Conduct Risk for Insurers: Responding to a Fundamental Shift in Regulatory Expectations

REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN
May 30, 2014
EMEA

Abstract

In conjunction with the Chartered Insurance Institute, Oliver Wyman interviewed 22 CEOs and senior executives from across the UK insurance industry to understand their views on, and response to, the Financial Conduct Authority’s Conduct Risk agenda. Participants covered a broad representation of the industry, including life insurers, general insurers, health insurers, and composites. This report presents our findings from the research and outlines the actions we believe insurers need to take in order to respond to the FCA’s main areas of concern.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Welcome

3

Executive Summary

5

1. The conduct era: more than just a risk type

7

2. Insurer perspectives and industry reaction

8

3. Moving beyond TCF

15

4. The response

22

5. The insurance industry working together

30

6. Conclusion

31

Appendix: List of participating firms

32

Who to contact

33

Sign in to download reports and access personalized information