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Transactor Global Solutions has been selected as the new system provider to specialist Household general insurance intermediary, Highworth Insurance, which focuses on home insurance that would normally fall outside the risk profile of a standard home insurance policy. 

Andrew Marchington, Managing Director, Highworth Cover Ltd. said, “We assessed the available software options on the market and felt that TGSL offered the best solution to meet our business needs. The combination of a robust policy administration system that could be easily adapted to our schemes together with the integrated web functionality was very difficult to beat.  From initial outline discussions to going live took less than six months.”

Highworth Insurance has launched into the mid/high net worth and non-standard home insurance markets. The company already has a number of specialist schemes, including high value home, landlords, holiday homes and non-standard construction, plus a number of bespoke schemes to quote and buy online. It is based in Poole Dorset and headed by former Castle Cover founder and Managing Director Andrew Marchington, where he is joined by former colleagues, Peter Leppington, who heads finance, and Anthony Burt, who leads operations.

Transactor supplies a hosted solution for all the company’s B2C websites, as well as a full enterprise system for website and call-centre support, including a complete range of back office software supporting a number of specialist schemes and utilizing various applications such as the Transactor MI Cube for reporting. All of the websites were built using TGSL’s Screenbuilder WEBB toolset, which integrates directly into Visual Studio, harnessing the full power of TGSL’s Microsoft architecture and allowing quick and agile deployment.

Ray Vincent, Chief Executive Officer, TGSL confirmed “We were delighted to win this order.  Andrew and his team are fully conversant with the technology options that are on offer in the market, having managed other high growth broking businesses in the very recent past. I consider the selection of Transactor for their new business as a very good endorsement of our business and its solutions. We will be doing everything we can to help them grow their new business successfully.”

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UK drivers overwhelmingly want to see the back of the personal injury (PI) ‘compensation culture’ that is now costing every motorist an extra £118 on their annual motor insurance premium, reveals Aviva in a new report issued today.

Aviva’s report ‘Road to Reform: Reducing Motor Premiums by Reforming the Personal Injury Claims Process’ is launched ahead of the Ministry of Justice Whiplash Consultation closing on the 8th March 2013. The report sets out Aviva’s proposals to improve the motor insurance PI claims system and reduce excessive costs that have contributed to premiums rising by 80% since October 2008. Aviva’s research has also found that if insurers handled claims directly, an estimated £1.5bn of excess cost could be stripped from UK motor insurance premiums.

Dominic Clayden, Claims Director at Aviva, said: “Our primary concerns are that injured parties receive care and compensation as quickly as possible and that all motorists benefit from a reduction in the excessive costs that have built up in claims over the past few years. We are campaigning for a more efficient system that removes the ‘interested parties’ and requires people to deal directly with the insurer of the at-fault party.

CUTTING WASTE FROM THE SYSTEM

Central to Aviva’s proposals for reform is its call for a legal requirement on PI claimants to contact the ‘at fault’ insurer in the first instance rather than going to or being referred to intermediaries including claims management companies and PI lawyers. This will result in a halving of the cost per claim as third party legal fees (average current legal fee is £2500 for a ‘typical’ whiplash claim) are removed from low-value personal injury claims, a saving that will benefit all motorists in reduced premiums.

Aviva’s research shows that there is no difference in the compensation awarded to the injured party if handled directly or via third parties. However, the multiple third parties that can get involved in a claim add significant cost in fees. Aviva estimates that handling claims directly will cut £1.5bn of excess cost, approximately 50% of the current cost of handling the 550,000 whiplash claims received by insurers every year. This cost reduction could lead to premium falls of around £60 a year for the average driver.

CARE RATHER THAN CASH COMPENSATION

Aviva also supports the introduction of a truly independent panel of medical experts to determine whiplash cases with a greater focus upon targeted rehabilitation, which consumers support.

Aviva research of over 2000 drivers revealed that almost 2 in 3 (63%) think that people seek compensation to get money to spend on whatever they choose rather than rehabilitation. This view is supported by Aviva’s research of almost 400 UK drivers who have made a PI claim; this revealed that only 33% of people spent their cash compensation on medical treatment or physiotherapy, others said it was used to pay off household debt (29%), to buy luxury items such as TV’s (12%) or to go on holiday (9%).  Other uses admitted to include buying a car, putting it into savings and paying for university.

WHAT DRIVERS THINK

Aviva’s research of UK motorists shows they identify a strong link between rising PI claims and rising premiums, with 95% saying unnecessary claims are behind premium increases. Additionally 94% blame the involvement of third parties and 93% the rise in whiplash claims specifically.

The changes that the majority of motorists back are as follows:

– No cash compensation for minor motor accidents where no-one was injured – simply the insurance cover for the cost of repairing the vehicle (85%)

– A preference for care above cash – insurers should provide access to rehabilitation for their injuries, not cash compensation (55%)

– A ban on excessive legal fees (69%) and the unnecessary involvement of lawyers or claims management companies (67%)

– Independent medical advisers not connected to the person making the claim to assess injuries (59%)

– Tighter regulation on how claims management companies and personal injury lawyers market their services (95% support)

– A removal or clamping down on exaggerated claims via more stringent procedures to challenge suspicious minor injury claims. (83% support)

Dominic continued, “Our figures for average compensation settlements show that dealing direct with an insurer directly results at least as much compensation for the claimant and has the advantage of being quicker – meaning their treatment and rehabilitation can start almost immediately. Our focus is on their recovery and settling their claim quickly and fairly. It would also prompt a significant reduction in the costs of the current system which would benefit all UK motorists, who will begin to see a reduction in their premiums.”

