Working in the hotel and hospitality sector comes with unique risks.
From front desk to back kitchen, protecting employees and customers is of paramount importance. And at the same time protecting those Tripadvisor reviews.
But for many hospitality owners or managers, the first time they find out that they are under-insured or non-compliant with health and safety regulations is when it’s too late – following an accident, a claim or an enforcement visit.
Yes, there is one. Really. Us insurers have our day on 28 June. The day after National Bingo Awareness Day.
Insurance isn’t renowned for being a hot topic round the dinner party table or down the pub. It’s a grudge purchase. A necessary evil. Something most people and businesses try not to think about until the dreaded renewal day – or in the event of an unwelcome accident or incident.
That’s when us insurers become the unsung heroes of the FS world. We’re there to save the day when the hammers come down.
Insurance in the UK rose like a phoenix from the flames around the time of the Great Fire of London, where the devastation drove some canny cockney to conjure the idea of property insurance.
From there sprang the many forms of insurance we know today – from home and motor to health, wealth and business liability to alien abduction, ghosts and body parts.
Yes, you read that right.
Insurance that’s out of this world.
If you have ghosts haunting your business, who you gonna call? Maybe your insurer wouldn’t be your first port of call, but believe it or not, some UK business owners have insurance policies to protect their business and employees from the spooky supernatural.
You may not believe in aliens, but it turns out that many do. One London company has sold more than 30,000 alien abduction policies throughout Europe.
Meanwhile, back on planet earth, Julia Roberts has reportedly insured her smile for $30 million, Beckham’s legs are protected by a $195 million policy and Keith Richards hands have a $1 million price tag.
National Insurance Awareness Day was created to remind people and businesses about the importance of their insurance plans and policies.
We couldn’t agree more. With over 30 years’ liability experience, we’re an old hand in the insurance world. Or so we thought.
Insurance actually dates back to 3000-2000 BC and was even found inscribed on the Code of Hammurabi, the first written laws.
Share that little known fascinating insurance fact at you next diner party or board meeting.
#nationalinsuranceawarenessday
Scaffolding businesses are essential to so many sectors as well as the most obvious construction industry. From building inspection and civil engineering to window cleaning, painting, TV production and events.
But working on suspended, aerial or supported scaffolding comes with many unique health and safety risks that can expose employees and the general public to H&S risks on a daily basis.
That’s why scaffolders need Irwell’s liability insurance that includes a health and safety compliance review tailored to the unique risks of each business.
From car sales and valeting to tyre fitting, repairs and maintenance, the motor sector is exposed to many unique health and safety risks.
Operating mechanical equipment, diagnostics and hydraulics, lifting heavy objects and working under heavy vehicles or fuel spillages and fire hazards can expose employees and customers to H&S risks on a daily basis.
That’s why motor businesses need Irwell’s liability insurance that includes a health and safety compliance review tailored to the unique risks of each business.
The commercial transportation sector is essential to so many industries, including manufacturing, construction and retail.
But transporting raw materials and finished products to and from facilities, tracking shipments and delivering goods to customers can come with many unique health and safety risks.
Operating potentially dangerous loading and unloading equipment, driving haulage fleets that can involve long and tiring journeys can expose employees and the general public to H&S risks on a daily basis.
That’s why logistics businesses need Irwell’s liability insurance that includes a health and safety compliance review tailored to the unique risks of each business.
World Day for Safety and Health at Work is observed each year on 28 April. The day helps to raise awareness about the prevention of occupational accidents and work-related ill-health.
All employers have a legal and moral duty to provide safe, secure and healthy working environments. However, for many businesses, the first time they find out if they are non-compliant with health and safety legislation is when it’s too late – following an accident, a claim or an enforcement visit.
The most recent HSE statistics for 2022/23 are cause for concern:
Health and safety matters
The construction and agriculture, forestry and fishing sectors account for the greatest number of workers killed in fatal accidents each year.
The most common causes of fatal accidents were falls from a height, hit by a moving, flying or falling object, and struck by moving vehicle. These accounted for around two-thirds of fatal injuries to workers and are dominated by male workers (96%) with 25% aged 60 and over.
Preventing or tackling work-related stress and injury can provide significant benefits to employers and employees. Improving employee safety, health, wellbeing and overall work experience leads to increased productivity, decreased absenteeism and reduced staff turnover.
Prevention is better than cure
That’s why Irwell’s liability insurance policies include SafeCheck – a health and safety compliance assessment tailored to the unique needs of each business.
SafeCheck only takes around an hour to help:
Watch this short video which explains how SafeCheck can help manage and minimise business risk in 4 simple steps
April 2024
Why nature-positive insurance policies make good business sense
Did you know that $44 trillion of annual economic value generation – that’s half of the global GDP – is directly dependent on nature?
