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They say that success begets success. It is also true that success puts you in line for more than your fair share of criticism. One disgruntled client can cause as much trouble for a company the size of Discovery Limited as for any other. And one media report, however inaccurate, can trigger an avalanche of scrutiny...
The Policyholder Protection Rules (PPR) dealing with rejection of claims requires insurers to notify a policyholder, in writing, of a decision to reject or dispute a claim or the quantum claimed. This seems simple enough, but be aware: Make sure that notice is properly delivered, says Sandra Sithole of Nqrton Rose South Africa.
The first two Treating Customers Fairly (TCF) outcomes – discussed in detail in the February and April editions of FA News – are high level overviews. The third outcome is more direct. It is a no-nonsense instruction that outlines the consumer protections the regulator wishes to achieve.
Approximately one in five businesses suffers a major business interruption each year. While it is not possible for companies to mitigate all of the risks resulting from a work stoppage, an effective Business Continuity Management (BCM) strategy can offer some protection.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?