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It is announced that Nimbus Contractor Network has been launched, providing a network of repair contractors handling third-party impact claims on behalf of loss adjusters and insurers. In an innovative move, designed to improve the quality of repairs and contractor services, all claims are handled by expert contractors who have depth and capacity within their company, and the focus is on cost-saving through the use of skilled contractors to undertake repairs and avoid costly write-offs.

Nimbus has the ability to deal with any type of claim and under any circumstance. This includes disaster recovery and repair during catastrophic and major loss. All repairs undertaken carry a full guarantee and all work is audited by an external company to ensure the standards of workmanship fulfill all criteria set.

The firm will also deliver its service via a unique transparent fee structure, unparalleled in the industry, which enables all parties to see the fees charged, and assess fairness and value upfront.

Mark Livingstone, Director of Nimbus Contractor Network commented: “We aim to deliver the best service in the market, and have a particular expertise in the more technical claims, where we hand-pick specialist contractors to complement our day-to-day network of professional trades.  This combination enables the most demanding of repairs to be carried out. Our focus is to minimise the number of parties who become involved, which reduces confusion and results in a more efficient process of repair.”

“At Nimbus Contractor Network we pride ourselves on always being upfront with our customers, which is why we operate a uniquely transparent approach to both costs and repairs.  It is a point of pride with us that no hidden uplifts or percentage reclaim charges are ever included in our costs.”

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Friends Life announces the launch of a new suite of online tools for advisers to assist them in advising clients on long term care solutions, particularly those receiving or about to receive care.

The tools have been specifically designed to ensure customers receive tailored advice to suit their individual needs. After reviewing feedback from a number of advisers, Friends Life developed a Shortfall Calculator and an Investment Comparison tool to assist advisers in providing clear and appropriate recommendations on long term care solutions.

The tools allow advisers to calculate how much additional income is needed to fund care costs, producing a graphic to effectively illustrate the impact on capital if care is self funded, or if an immediate needs plan is implemented.

Brian Fisher, Long Term Care Marketing Manager for Friends Life, commented: “When giving advice on long term care solutions, advisers give careful consideration to financial circumstances, financial needs, priorities, the tax situation and risk profile. We have listened carefully to adviser feedback to ensure that the tools we have developed can make this process easier and more informative for both the client and the adviser.”

The Shortfall Calculator has been designed to take into consideration all care costs, income and outgoings which will be applicable at the time care is being received. It also calculates the likely shortfall in income. This allows advisers to give the relevant, tailored  advice, based on accurate financial information.

The Investments Comparison tool provides a comparison between purchasing an Immediate Needs Annuity and using an investment to fund long term care costs, helping IFAs to give the right advice to clients, depending on their circumstances.

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With research showing four million romantic couples expect to propose on Valentine’s Day each year, travel insurance specialist Columbus Direct encourages extra vigilance in protecting expensive jewellery on trips abroad.

The survey, conducted by American Express, also highlights that many couples are electing to go away for a short City break or jetting to an idyllic location to say “I do”.

Rob Thomas, Head of Marketing at Columbus Direct, said: “Valentine’s Day trips – particularly those that involve a marriage proposal – require even more thought and advance planning than normal travel.  However, while a couple may be preoccupied arranging the romantic details of their trip, we would encourage them to take extra care in preparing the practical aspects as well.”

“One important thing to consider is that if jewellery is being exchanged – either as a gift or in a marriage proposal – it will often be newly purchased and therefore uninsured. With the average price of an engagement ring approximately £1,800 and many travel policies having a limit of £200 for items lost or broken on a trip, we strongly urge couples to make sure jewellery is adequately insured before going abroad. Home insurance policies are often the best means for securing proper insurance for personal valuables like jewellery.”

“Alternatively, you might consider buying a cheap “temporary” ring to take on the trip, with the promise of something rather more special awaiting back home. And while recognising this may not be the most romantic gesture, it probably is sensible on a number of levels, including the fact that – according to a recent survey by the Diamond Trading Company – 80% of women want to be involved in choosing the ring”.

Columbus Direct tips on Valentine’s travel insurance:

– Check that all the destinations that you are travelling to, or through, are covered

– Ensure you have the correct type of insurance in place to cover items such as expensive jewellery, which may not be covered in your travel insurance

– Always keep a copy of your insurance policy details with you and saved in your secure email account as back-up. Keep any paperwork, such as tickets, receipts, medical bills, police reports in case anything goes wrong

– Make sure you have the name of your insurance company and the 24-hour international emergency telephone number on you at all times

– Check the FCO website www.fco.gov.uk/travel for country-specific advice. If you go to an area which the FCO advises against travel to, your travel insurance is unlikely to be valid

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A claims management company (CMC) has been shut down and two fraudsters jailed after the Insurance Fraud Bureau and Metropolitan Police exposed a ‘crash for cash’ fraud ring.