But nature loss caused by climate change, land development, pollution, over exploitation of natural resources and declining biodiversity are already exposing businesses to many unprecedented risks.
That’s why the ABI is committed to raising awareness of nature related risks and opportunities for the insurance sector.
The facts make depressing reading. There has been a 70% drop in global wildlife populations since 1970 and 85% of global wetlands have disappeared. Here in the UK, a quarter of mammals are at risk of extinction and 84% of our rivers are in poor ecological health. The UK ranks in the bottom 10% of countries for biodiversity which is a shameful reflection of our environmental neglect.
This spiralling trajectory cannot continue. Nature provides food, water, essential raw materials and a natural ‘office’ environment in which businesses can thrive.
Mother nature means business
It’s not just the obvious travel and tourism industry that relies on mother nature to provide a monetisable landscape. From private landlords to manufacturing, food production, retail and leisure, nature helps protect all business sectors from extreme weather conditions. Flooding, freezing and heatwaves can all present risks to business operations, employees or members of the public. Not to mention the associated costs of insuring, protecting and repairing the fallout of natural weather extremes.
We are all well versed on the positive impact of nature on physical and mental wellbeing. But it’s invaluable, and often invisible contribution to business should never be underestimated. Nature is responsible for providing the raw materials required to keep the construction industry building, car manufacturers creating, restaurants reinventing recipes and hairdressers highlighting.
Natural liability insurance
The UK’s ambitious net-zero targets cannot be achieved with man-made innovation, legislation and new technologies alone. We also need nature to provide natural resilience by absorbing carbon from the atmosphere which will help reduce the number of nature-related risks.
Aligning nature protection and business strategy is not simple – it involves a range of sometimes complex and competing interests.
That’s why many businesses have not found it easy to understand and embrace their reliance on nature when it comes to developing their business risks assessments.
As nature-related claims frequency and costs are rising, how can business reduce their exposure to these risks?
The ABI has produced a Guide to Action on Nature. Here is a summary of 10 recommendations for conducting good, green business.
1. Learn best practice from early adopters within your sector
2. Identify which external organisations can give you relevant support
3. Incentivise nature positive behaviours with employees, suppliers, clients and customers
4. Finance through carbon credits and offsetting
5. Extend existing net zero strategies into nature positive strategies
6. Scale up investment in nature-positive businesses or projects
7. Identify short- and long-term priorities and set targets to reduce nature-damaging activities
8. Set up internal groups who will champion the guiding principles and accountability of nature initiatives
9. Sustainable investments in green bonds, high integrity nature-positive credits and voluntary carbon offsetting markets
10. Revisit plans and ambition levels based on changing landscapes – natural and governmental
How can insurers promote nature-positive policies?
Nature loss is one of the most critical issues facing our planet. It’s shocking decline not only threatens our entire eco-system, but it will also harm business and economic growth. No sector is immune from the impact. But every sector can help in reversing nature loss.
The insurance sector can also do its bit to support nature-positive initiatives. Here are just some considerations that could make a world of difference – to profits and the planet.
1. Incentivise insurance customers to take actions that reduce nature risk
2. Share advice on nature adaptation resilience such as how to protect buildings from flooding
3. Green business insurance innovation – from ecosystem insurance, specialised cover for environmentally significant sites and eco-businesses to insurance for providers and users of nature-positive credits and governmental grants
4. Champion underwriting specialists in sustainable projects and nature-nurturing businesses
5. Incorporate nature and environmental factors into business risk assessments
6. Join membership groups such as the ABI who will provide practical guidance on implementing ‘nature positive’ behaviours and business strategies. Their environmental fraud tackling expertise also helps address rural risks and crime such as illegal deforestation.
Nature-nurturing businesses and nature-positive policies make good business sense – morally, socially and financially. That’s why environmental risk mitigation and planet saving policies will undoubtedly be a priority on many boardroom agendas.
April 2024
Do you remember back in the 70s when insurance was sold by doorstep salesmen working on commission? And policy payments were collected fortnightly – in cash? I do. My mum kept a tin of spare change and a little notebook and pencil to keep a record of what she’d paid.
How times have changed. Digitisation is taking over the insurance sector faster than streaming replaced Betamax.
It’s no secret that outdated tech and slow new tech adoption have lingered in the insurance industry. But even the most risk-averse and traditional insurers are under pressure to reassess their business models and take the leap into digital transformation.
Tech takes over tradition
A recent global survey found that 99% of insurance organisations plan to update their technology systems this year including their broker and MGA platforms and claims, renewals and policy administration systems. Some are even introducing drones into their risk assessment armoury.
