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This month
FCA Focus on Culture and Behaviour in General Insurance
The FCA believe that customers are buying unsuitable or poor value products; that insufficient or unclear information is being provided at point of sale and inappropriate sales tactics are the biggest contributors of customer harm and improvements in firms’ cultures, governance and oversight arrangements will ultimately drive the change that they require. This event will focus on the culture part of the equation. This talk is very much interactive and those attending will be encouraged to share their thoughts and experiences on the route to cultural maturity, motivators and what a good and healthy culture looks like.
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Cyber Insurance Update: Data Breach Cover in Practice
Cyber policies are unusual and contain a mix of covers, this session will take a look at what is typically covered and how policy response looks from the perspective of a leading breach response counsel team. It will also discuss common issues in practice for Insureds (and Insurers) and look at potential points for the future.
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HOW CONTRACT CONDITIONS CAN CHANGE THE LIABILITY OF AN INSURED AND WHY BROKERS MUST ADVISE CLIENTS ON THIS.
Many policyholders sign contracts without realising they are potentially exposing themselves to liabilities that are not covered by their insurances. Often these contracts are signed in order to either win business or obtain key supplies, either way they are extending their liability beyond the potential protection provided by the liability insurer. The webinar will include exploring the consequences of the Insurance Act 2015 for failing to make a fair presentation of risk with regards to contract conditions, and how failure to guide policyholders around this matter could lead to a claim being turned down and all cover cancelled.
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MOTOR INSURANCE ALL YOU NEED TO KNOW IN A NUTSHELL
We all purchase motor insurance for ourselves, and most brokers place it for their clients in some shape way or form, but how much do we really know about motor insurance. It has become so automated that many broker and insurer staff have forgotten the details of the cover, and some have never even been taught about the coverage, well this is opportunity to refresh and learn about this essential cover. A generation back most people's first taste of insurance was writing out cover notes and working through manual rating guides forcing staff to understand component parts of motor cover. This has now been replaced by big data and automation meaning less and less people have retained knowledge of this key cover. This webinar is presented by Alan Chandler one of the most popular insurance presenters in the UK. Alan will go through the key component parts of a motor policy, and it will include looking at what is actually covered under the main cover options. Alan will also explore how rating is evolving with big data which will transform the way motor insurance is rated.
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Global Threats Facing the Insurance Industry
What are the global threats facing the insurance industry right now and how are these impacting UK insurers and brokers? Today war, weather extremes and the cost of living crisis dominate public debate but the sector faces critical risks – cyber/AI/tech, regulation, climate change and human talent. Can the insurance sector effectively tackle any of them?
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Cocktail Masterclass
Join the IIB Social Committee for a fun cocktail masterclass. The evening will include a welcome cocktail, samples of component parts, then a change to try your hand. You'll learn 2-3 different cocktail styles, followed by a breakout networking session.
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PROFESSIONAL INDEMNITY INSURANCE – HOW CLAIMS CAN ARISE
This presentation provides an overview of professional indemnity insurance. It looks at the main case law underpinning the PI market, why the PI market is expanding in terms of number of policyholders needing the cover yet at the same time the capacity is decreasing. The webinar, presented by Alan Chandler, one of the most popular presenters in the UK, explores the problems posed by a claims made wording and the difficulty clients have going into retirement without adequate run off cover. The presentation also looks at ensuring the correct limits of indemnity are set.
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A PLAIN ENGLISH OVERVIEW OF CONTRACTORS INSURANCE
From small builder to plumbers through to large building firms there are an increasing number of contractors needing insurance, often due to the fact that building firms now take on contractors rather than employees. These contractors need professional guidance on their insurance needs, and this presentation will outline the main factors to be taken into account. As an example, would a small building firm really understand the difference between labour-only and bona-fide sub-contractors, if they do not have a broker they are in big trouble, as the Insurance Act 2015 says they must make a fair presentation of risk, without help how do they do this?
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INFINITY RELIANCE JUDGMENT
One of the most important judgments in recent times relating to Bi insurance was made in the Infinity Reliance case, and brokers who fail to change their proceedings risk large Pi claims against them going forward. This case has shown brokers are very exposed to the following three areas: 1. If indemnity wordings are used rather than declaration linked. 2. Any broker guidance note must reflect the actual policy wording. 3. AICOW must be discussed when there are unusual exposures. Average was applied by Aviva to the Bi claim following a large loss, and the broker was held liable for most of the shortfall, which was nearly £3m, due to their failure on the above three points. This webinar, presented by Alan Chandler, one of the most popular presenters in the UK, looks to understand how brokers are exposed following this judgment and how to take practical steps to ensure the right procedures to mitigate these exposures. This webinar is a must for all broking staff and has significant relevance for underwriters and claims staff also.