Appearing at Southwark Crown Court on Friday (1 February 2013), Andre Malagiac was sentenced to 12 months in prison after pleading guilty to conspiracy to defraud. Ion Vaduva received a four month prison sentence and had his car seized for his role as a stooge driver who deliberately caused crashes.

Officers from the Met Police Traffic Unit launched the investigation in November 2011 following intelligence that a CMC, Kami Claims Management, was organising induced accidents across London. Malagiac, Kami’s company secretary, helped to orchestrate the scams in collusion with stooge drivers, who were sent out to deliberately cause crashes with unsuspecting motorists, typically on slip roads or roundabouts.

The Metropolitan Police arrested Malagiac and Vaduva in June 2012, and working alongside the IFB and Ministry of Justice (MOJ), executed search warrants across London, including at Kami’s premises.

Ben Fletcher, Head of Operations at the Insurance Fraud Bureau (IFB), said: ”A joint investigation by the Metropolitan Police and IFB exposed a potentially multi-million pound fraud production line, which was masked behind the seemingly-legitimate front of a claims management company. Guilty pleas demonstrate the quality of evidence gathered by the Metropolitan Police, MOJ and insurance industry, whilst the convictions should send a clear message to fraudsters.”

In 2012, the IFB published a new report on ‘crash for cash’, which linked 1 in 7 personal injury claims to suspected organised fraud networks.

Ben Fletcher added: “The IFB was set-up to tackle organised fraud, which costs the insurance industry almost £400 million and inflates premiums for honest policyholders. The IFB’s job is to stop these scams at the source by taking out the criminal gangs plotting the frauds. We are currently working with police forces up and down the country on 44 major investigations into organised fraud.”

DI Dave Hindmarsh from the Metropolitan Police Service’s Traffic Unit said: “This operation demonstrates yet again the success of the Metropolitan Police’s partnership working. With the help of the IFB, MOJ and a number of insurance companies, we were able to bring these criminals to justice and stop many more innocent motorists from falling victim to this type of fraud.”

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AXA has welcomed the guidance provided by the Court of Appeal in its Judgment issued in the agreed set of ‘test cases’ in which evidence had been provided by Autofocus Limited.

Chris Voller, Claims Director at AXA Commercial Lines and Personal Intermediary, comments: “The complexity of the issues was reflected in the extensive written submissions to the Court and the three days of oral argument by Leading Counsel. We are pleased that the judgment has provided much-needed guidance for all those involved in the sector, and that there can be retrials on the question of rates and that fresh evidence can be adduced as to hire rates in order to determine an equitable resolution.”

He continues: “As regards the specific test cases and other similar past cases, AXA remains – as it has always been – committed to reach a negotiated settlement or resolution through mediation.”

The test cases, brought by Accident Exchange Limited, relate to an ongoing and industry-wide dispute between insurers and credit hire organisations about historic settlements of hire claims which were based on Defendant hire rates evidence provided by Autofocus.

Even though the Appeals on the test cases have been successful, the judgment in these cases will provide guidance on how late appeals against historic trial judgments involving such hire claims can now be dealt with by the courts. Ultimately if appeals on similar cases are now successful, they will go to retrial with fresh hire rates evidence.

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Case proceedings were issued following a staged road traffic collision between a minibus and car, all at full capacity, resulting in 19 personal injury claims being put forward, of which nine were litigated.  HDFU’s suspicions were raised by the high number of claimants involved, and the inception date of the policy for the car involved being only three days prior to the accident.

Once fraud was established, a counter claim for exemplary damages was issued. A further part 20 claim was issued against the mastermind behind the fraud, who was found jointly and severely liable in court, despite being the only individual involved not to have made a bodily injury claim.

The claimants were ordered to pay The Co-operative Insurance costs, monies owed for the repair of the minibus along with rarely awarded exemplary damages in the sum of £9,000.

Peter Oakes, Head of Fraud at Hill Dickinson says: “Hill Dickinson is pleased with the result of the case, with the exemplary damages acting as a prominent reminder that the industry is fighting back against fraud and that the significant time, effort and expense involved in investigating such cases and bringing these criminals to justice is being recognised. The deterrent message is strong – not only will you not succeed in making a fraudulent claim but there are wide reaching financial consequences if you attempt to do so.”

John Martini, Motor Claims Fraud Manager at The Co-operative Insurance commented: “This was a substantial and highly organised fraud and we are very pleased that those responsible have been called to account. For a long time honest consumers have had to pay the price for exaggerated claims made by a dishonest minority of people. We welcome the industry’s tough approach to fraud, and will continue to play our part in tackling cases such as this so that as an industry we can bring down premiums for motorists and homeowners.”

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Insurance software house Transactor Global Solutions (TGSL) is to strengthen its Board with the appointment of a Chief Operating Officer (COO). This will be a new role for the company and follows sustained growth across its range of operations, the acceleration of new business acquisition and the appointment of Mark Ryder as Finance Director from 1 January 2013.