This transformation is being accelerated by the impending requirements Consumer Duty compliance requirements and Lloyd’s Blueprint 2.0. This digital strategy aims to deliver better, faster, and cheaper solutions to help all insurance participants navigate the complex and fast changing risk landscape.
Your AI claims adviser will be with you shortly
When it comes to customer experiences and claims handling, the bar continues to be set high. From paperless, peopleless claims filed online to payouts and policies issued in minutes.
The switched-on customer of 2024 wants speedy, seamless, streamlined and stress-free processes. They also demand user-friendly portals, on-the-go apps and access to 24/7 support – delivered how the customers need it. Whether that be with a ‘real’ person, a chatbot or a website with accessibility adjustments.
Claims departments are often the butt of insurance customer complaints. It can be the only time a customer interacts with their broker or insurance provider. Insurers that don’t embrace technology to refine and speed up their claims process may risk losing even their most loyal customers.
In 2023, Lemonade shook up the insurance industry by settling a claim in a record-breaking two seconds. Although that’s not a realistic benchmark for claims handling best practice, it demonstrates what can be done with the wonder of AI.
AI take-over
Last year, ChatGPT was the fastest-growing consumer software application in history. It now has over 100 million users prompting the launch of several competing products as businesses reaped the rewards of what AI could do – and learned from what it couldn’t.
These products will continue to influence how the insurance sector operates and will utilise their capabilities for underwriting, claims handling, and new product development.
A SaaSy business
Legacy insurance solutions were designed to be off-the-shelf, one-size-fits-all but now thanks to the trajectory of SaaS software, bespoke solutions that suit the needs of very specific cohorts and niche businesses are becoming more mainstream.
Companies that gather and interrogate data to produce risk assessments and actionable evidence are growing in number. Emerging technology plays a big part in delivering these insights to insurers, brokers and MGAs. Geospatial images and drone footage can prove to be invaluable in many high-risk, high-profile claims cases.
So, whether you love, loathe or tolerate tech, it is here for the long-haul, so best keep up.
April 2024
Everyone everywhere can build on IWD’s achievements in forging positive change for women and girls worldwide – from equality in education to breaking the boardroom glass ceiling. Everybody can ‘inspire inclusion’ by embracing diversity of race, age, ability, faith, body image and gender identity.
Today we celebrate Irwell’s Head of Operations, Sophie Doel’s professional and personal achievements on International Women’s Day.
Sophie passed the bar and worked as a solicitor specialising in liability before joining Irwell. She has extensive insurance experience in property, legal expenses, employment protection and commercial liability. Passionate about developing people and corporate culture, Sophie is the Complaints and Vulnerable Customer Champion, as well as the HR, Training and Development Lead at Irwell.
Outside work, she is mum to two girls, so on International Women’s Day it seems appropriate to ask about her journey from Harwood Park Primary School to Irwell’s Senior Management team and how she juggles being a working mum.
#IWD2024 #InspireInclusion
What do you most appreciate in your work environment?
The people make a workplace and I’ve made some lifelong friendships in each role I’ve worked in. Having people you trust, and who you can speak openly to and being entirely yourself with make the difference between somewhere you feel at home, and somewhere you know isn’t for you. Irwell is full of great people who I feel lucky to have met and work with, both personally and professionally.
A typical day as Head of Operations
Hectic and no two days are alike! My role is all about providing operational excellence in every area of our business, from improving seamless client services, product development, claims procedures to mentoring. In one day, I can be in an underwriting review with senior management then training my team about Consumer Duty implementation before dashing across town to attend a BIBA event to network with industry peers. I love the variety and the challenge of spinning many plates!
What’s the best career advice you’ve been given?
Always be the hardest worker in the room – there are going to be great people in any environment you find yourself in, but natural talent will only take you so far. Be disciplined, even when you’re not feeling motivated and eventually, you will outshine the competition and get where you want to go.
What career advice would you give to your daughters?
Don’t expect to love what you do all the time. The journey of getting anything worth having is tough; if it wasn’t, everyone would do it. But be happy – this is all that really matters and, if whatever path you’ve taken doesn’t bring you this, choose a new path as best you can.
What was your first job?
My first job was in a boarding kennels when I was 13. I worked all day every Saturday for £10!
Which woman do you most admire and why?
Judge Judy – I have always found her so inspiring to watch! She’s so intelligent and intuitive, I can’t imagine anyone outwitting her! I love that it’s clearly the ‘real’ her we’re seeing, she’s not putting it on for TV. She’s not afraid of anyone and quickly gets the measure of people.
What advice would you give your younger self?
