Insurance is all
about managing risk so it seems appropriate that the latest edition of Insurance People casts more than an interested eye over initiatives that are aimed at those
facing risk and those trying to manage it.
Fraud is a relatively
new risk for insurers but growing fast. Paul Priestley,
Head of Counter Fraud at Hastings Direct believes the best way to mitigate the
risks of fraud is by applying more focus at the application stage. He contends
that stopping potential fraudsters getting on the books in the first place
offers significant rewards in both time and money.
Another emerging
risk is cybercrime. Unheard of a decade ago, Iain
Ainslie (right), Head of Technology and Cyber
Liability at Ace European Group, explains that it is spreading fast. Once
considered a problem large, high profile companies faced, it has now moved into
the SME sector. He points out that if it is not managed correctly it can
devastate a business.
Bobby Chopra, IT Director at Autoglass Windscreens
cites the introduction of robust systems as a significant contributing factor
in eliminating fraud in his market. He thinks that adopting the right systems
has the added benefit of enhancing customer service too.
Another side to
the risk management debate is how insurers and brokers can help their clients
manage risks. Mark Preston (left), Head of Safety at
Cardinus Risk Management suggests starting with things that are within their
control, like slips and trips. He says the focus should be on prevention rather
than blame and that some very simple steps can help employers to avoid the
potential fallout from slips and trips.
Talking of slips Alan Cleary, takes the opportunity to remind
Insurance People of the many slips, to his eyes, that we make and offers some
sage advice on how we might avoid them. There is a liberal supply of Latin for
those who refuse to believe it is a dead language.
Adam Tuson, Managing Director at Number1, provides
some advice on a different type of risk – being ignored on-line. He explains
how effective SEO – search engine optimisation – can be achieved so that
prospects see your business when they do an Internet search.
Terence Clark (right), at RWA talks about a different kind of
search – potential acquisitions - and the need to build FSA procedures into
your process from the beginning if you’re thinking of expanding your empire.
Finally, Andrew Newman, the Insurance
People Editor offers an inside track on the Middle Temple. No, his
insight has nothing to do with the power of the mind but more to do with the
power of celebrity and a locked gate…
As always, industry experts write the features in Insurance People, which means you get insights that
you simply can’t find anywhere else. Insurance
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