Ray Vincent, Chief Executive Officer, TGSL, said, ‘We are at the beginning of a fresh chapter in the Transactor story, where the market has recognised the importance of new technology and modern architecture. When this is coupled to strong functionality and configurability, the result for the customer is self-empowerment and agility, which all leads to lower operating costs and faster response to change. This is driving call-centre, scheme broker, MGA, and provider businesses into system change at an accelerated rate.

“Transactor is now seen as the software leader across a range of market sectors. Whilst the COO position is new to Transactor and vital to our business objectives, we need to keep the can-do chemistry of the current Board and business working, so we are looking for a very capable individual with the appropriate experience in our sector.

“They have to be up to speed with regard to the insurance market and the forces that are driving change. They also need to have experience in the rollout and support of new solutions in volume and the delivery of high quality services across the whole spectrum of software house operations. We are looking particularly at supporting increased capacity, flexibility and efficiency, by ensuring quality planning and control systems continue to be effective, so that we can carry on delivering on time and to cost.”

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According to catastrophe modeling firm AIR Worldwide, flooding has hit parts of eastern Australia, forcing thousands of residents to evacuate their homes. The heavy precipitation over the past week is associated with ex-tropical cyclone Oswald and was enhanced by a monsoon trough, an elongated area of low pressure that moved south along the Queensland coast into New South Wales. Floodwaters cut off rural communities, damaged homes, caused massive power outages, and disrupted coal mining operations. Water levels are slowly receding on most rivers, but dozens of flood warnings still remain in effect across the region.

“The remnants of Cyclone Oswald, which formed in the Gulf of Carpentaria in northern Australia 11 days ago, have dumped copious amounts of rainfall both near its landfall location and along an extended stretch of the eastern coast of Australia,” said Dr. Peter Sousounis, senior principal atmospheric scientist at AIR Worldwide. “Despite weakening below tropical cyclone status, heavy rainfall has been observed along the entire east coast as the slow moving system, enhanced by a monsoon trough, tracked south and east along the coast.”

According to NASA’s Tropical Rainfall Measuring Mission (TRMM) satellite, ex-tropical cyclone Oswald has dropped over 600 mm (~23.6 inches) of rain in areas of the Cape York Peninsula where Oswald initially made landfall. As the remnants tracked south, heavy rainfall has continued along the coast, with more than 300 mm observed over portions of northern Queensland, and more than 400 mm north of Brisbane in southern Queensland.

Rainfall in the coastal Queensland city of Gladstone exceeded its previous monthly record in just four days, reaching 819.8 mm. Another four-day rainfall record was set in the Tweed Catchment of the Upper Rous River in New South Wales, where 1027 mm was recorded between January 26 and January 29.

Sousounis noted, “The most severe of the flooding occurred in the Burnett River catchment area near the Queensland coast. River levels exceeded 9.5 meters, surpassing the height reached during the last significant flood in December of 2010 by 1.5 meters. The city of Bundaberg (estimated population of 71,000) experienced its worst flooding in recorded history, with 2000 homes and 200 businesses reportedly affected by floodwaters.”

The impact on the capital of Queensland, Brisbane, approximately 370 km south of Bundaberg, was less severe than feared as the Brisbane River peaked to 2.2 meters, nearly half a meter lower than predicted. Minor flooding occurred in low-lying areas of the central business district, but thus far, no flooding above the floorboard has been reported. The flooding, however, has forced a water treatment facility to shut down, causing a water shortage in the city and in surrounding suburbs. In 2011, approximately 22,000 homes were flooded in Brisbane as the Brisbane River reached a height of nearly 4.5 meters.

“Southwest of Brisbane, residents of the town of Ipswich anxiously watched as water levels on the Bremer River rose, peaking to a height of 13.9 meters on Monday night. This was far below the January 2011 height of 19.4 meters, and the town was spared from significant flooding.”

In southeastern Queensland, some flooded homes have been reported on the Logan River, which is expected to peak early Wednesday morning in the town of Waterford. According to Australia’s Bureau of Meteorology, this is expected to be the most significant flooding on the Logan River in more than 20 years.

Farther south, in the town of Grafton in New South Wales, the Clarence River rose to a peak of more than 8 meters, the highest since recordkeeping began in 1839. Effective flood defense mechanisms, however, have thus far protected most communities in New South Wales from significant flooding. Sydney is not expected to be affected by the flooding.

According to AIR, these latest floods are reminiscent of the devastating 2010-2011 Queensland floods, but the impact is expected to be far less severe. Two years ago, floods covered more than half of the state, and economic losses were estimated at AUD 30 billion. Insured losses totaled AUD 2.4 billion resulting from an estimated 60,000 claims. As of June 2012, The Insurance Council of Australia (ICA) reports that approximately 65% of homeowner’s policies in Queensland and 77% of policies nationwide include coverage for flood.

As water levels recede, the most severe of the flooding appears to have passed.

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Increasing demands from regulators, investors and other stakeholders for stringent data management controls at financial institutions has helped ClusterSeven report record profits for 2012 – net income up over 40% year-on-year to over £0.4m on record turnover of over £3.3m.  