You don’t have to be perfect. I am a real perfectionist which, although has maybe served me well in my career so far, as it makes me push myself that little bit harder, it’s tough to maintain in every facet of your life. Sometimes ‘good enough’ is ok; you have to know when to give yourself a break (something I’m still working on).
What advice would you give young women looking to work in Financial Services?
Grab every opportunity you can. Network and meet people, learn about the industry, the individual business and how it all pieces together. Look for a good Graduate Programme (like ours at Irwell!) to get your foot in the door, as you can often get a breadth of experience of different areas on these schemes, giving you the opportunity to work out where you will best fit.
3 tips to working mums about managing the work-life balance
I’m not sure I am the best to answer this one, but I’ll give it a go!
1. Accept you’re sometimes going to be doing a better job of one thing than the other, and that’s ok. You can’t give 100% to two demanding roles all the time.
2. Remind yourself what an example you’re setting to your children. If they grow up and want a successful career as well as raising a family (which I accept, not everyone does!), they can do it.
3. Be kind to yourself and make time for little pockets of ‘you’ time. When children are young, these can be few and far between but it’s not selfish to take time to re-charge.
How does Irwell inspire inclusion?
We have a very diverse team here at Irwell – we are an eclectic mix of ethnicity and religions, new graduates in their twenties, employees who have been with us for almost 30 years and people from Brazil, Dubai and Denton. We even have City and United fans who work well together! My aim is to mentor my team to help them achieve their career aspirations and get them onto the Board if that’s their ambition.
March 2024
Putting customers first and foremost.
Having successfully implemented Irwell’s approach to the Consumer Duty, Chris Breakwell, our Chief Risk Officer has just returned from the Informa Consumer Duty 2024 Conference. Chris took part in a panel discussion with an audience of financial services delegates to discuss how communications can be best adapted to meet the needs of customers with vulnerable characteristics.
The Consumer Duty introduced a new Consumer Principle – to deliver ‘good outcomes’ for retail customers. This is built upon the cross-cutting rules that require firms to:
Sounds sensible. Seems reasonable. But what does this mean in practice?
In short and sweet terms, Consumer Duty is all about putting the customer at the centre of what your business does.
Your customer may not always be right – but making sure you understand and listen to your customers’ concerns will help you to achieve good outcomes for those customers. Clients need to know they matter. Don’t take them for granted. Never be complacent. This may sound like wise words from a marriage guidance handbook, but building long-term, trusting relationships is just as important in business.
So, first and foremost, cast aside your preconception that your business is one of the ‘good guys. Even good guys can always do better. Best practice is a movable feast, not a final destination.
Customer Duty compliance
Some products and services don’t provide the same good outcomes to customers forever.
What started out as the perfect product or smart service for a first-time property investor, a new business start-up or growing hospitality or hotel chain may not necessarily satisfy their evolving needs throughout their lifetime journey. It’s your job to ride alongside and ensure your products continue to deliver what customers need in the face of their evolving circumstances.
This goes over and above simply treating them fairly or charging a fair price. It’s about recognising that customers are unique, and their circumstances change over time – and so must the way you service their needs, the products you develop and the way you communicate with them.
Sheldon Mills, from the FCA, explains that the duty is needed because all too often consumers are “not given the information they need to make good decisions and are sold products or services that do not offer the benefits they might expect.”
Undoubtedly Consumer Duty should – and will drive change in company culture. Successful financial services firms will put customers at the heart of what they do. Successful businesses will innovate and develop products and services that meet consumer’s expectations and deliver good outcomes.
Those that don’t, face being held accountable by the FCA.
Raising standards in customer products and protection
Consumer Duty is all about achieving ‘good outcomes’ for customers.
But what will these ‘good outcomes’ look like?Good outcomes relate to products and services, price and value, consumer understanding and consumer support. In summary, Consumer Duty demands that businesses must:
From the way companies support victims of financial fraud to ethically and professionally handling pension transfers, investments, or insurance claims, the FCA is watching. Communications with vulnerable customers, and those who are, or could be, in situations that could lead to vulnerability, will all be under the scrutiny of the FCA spotlight.
Be prepared. The devil is in the detail.
Is your brand font legible? Do you supply accessible communication formats such as audio, braille, or Moon? Does your employee training and mentoring enrich a customer-centric culture and ensure employees have the skills to give your customers a safe environment where they can comfortably and confidently discuss their vulnerabilities? Do you have a customer engagement process that tests your customers’ understanding of your products and services? Do you welcome – and act on feedback?
Businesses need to look at their entire customer journey and make sure it starts – and ends with the customer.
Consumer Duty applies to existing products and services that consumers bought or renewed from 31 July 2023 and products and services in ‘closed books’ from 31 July 2024.
For further information visit: Consumer Duty | FCA
February 2024
