Dear All,
I feel it is important to share with you on the duty of disclosure when buying an insurance policy. I will also restate some of the points of law regarding disclosure of material fact in insurance.
A fact is material if it will influence a prudent (reasonable) underwriter in deciding whether to accept a business and in what terms. In some instances, the insurer would be able to repudiate liability due to non-disclosure by the insured or avoid the contrac altogether.
Why does the law impose the duty of disclosure in insurance contracts but not in other types of contracts? (I want to believe you still remember). Well, a quick answer to that is while the subject matter of other contracts can be seen & inspected by all parties, the subject matter of insurance is best known by the proposer and should therefore demonstrate uthmost good faith (uberrima fides) in dealing with the insurer. Other contracts (including insurance) can be affected by misrepresentation but only insurance is subject to disclosure requirement.
while other contracts are governed by the legal maxim 'caveat emptor', insurance is based on 'uberrimae fides'.
Below is the full guide.
http://www.insurancehound.co.uk/download/airmic-guide-disclosure-material-information-business-insurance-14585?EDID=QNJ3251-V14HW-KQ9Y8O-ED1ZB-2CH91-v1
Thursday, 20 September 2012
Thursday, 9 August 2012
NAICOM SUSPENDS TWO INSURANCE COMPANIES & A BROKING FIRM
NAICOM, according to the release signed by Deputy Commissioner (Tecnical), Ibrahim Hassan on August 7, 2012, has suspended Alliance & General Insurance Company Ltd, A&G Life Insurance Plc and Fidelity Bond Insurance Brokers from transacting further insurance business for a period of six (6) months with effect from August 6, 2012.
the reasons given includes:
It may interest you to know that the three companies have common ownership.
Please visit http://www.naicom.gov.ng/News.php?new=264 details.
the reasons given includes:
- failure to comply with relevant provisions of the National Insurance Commission Act 1997 and Insurance Act 2003;
- non-rendition of accounts;
- misrepresentation and non-disclosure of liabilities;
- non-remittance of premiums and commissions, and
- corporate governance abuses.
It may interest you to know that the three companies have common ownership.
Please visit http://www.naicom.gov.ng/News.php?new=264 details.
Friday, 22 June 2012
Thursday, 21 June 2012
Disconnected Customer Channels: Research Reports
Pitney Bowes Software has undertaken a major piece of research into the current state of customer communications channels. Research consultancy Opinion Matters conducted a survey of 250 CMOs and Marketing Directors in B2C companies with 1000+ employees across the UK, France and Germany; within Financial Services, Telecoms and Utilities. The aim of the survey was to discover how well integrated marketing strategies and market channels are and how relevant and consistent customer communications are across these channels.
Technology has provided a dizzying array of new communication channels that mean that we can receive information continually - "Always On Marketing". This increase in channels is no less pronounced in the corporate world where the research tells us almost all the organisations we surveyed are engaging to some extent with social networks to reach consumers, where more are starting to use Facebook, Twitter or LinkedIn for marketing in conjunction with traditional channels.
With this ever growing number of channels being used, the survey overwhelmingly shows that the corporate preference is to have these channels integrated. However, it also shows that while this is an active goal the majority are still some way short of reaching integration. Barriers to achieving this include a lack of strategy, concern over channel security, inability to be consistent across channels and fear of confusing customers.
As a result customers are being lost though fragmented and inconsistent communications. For example, during on-boarding large numbers of customers are lost for many and varied reasons including fragmented ownership, no pertinent follow-up, and perceived lack of customer understanding.
The survey also looked at the sorts of practices that will drive greater customer engagement. For example the survey found that only a small minority of call centres are using predictive analytics and on screen prompts when talking to their customers, therefore missing the opportunity to engage more relevantly. Furthermore less than a quarter of organisations use location intelligent systems to provide specific location-based offers and services to their customers. Operationally the majority of organisations do not use sophisticated segmentation techniques, such as randomised control groups, to measure campaign effectiveness.
In this information age customers expect to be understood by their suppliers. They have preferences not only in what they want but in how and when they wish to engage. In order to achieve this, companies must ensure co-ordinated and integrated communications to place themselves in a position of advantage in terms of driving customer satisfaction, loyalty and therefore revenue. The research, however, suggests that for the majority of companies this standard of engagement is still some way off.
Get the report here http://www.insurancehound.co.uk/abstract/disconnected-customer-channels-research-report-13663?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-FDL5H-v1
Technology has provided a dizzying array of new communication channels that mean that we can receive information continually - "Always On Marketing". This increase in channels is no less pronounced in the corporate world where the research tells us almost all the organisations we surveyed are engaging to some extent with social networks to reach consumers, where more are starting to use Facebook, Twitter or LinkedIn for marketing in conjunction with traditional channels.
With this ever growing number of channels being used, the survey overwhelmingly shows that the corporate preference is to have these channels integrated. However, it also shows that while this is an active goal the majority are still some way short of reaching integration. Barriers to achieving this include a lack of strategy, concern over channel security, inability to be consistent across channels and fear of confusing customers.
As a result customers are being lost though fragmented and inconsistent communications. For example, during on-boarding large numbers of customers are lost for many and varied reasons including fragmented ownership, no pertinent follow-up, and perceived lack of customer understanding.
The survey also looked at the sorts of practices that will drive greater customer engagement. For example the survey found that only a small minority of call centres are using predictive analytics and on screen prompts when talking to their customers, therefore missing the opportunity to engage more relevantly. Furthermore less than a quarter of organisations use location intelligent systems to provide specific location-based offers and services to their customers. Operationally the majority of organisations do not use sophisticated segmentation techniques, such as randomised control groups, to measure campaign effectiveness.
In this information age customers expect to be understood by their suppliers. They have preferences not only in what they want but in how and when they wish to engage. In order to achieve this, companies must ensure co-ordinated and integrated communications to place themselves in a position of advantage in terms of driving customer satisfaction, loyalty and therefore revenue. The research, however, suggests that for the majority of companies this standard of engagement is still some way off.
Get the report here http://www.insurancehound.co.uk/abstract/disconnected-customer-channels-research-report-13663?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-FDL5H-v1
Private motor insurance: Report on the market study and proposed decision to make a market investigation reference - May 2012
This market study launched following a call for evidence on the UK private motor insurance market. The information gathered gave the OFT reasonable grounds for suspecting that there are features of the UK market for private motor insurance that are preventing, restricting or distorting competition.
You can get the report here http://www.insurancehound.co.uk/abstract/private-motor-insurance-report-market-study-proposed-decision-market-investigation-reference-2012-13633?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-4VQ8E-v1
You can get the report here http://www.insurancehound.co.uk/abstract/private-motor-insurance-report-market-study-proposed-decision-market-investigation-reference-2012-13633?EDID=KQY98VR-C5XZV-30C8E9-Q3PJH-4VQ8E-v1
Insurers ‘less exposed than banks to Greek euro exit’
Insurance companies are less exposed than banks to the contagion risk that would be triggered by a Greek exit from the eurozone, Fitch Ratings said today.
http://www.theactuary.com/news/2012/06/insurers-less-exposed-than-banks-to-greek-euro-exit/
http://www.theactuary.com/news/2012/06/insurers-less-exposed-than-banks-to-greek-euro-exit/
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