Is the Insurance Act really that onerous?

Insurance ActThe Insurance Act Reform 2015 comes into force in August 2016, giving insurers and brokers 18 months to prepare for the changes. However, we’re pleased to say that we are already compliant with the reform and so you and your customers will start to benefit from the changes. Designed with good intentions, the reform is to create a level playing field between insurer, broker and customer. Although the reform may seem onerous, it’s about strengthening our relationship, ensuring the right questions are asked to provide clear products and solutions to the requirements of the customer.

As well as policy wording changes, which are now available online, the reform involves behavioural and cultural changes in the way insurers and brokers do business – something we’ve been demonstrating for some time.  We’re keen to work with like minded brokers who want to balance the responsibilities and obligations they face to bring the industry into the 21st century.  The reform is about treating customers fairly in the truest sense along with protection for those who get it right.

commercial underwriting teamKevin Hawkins, Head of Property and Liability Underwriting said I’m pleased with how quickly our business has been able to adapt to the reform. The cultural and behavioural change required by the industry gives us the opportunity to show how we’re looking at ways to improve the service and security we provide to our customers.”

Categories: Commercial Lines

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