking 10 years into the future and how the industry could evolve over time.

Challenges of the current landscape are outlined, along with potential solutions and likely outcomes as insurance moves into the digital world to keep up with other industries and ever-increasing customer expectations. The value of brokers in the value chain is discussed along with potential methods for brokers to future-proof their career and improve client relationships even further than traditional methods commonly used today.

Learning objectives
- What is the current state of play in the commercial broking market and what is driving change
- What clients want from technology and their broker contacts moving forwards. How current client service models work
- How will technology change things for brokers?
- Lead Generation moving forwards
- The Internet of Things: What opportunities does this represent
- How will Insurance Career Development change in the future

Speakers Biography
John Warburton:
John founded Konsileo, a commercial insurance broking startup, with tech veteran Peter Henderson in 2015. John's insight behind Konsileo is that there is a wealth of opportunity to use technology to: help businesses manage risk; transform the efficiency of the broking process; and to build a self-managing broking organisation. John is a regular commentator on insurance technology issues, particularly broking technology, notably in the recent "Future of Commercial Insurance Broking" report for the CII.
Laura Smith:
Laura Smith is an experienced all-round marketer with proven success in digital marketing skills including social selling; currently Marketing Manager for Konsileo (an insurance tech startup and commercial insurance broker) setting brokers up for success using social selling tools alongside the Konsileo broking platform.