Fair value – can this ever be achieved?

Do we need a standard set of insurer metrics (bit like RAG food labelling or the 1 to 5 ratings we see in establishments that serve food) as how can brokers value assess the insurer (when many share very little to evidence that their products do indeed provide fair value) and are commissions adequate for the work done by brokers or is greed able to creep in? Plenty of fundamental questions then!

The FCA has issues with the industry who they consider have been unable to evidence this - why is this? This talk looks at what it is fair value, why are we struggling and whether pricing professionals are to blame or if institutionalised greed comes first - we all have a moral duty to our customers and what we do has a huge societal impact - how do we ensure our actions help rather than hinder?

With a very clear CII statement on personal ethical conduct, let's ensure we are doing the right thing for all our customers and thus be trusted as professionals.

Learning objectives – by the end of this talk, you will gain an overview of:-

* What is Fair Value and why the industry has struggled;

* Component aspects of pricing;

* Entrepreneurship v exploitation - where is the dividing line;

* CII Code of Ethics - why this is crucial.

This will be an interactive and wide-ranging talk and those attending will be actively encouraged to contribute with their own experiences and views and we will look at the differences in what is required between insurers and brokers and what feasibly is possible by all parties.

Speaker bio

I started my insurance career in 1987 and have worked across the sector including stints at PwC and GISC and have led my own consultancy practice since 2004 working closely with BIBA and the CII and have provided hundreds of well-received (even entertaining…) talks. I am a recipient of the CII’s Bridgewater Award for Exceptional Service, the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards in 2021. I am proud to judge various insurance awards and am a respected and sought after industry commentator who is widely quoted by the insurance press.

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