Ralph Baxter, CEO at ClusterSeven, said: “We are entering a new phase in the debate about ‘Big Data’ as evidenced by statements from both the Financial Services Authority in the UK and, in January this year, the Basel Committee on Banking Supervision. These are focused on how insurers and banks respectively manage and control their business-critical databases and spreadsheets.  Last year saw regulators wake up to the fact that spreadsheets continue to be used extensively by all financial institutions and that the failure of many businesses to fully understand, control and monitor data held in spreadsheets leaves them – and their stakeholders – worryingly exposed to unacceptable risks.

“ClusterSeven has understood this absolute and fundamental use of spreadsheets by the world’s blue-chip institutions since it was founded in 2003, and I’m delighted to see that this is being corroborated by market and regulatory developments towards best-practice data management.  The citation by the Basel Committee on Banking Supervision in particular was the first time that spreadsheet management has ever been specifically referenced at such a high level, a watermark in the approach to spreadsheet risk.”

London- and New York-based ClusterSeven was one of the first firms to identify how strategically important spreadsheets are to modern businesses and financial services institutions.  It has developed a range of market-leading software products that provide oversight and transparency of a firm’s databases and spreadsheets, giving functions such as finance, risk, and internal audit full confidence in the integrity of their firm’s data while also offering substantial savings on the time and resources used to check data processes and accuracy.

Ralph Baxter, CEO at ClusterSeven, said: “Regulatory momentum is set to continue in 2013, and we fully expect further announcements from supervisors and authorities regarding how financial institutions control their data systems and spreadsheets.  IT architectures were inadequate during global financial services crisis; the sentiment is now that the internal audit and other key functions should assess the effectiveness and efficiency of the internal control, risk management and governance systems and provide assurance on these systems and processes.

“This focus is about the end-to-end data process: where data comes from, how firms check it is correct, how they then use it and store it, who accesses it, and how it feeds into a firm’s balance sheet. Some institutions are managing millions of separate Excel or similar data files, with more being initiated every day, and it is clear that regulators and other stakeholders are demanding that institutions such as banks and insurers to have 100% total control of these vital – but insecure – files.”

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Commercial insurer NIG has launched TheHub, a full-cycle eTrading platform for commercial brokers.  Building on NIG’s reputation for eTrading and following recent investment in technology, TheHub represents a step-change in functionality for NIG and its broker partners.

TheHub replaces nignetwork.com and is at the heart of NIG’s new eTrading offering for brokers, which is built on three key areas:

– ‘ease’ – platform: a full-cycle trading offering with the ability to buy, amend and renew online;

– ‘excellence’ – products: enhanced package products that have been designed to trade online, with further new ‘eProducts’ being delivered throughout 2013;

– ‘expertise’ – service: specialist eConsultants and underwriters at the NIG eTrading Centre in Peterborough.

From the outset brokers will be able to trade four enhanced eProducts on TheHub – Residential Landlords, Commercial Landlords, Tradesman and Professionals, with further product launches throughout the coming year.

Ben Thornton, Director of Broker eTrade at NIG, said: “Our eTrading proposition has been designed through extensive consultation with brokers and is built around their needs.  We believe TheHub will help them win and retain more business as well as deliver an improved service.  We’ve designed it to be straightforward and intuitive to use, saving time for brokers, and helping them focus on growing their business.

“eTrading has always been a core competence for NIG and we’ve continued to invest in and develop our packages and eTraded business.  Simultaneously we have been investing in our people which are a vital part of NIG.  We have invested in staff and training, up skilling and hiring where necessary.  We will work with brokers to make sure they and their business get the full benefit of our investment.”

TheHub builds on NIG’s proven eTrading track record and incorporates the simple and straightforward functionality brokers have come to expect from NIG.  Brokers will be able to move seamlessly between the old and new systems and be able to transact existing products.

 

Jon Greenwood, Managing Director at NIG, said: “We’ve always been proud of the strength of our eTrading offering, but this new proposition will enable us to reach the next level of service excellence.  We have built a quality offering and I’m very excited about the prospects for the year ahead.  The commercial insurance industry is continually developing, and our ability to listen to brokers and react boldly to match their needs is something that we see as a core characteristic of NIG.”

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Homeowners in London, Leeds and Bradford are the most likely in the UK to make a claim for theft or burglary on their home insurance policy, and are paying 20 per cent more for their home insurance, according to analysis by MoneySupermarket.

Moneysupermarket analysed 3.5 million home insurance quotes run on the site over 12 months as part of the MoneySupermarket Monitor on Home Insurance. Urban hotspots in London, Leeds and Bradford dominate the top 20 postcode districts most likely to have made a claim for theft or burglary from their home or garden.

The research found LS13 in Leeds, made up of Bramley, Gamble Hill, Moorside, Rodley and Swinnow, takes the top spot overall, followed by BD12 (Low Moor, Oakenshaw and Wyke) in Bradford. The suburb of North Finchley (N12) in London came third. Eccles in Manchester (M30) also featured in the top ten, coming in at number four, followed by Harold Wood, Harold Hill and Noak Hill in Romford (RM3) in fifth position.

At the other end of the scale, homeowners in SA9 in Swansea, SA62 in Pembrokeshire and LA14 in Cumbria are amongst those least likely to have made a claim.3

Further analysis of the impact on home insurance premiums shows that on average, householders living in higher risk postcodes will pay a fifth more for their cover, compared to the national average – or an extra £30 per policy annually.