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Consumer Duty Update and New Rules on Multi-Occupancy Insurances
The session will cover Consumer Duty updates as well as the new rules that are effective from 1 January 2024 on multi-occupancy buildings insurances following intervention by the government – these new rules impact over 5 million leaseholders who are defined as stakeholders and firms have to act in their best interests. Insurers and brokers will also need to provide information about policies to leaseholders, including details of all remuneration and placement. We will also cover the Leasehold and Freehold Reform Act which has banned commission sharing.
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VULNERABLE CUSTOMERS
The FCA have found following a thematic review that vulnerable customers are often not treated fairly. In fact, many Insurers pricing models have taken significant advantage of these customers, often the more vulnerable the customer the more the insurer has loaded rates at renewal. Some of the UK's largest institutions have been guilty of proactively targeting these individuals and the regulator has had enough of Insurers and brokers balancing their books on the most vulnerable in our society.
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Summer Networking Event
Following last year's success, the IIB invites you to our third annual Summer Networking Event, (hopefully) enjoying a drink in the sun! We have reserved both indoor and outdoor spaces at Armada House with exclusive use of their brand new roof terrace. Welcome drinks are provided and entry is free, but there is limited space so please RSVP ASAP.
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PFS Summer XCHANGE 2024 - Real World Opportunities Bristol
Welcome to Real World Opportunities – the second series of events within the 2024 XCHANGE programme. Join us for a host of insights into The Budget, AI, Technology and Sustainability – all with the purpose of sharing multiple real world planning opportunities with you. Come along to hear from a host of speakers and subject matter specialists including: Sarah Adekola, Carla Brown, Derek Mills and Tony Wickenden
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UNDERSTANDING THE IMPACT OF BOTH INFLATION AND THE OGDEN RATE ON LIABILITY SETTLEMENTS AND WHY LIMITS OF INDEMNITY NEED TO BE REVIEWED
Brokers, if you do not understand the long-term implications of a negative Ogden in the marketplace then you will be failing your clients – this presentation will help you understand why parliament’s decision to create and stick with a negative Ogden rate has an impact on ALL major liability injury claims.
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THE SIX MAIN LEGAL PRINCIPLES OF INSURANCE
All staff working in the insurance industry should have a practical working knowledge of these principles and this one-hour webinar delivered by Alan Chandler, one of the most popular insurance presenters in the UK, will provide the practical knowledge of these very important pillars that underpin our industry.
View event detailsAN OVERVIEW OF MOTOR TRADE INSURANCE
The presentation, provided by Alan Chandler one of the most popular insurance presenters in the UK, will provide an overview of the main covers for a Motor Trader and show where brokers make mistakes when setting up covers. Alan will explore the background as to why the motor trade market is hardening so badly and why rates will continue to rise. The presentation will also look into how a broker can help clients by getting motor traders to focus more on risk management.
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Emerging Risks. An Evening with DAC Beachcroft: Predictions for the Insurance Market 2024
The IIB welcome local companies and market leading experts to share their knowledge and deliver seminars on an emerging risk topic of their choice. We are thrilled to share with you that we have teamed up with one of Bristol's leading international law business, DAC Beachcroft! And are excited to welcome Paul Baker as our expert in the field and guest speaker for the evening. Join us on the 29th May from 6pm at the Armada house before we kick things off at 6:30pm. For those who wish to stick around and network, join us for some light bites and refreshments following the seminar!
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Summer Football Tournament
Will you be this year’s champions? Games are 5 a side and each team is guaranteed at least 2 games. It’s a great way to have fun with your colleagues as well as network with other members. Come along to see if you can bend it like Beckham!
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Engineering Insurance and Inspection
This is an hour’s presentation looking to provide a plain English overview of the Engineering insurance market, which is often shrouded in mystery and badly understood. We will look at both the inspection and insurance cover elements of Engineering insurance. Because engineering as a product is so misunderstood, there are enormous amounts of equipment across the UK that have no explosion cover despite the client having an 'All Risks' wording! The same problem applies to inspection where clients are often breaking the law by not getting an item inspected but do not realise this. For brokers this is a missed income opportunity and a significant professional indemnity exposure. This webinar, delivered by Alan Chandler one of the most popular presenters in the UK, is very appropriate for brokers, underwriters, claims staff and loss adjusters as well as anyone else who wishes to gain a greater understanding of the insurance marketplace.
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Annual General Meeting 2024
We need you! To get down to our AGM... Your local institute council invites you to attend their 2024 Annual General Meeting in order to hear first-hand reports from council members on previous and future activities and vote on the appointment of new council members for the forthcoming year. If you feel you could make a positive contribution to your institute, it is an ideal first step to becoming involved. Book your place today.
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