Security Firm Finds Flaws in Indian Online Insurance Broker

NEW DELHI (AP) — Last month, a small cybersecurity firm told a major Indian online insurance brokerage it had found critical vulnerabilities in the company’s internet-facing network that could expose sensitive personal and financial data from at least 11 million customers to malicious hackers. The little-known firm followed the standard ethical-hacker playbook, giving Policybazaar, the … Read more

Honan start-up specialist upbeat despite tech speedbumps – The Broker 3 – Insurance News

Modern Risk Solutions, a Honan-owned broker that specialises in arranging insurance for tech-focused clients, says current economic conditions are proving to be challenging for the sector as insurers re-adjust their underwriting criteria to account for the riskier business landscape. Account Director Geoff Stooke says starts-ups – or early stage ventures – in particular are having … Read more

Brokers encouraged to take on ‘neglected’ PI cover for tradies – The Broker 3 – Insurance News

Brokers encouraged to take on ‘neglected’ PI cover for tradies 11 August 2022 BizCover has called on SME insurance brokers to increase their attention on professional indemnity (PI) cover to help protect electrician, plumber, and carpenter clients from hefty liability costs. It says the often-neglected cover offers protection for trades that offer advice in their … Read more

‘Technology to accelerate decline in insurance broking jobs’ – The Broker 2 – Insurance News

Adoption of new technology will accelerate a decline in the number of insurance broking jobs over the next decade, according to new research. The number of insurance brokers in Australia will fall from 22,960 to 19,080 in 2032, with technology responsible for the loss of 7420 jobs that would otherwise have been created, Faethm by … Read more

AUB ‘right new owner’, says Tysers CEO – The Broker 2 – Insurance News

UK Lloyd’s wholesale broker Tysers sees opportunities for further expansion following its acquisition by AUB Group, which announced in May a deal to buy the business for $880 million. “[AUB is] brilliant at doing retail, [it has a] brilliant retail broker network and the combination for me was very powerful,” Tysers CEO Clive Buesnel says … Read more

Broker complaints decline sharply, AFCA figures show – The Broker 1 – Insurance News

Broker complaints decline sharply, AFCA figures show 11 August 2022 Complaints against general insurance brokers fell about 41% last financial year, latest data from the Australian Financial Complaints Authority (AFCA) shows. The number of complaints received dropped to 251 compared to 425 previously, AFCA told “There could be different reasons why we have seen … Read more

Suncorp sees scope to boost commercial market share – The Broker 1 – Insurance News

Suncorp sees opportunities to boost its share of the commercial market as it moves forward as an insurance-focused company following the decision to divest its banking arm. CEO Steve Johnston says Suncorp has a very established commercial market share in New Zealand while it’s underweight in Australia relative to key competitors and compared to its … Read more

What to do when you’re a broker facing margin compression

Stoy’s gritty determination and no nonsense, pragmatic approach has so far served him well. He was, after all, voted mortgage advisor of the year by the North Carolina Home Builders Association in 2021, an accolade that came hot on the heels of a grueling mortgage deal involving a couple, their eight children and a 2,700-mile … Read more

Set for November: compliance body spotlights code changes – The Broker 3 – Insurance News

Set for November: compliance body spotlights code changes 4 August 2022 The Insurance Brokers Code Compliance Committee has released a paper comparing the 2014 code of practice and the revised version that comes into force later this year, highlighting the significant differences. “The new and improved code of practice contains a number of important changes … Read more