Hannah Jones, home insurance expert at MoneySupermarket, said: “While there are clearly some areas of the country with a higher proportion of insurance claims for burglary than others, this doesn’t actually mean the area is “rife” with crime. Thieves often specifically target areas with wealthy residents, or quieter areas where there’s not a lot of passing foot traffic, where the rewards are potentially greater and the risk of being caught in the act may be lower. This year, the LS13 postcode in Leeds has taken the top spot for burglary insurance claims.

“Areas affected by higher rates of burglary insurance claims will see their premiums impacted – increasing by a fifth on average. Higher value properties could expect to pay even more than this. Insurers take a blanket approach to assessing postcode districts for home insurance premiums rather than looking at insurance applications on a case by case basis. So, although you may not have been a victim of burglary directly, you could be paying more for insurance if there are higher rates of burglary claims made within your postal area. The key thing is not to simply accept your insurance renewal – even if you live in a postcode which has a higher claim rate for burglaries, you can still save a packet by doing your research and switching to a better deal online.

“No matter where your house is, homeowners should take precautions when it comes to security – keeping doors and windows locked when you’re asleep or your home is unoccupied, installing timers on your lights and ensuring items of value are kept away from easy view through windows, are simple things that can reduce risk. Installing a suitable alarm system and having adequate locks on doors and windows could help bring your premium down, as well as increasing security. It’s also crucial to ensure your home contents insurance is fully up to date and is at a high enough level to cover all your belongings sufficiently as opportunistic thieves could strike at any time.”

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New online portal gives end users access to innovative Identity Protection services from Aria Assistance. The portal provides access to a range of practical protection services, advice on identity theft threats and how to counter them and, of course, contact details for practical help for people who become victims of ID theft and fraud. 

The Aria Assistance solution has been designed proactively to minimise the risks of Identity Theft to individuals, and then to provide comprehensive personal advice and support to mitigate costs and inconvenience if the worst should still happen. It is underpinned by personal telephone support from the Aria Assistance team, who will proactively maintain contact with the customer until all issues are resolved. The end result is an increasingly satisfied customer base and a unique value-add to Aria Assistance partners’ core products and services.

Recognising that the old model of some online checklists and forms is not fit for purpose in the modern digital age, Aria Assistance has teamed up with leading service and software providers to build a modular, white label solution that can be tailored, and priced, to suit its clients’ own customer bases. However, the Aria Assistance personal contact centre remains at the heart of the service.

Aria Assistance has teamed up with Equifax for credit reports, SentryBay for online anti key logging spyware and phishing protection and Experian DataPatrol which continuously monitors the wider web and social networks to immediately detect the theft, loss or disclosure of users’ vital personal and financial information. In addition, Aria Assistance can provide customers with access to legal advice through the existing partnership with Pannone LLP as well as CIFAS Protective Registration.

Aria Assistance commercial director Peter Dingle said: “Our line-up of reporting and software partners, coupled with our online advice services and resources, offers a comprehensive and strong barrier against the risk of Identity Theft. Combined with our unrivalled expertise in providing sympathetic and truly effective assistance, we believe it all adds up to an unbeatable package.”

Aria Assistance Identity Protection is offered as an assistance-only package. There is no insurable element to the service. “It’s not a compensation cheque that people want but prevention and, failing that, a quick cure,” said Dingle.

Patrick Leroy, Aria Assistance’s Chief Executive Officer, commented: “When we announced our launch of Aria Assistance we promised to bring new ideas and thinking to market – and we have not wasted any time in doing so.”

The bottom line is of course the practical help that people need if they fall victim to Identity Fraud, but this service recognises that much of the value of this service comes from prevention. The portal provides a shop window for the highest quality of advice from carefully-chosen and complementary providers, all of them recognised leaders in their field. The portal encourages the end user to engage with these services and to realise the added value they are being given by Aria Assistance’s business partners.

The core add-ons are:

SentryBay Personal Data Protection Suite

Personal Data Protection Suite is PC and laptop software that neutralises the two greatest threats to internet users – spyware that monitors your keystrokes and mouse clicks – and phishing scams that use fake sites to steal your confidential information. Keystroke logging and phishing are the cause of almost all data stolen from PC users.

Experian DataPatrol
Experian DataPatrol is part of a suite of identity protection services available from Experian Consumer Services, which help businesses and consumers manage the risk of data loss and ID fraud.

Experian DataPatrolcontinuously monitors the wider web and social networks to immediately detect the theft, loss or disclosure of users’ vital personal and financial information. Experian DataPatrol provides an early warning service, with instant alerts if users’ information is found online or in the public domain.

EquifaxCredit Report
Unlimited instant, easy online access to your up to date credit data including automatic alerts within 24 hours of key changes to your credit report.  Regularly checking your credit report to identify any unauthorised changes to the information is one of the best ways to combat identity theft. The service also provides monthly newsletters giving you ongoing advice and information.

CIFAS Protective Registration
Protective Registration allows individuals to seek protection against possible impersonation attempts, when they have good reason to believe their details may be used by a fraudster. For example: there may have been a violent crime or burglary in which your personal documentation has been stolen. Some requests follow a police or Citizens’ Advice Bureau recommendation. Applicants for the service are required to supply details – such as employment, telephone number, and length of time at the address. This information is held in the strictest confidence.

Pannone LLP Helpline Services
Pannone is a Top 60 law firm, recognised by both The Legal 500 Guide and The Chambers UK Guide as being ‘leaders in their field’. Based in Manchester and London, they provide a full range of commercial and consumer legal services nationwide. Pannone LLP is a limited liability partnership registered in England and Wales with number OC317202. Registered office: 123 Deansgate, Manchester M3 2BU.

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Are we doing enough to encourage a savings culture in Britain? Andy Zanelli, head of retirement planning, AXA Wealth, says we should do more.

“Today saw a very disturbing claim that those looking to save smaller regular amounts are being refused help on the high street, yet there seemed to be exceptions if you already had savings quoted at £50,000 or more*. Is this the first tangible evidence of the advice gap everyone predicted pre-RDR? More importantly, is this the outcome the FSA truly wanted from this customer driven piece of legislation?

“If you read this in conjunction with the Prudential’s research that claims Thousands of Britons planning on retiring this year will do so saddled with debts of more than £30,000 a stark picture seems to be emerging. We stand at a crossroads on the road to getting the nation saving; initiatives like auto-enrolment are a positive step, but the government needs to get the advocacy and engagement of advisers and employers quickly. A savings culture isn’t something that is going to happen overnight. It will take a massive mind shift for the average man in the street, but is crucial to a comfortable future. The best way to start this is with the teenage generation and embed a savings culture as a fundamental part of their life.

“On a positive note for those potential investors getting no luck on the high street it’s great to see direct, online investment propositions coming to market to engage with the technology generations. Clear, simple, easy to use technology underpinned with the core savings tax wrappers such as ISAs and OEICs complemented with a well-researched range of investment choices. Amongst the bad news, this is a ray of sunshine for millions who just need to know the solution is there.”

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Part-time workers could receive monthly statements telling them how much better off they would be if they increased their hours when the Government simplifies the benefits system.

They could also be sent texts telling them how working more hours or getting better paid work would leave them quids in when Universal Credit begins to be rolled out later this year.

And an online calculator could allow claimants to find out within seconds how much better off they would be from boosting their hours.

These are some of the ideas being considered as to how the Government can help low paid workers to increase their hours or move into better paid jobs under Universal Credit, Ministers said today, as they called for people to contribute other initiatives which can then be piloted.

Universal Credit will replace six different benefits and make sure work always pays by ending the current system which leaves some low paid workers worse off if they extend their hours.

For the first time Jobcentre Plus will be working with people already in work, and those part-time workers who are able to increase their earnings will be expected to take action to do so to make them less reliant on benefits – for example by looking for more hours or better paid work with their current employer, taking an extra job or finding a new job with longer hours or higher pay.

Minister for Employment, Mark Hoban, said:

“At the moment too many people are trapped working 16 hours a week by a system which means there’s no point extending their hours because they’d be worse off.

“Universal Credit will mean you’re always better off in work, so we want to find the best ways to help people increase their hours and boost their earnings so they no longer need to rely on benefits.”

Currently workers who claim tax credits or housing benefit have no expectations placed upon them to help them reduce their reliance on welfare. Under Universal Credit, working claimants who could reasonably be expected to increase their earnings will be expected to take action to do so.

There will be around 1m people who could reasonably be expected to earn more but choose not to when Universal Credit is implemented fully in 2017. People who cannot work full time – whether for caring responsibilities, illness or because they cannot find a full-time job, will continue to receive support.

Lord Freud, Minister for Welfare Reform, said:

“Under Universal Credit we will expect claimants to do all they can to improve their life prospects and reduce benefit dependency, such as carrying out job searches to find better paid work or increasing the hours they work.

“Today we are calling on employment experts to work with us to develop and pilot innovative ways for claimants to meet their commitments in return for their benefit. Text messaging and access to an online ‘better off’ calculator are just some of the ideas so far.”

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A survey among employer clients carried out by Best Doctors in association with Canada Life has revealed some interesting insights into the way employers look at benefits for their staff’s health and wellbeing.

Respondents were HR managers, HR directors or compensation and benefit managers of a variety of firms For the majority (29%) the main objectives of their workplace health benefits programme was integration of benefits. For 15% it was to differentiate and remain competitive, to tackle absence management and to attract and retain staff.

In respect of workplace health, many managers (18%) highlighted communications amongst their top three priorities. Absence management was still top at 32% but for 15% mitigating costs was key and return on investment was a priority for just 6% of respondents.

Dominic Howard, director Europe, Best Doctors said: “Our respondents confirmed that their primary objective was integration; ensuring their benefits worked in tandem with one another to ensure maximum efficiency with regards to communicating, lowering absence levels, employee appreciation and cost.

However when it comes to determining the importance of those objectives, by and large our respondents are looking for benefit communication to improve employee awareness to then positively affect staff retention and recruitment.”

The survey also found that e-based communications dominate the respondents’ attitudes to the most effective communication channel (29%). One-off activities such as induction packs and benefit fairs have been traditionally used to aid benefit communication, yet do not receive strong support in terms of the most effective communication tool. This could suggest that respondents may prefer regular and convenient opportunities to ‘drip-feed’ benefit information via email, meetings or posters.

Dominic Howard added: “Best Doctors can play a part in helping to accomplish company goals within each of the main workplace health objectives. Our account management strategy provides support, insight and engagement when communicating to employees. Our core aim of ensuring right diagnosis and right treatment by providing staff with access to world leading medical expertise addresses a wide range of medical conditions. Chief amongst these are musculoskeletal, neurological and oncological conditions where our intervention can potentially improve absence levels and lower healthcare costs. Some of the features of our proposition, such as extending access to our experts to certain family members, improve employee appreciation of Best Doctors, the employer and company benefits in general.”

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Life insurance respondents noted strong growth in business volumes and income values, lifting profitability, according to the latest CBI/PwC Financial Services Survey, launched today. General insurers also saw solid business volumes growth and volumes are expected to grow at an even stronger pace over the next quarter. Insurance brokers in contrast, recorded business volumes falls, disappointing expectations of continued growth within the industry.

Jonathan Howe, UK Insurance Leader at PwC, said:  “Life insurers report a huge upswing in sentiment. Buoyed by strong performance in the run up to retail distribution review (RDR) implementation, overall survey results represents the sector’s most confident response in more than three years.

“Life insurers’ mood has apparently been boosted by a strong quarter for business, not to mention a marked and very welcome reported increase in profitability. The sense of optimism may also reflect more intangible factors, such as relief at the delay of Solvency II.

 “General insurers are feeling slightly more confident, and are hoping for stronger rates through the commercial renewal season. Even so, weak investment returns remain a major and constant challenge to the industry.

“Even though M&A remains the subject of considerable debate within the industry, those surveyed do not expect to see a pick-up in deal activity during 2013. A growing interest in strategic partnerships is predicted as profitability continues to be a key pressure for general insurers.”

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Aviva has agreed a three-year deal with Tesco Bank, the insurance distribution arm of the global supermarket chain, Tesco, to provide private motor insurance to Tesco customers.

The deal will see Aviva join a small panel of existing insurers to offer motor insurance through Tesco Bank, who currently provides car insurance to over one million customers.

Janice Deakin, intermediary and partnerships director at Aviva, said: “We are delighted to be extending our relationship with Tesco Bank to offer motor insurance.

“This deal further strengthens our relationship with Tesco Bank, following the announcement last year that Aviva would also be providing life protection products, including life insurance and critical illness cover.

“Tesco shares our customer-centric values and carries clear brand strength that together will deliver real value to our partnership and to Tesco customers.”

Gary Davess, director of insurance at Tesco Bank said “Partnering with Aviva will help us offer competitive prices to more Tesco customers and at the same time provide access to quality motor insurance from one of the UK’s largest providers.”

The policies will be available through Tesco Car Insurance call centres and online, with the claims service provided through Aviva’s personal motor Centre of Excellence in Stretford.

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In its six-monthly The Credit Outlook report, Fitch Ratings says that the Eurozone crisis and US fiscal and debt challenges will drive the global credit outlook this year.

While the Outlook on seven of the 17 Eurozone member countries remains Negative, the ECB’s “Outright Monetary Transactions” (OMT) programme in early September effectively addressed near-term liquidity risks for troubled Eurozone sovereigns, buying time for the necessary but painful adjustments required to secure solvency. However, notwithstanding some progress on banking union at December’s EU summit, significant challenges still confront policy-makers, both in terms of moving towards greater fiscal and financial risk-sharing and in breaking the negative feedback loop between sovereigns and their banking systems. Policy complacency remains a risk for 2013.

The extended and unresolved US fiscal and debt ceiling negotiations will also be key to global risk appetite. The fiscal cliff has been avoided but difficult decisions have been deferred. The decisions on spending will now be taken concurrently with negotiations on the raising of the statutory debt ceiling which was reached on 31 December, with extraordinary measures expected to last until the end of February. Failure to reach agreement on raising the debt ceiling in a timely manner would undermine confidence in the United States as a reliable borrower and prompt a review of its ‘AAA’ rating.

Fitch expects the weak operating environment for banks to continue. Bank credit weakness is most pronounced in the Eurozone with a weak operating environment and continued sovereign challenges. The US situation is more stable, but profit pressures raise concern on execution of growth and expansion strategies. Support remains a key factor for 2013, but Fitch expects this to wane with developments of a banking union and resolution regimes.

The proportion of ratings with a Negative Outlook or on Rating Watch Negative remains high across many sectors, primarily driven by the unresolved Eurozone crisis. The cross-sector shrinkage of the universe of highest grade ratings (‘AAA’ and ‘AA’), which has occurred in the years since the start of the financial crisis, was arrested with little change in this group in H212. However, only 23% of sovereigns, 7% of financial institutions and 2% or corporates were at this rating level as at end-2012.

‘The Credit Outlook’ report provides an overview of Fitch’s outlook across all rated sectors and regions, identifying the main macro factors that will drive credit trends over the next 12-24 months. It is available on the Fitch Ratings web site.

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