Fair Market Analysis | Empower Development

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930 Advanced Broking

Navigating your ACII

Using This Course (3:43)
Approaching Coursework (11:45)
The Marking Grid (10:01)
Referencing (8:01)
ACII Journey Mapping (10:26)
Introduction to Contexts (10:44)

Interviewing the Industry

NICK KIRK - Competition - London Market (6:53)
PAUL SKINNER - Marketing - Client feedback - MPS scoring - Client satisfaction (8:00)
PAUL SKINNER - Marketing - Three main strategy components; segmentation, targeting, positioning - Value proposition (4:46)
JOHN CONSTABLE - Municipal Mutual Insurance - A case study (4:59)
JULLIAN SHAWCROSS - Broking process - Sales culture - Profiling - Strategy (8:49)
JULLIAN SHAWCROSS - Online platforms - Technology in the broking process - Automation (7:27)
JULLIAN SHAWCROSS - Errors and omissions - Management culture - Fintech (7:15)
JULLIAN SHAWCROSS - Transparency - Remuneration - Public trust (5:16)
JULLIAN SHAWCROSS - Managing relationships - Understanding the risk - Demands and needs (4:25)
JULLIAN SHAWCROSS - Market trends - How the broker has evolved - Digitalisation (4:57)
JULLIAN SHAWCROSS - COVID-19 - Price - Reputation - Distribution model (4:47)
MARK BUTTERWORTH - Distribution channels - Disruptors - Automation (9:54)
MARK BUTTERWORTH - Choice of domicile - Brexit - Captives - Regulatory environments (7:31)
MARK BUTTERWORTH - Corporate governance - UK Corporate Governance Code (12:43)
RACHEL PANKRATZ - Distribution channels - Brokers - Aggregators - Broker networks (6:35)
RACHEL PANKRATZ - Public relations - Crisis management - BCP - Deepwater Horizon (8:25)
THERESA FROEHLICH - Industry consolidation - Capacity - M&As - Portfolio management (6:34)
FRANCIS MOLONEY - Broking environment - Attracting business - Strategy planning (6:07)
FRANCIS MOLONEY - Market consolidation - Barriers to entry (4:01)
FRANCIS MOLONEY - The placing process - Knowing your client - Relationship management (6:07)
FRANCIS MOLONEY - Online platforms - PPL - Whitespace (3:13)
FRANCIS MOLONEY - E&Os - Culture (3:24)
FRANCIS MOLONEY - Transparency - Client retention - Salary vs. Commission (3:59)
FRANCIS MOLONEY - Approach to understanding risks - Cross-selling (4:29)
FRANCIS MOLONEY - Market cycle - Managing client expectations - Pricing (7:18)
FRANCIS MOLONEY - Future of broking - Market trends (3:29)
FRANCIS MOLONEY - COVID 19 - Covid Endorsement (4:02)

Technical Topics

Incentivisation, Sales and Culture (2:04)
How Brokers Get Paid (2:26)
The Broking Strategy (2:06)
Managing General Agents (MGAs) and Delegated Authorities (DAs) (2:17)
Fair Market Analysis (FMA) (3:02)

Refreshers

The broker agency relationship (5:53)
Regulatory considerations (4:27)
TOBAs (2:07)
Errors and Omissions (E&Os) and Mis-selling (1:53)
Lloyd's Chain Of Security and Rating Agencies (1:36)
Composition of the Board (2:31)
Statutory Reporting Requirements (2:12)
Financial and Management Accounting (2:51)

Concepts ‘in a nutshell’

Wholesaling (1:40)
Broker Networks (1:19)
The Spitzer Affair (1:55)
Ogden Rate (1:24)
Fair Market Analysis (1:12)

Perspectives & Scenarios

Public opinion (20:15)
SWOT & PESTLE in practice (22:11)

Real Time Research

The distribution landscape (5:47)
The Gracechurch survey (4:19)
FCA: Public Censure and Public Statements (7:15)
Rating agencies (6:15)
Routes to customer (9:57)

Snip-it Summaries

Hunters & Farmers (1:26)
Organisational Structure (1:51)
Senior Managers and Certification Regime (SM&CR) (3:24)
Solvency II (2:49)
Types of Insurance Broker (1:50)
Artificial Intelligence (2:43)
Environmental, Social and Governance (ESG) (2:54)
Consumer Duty (3:32)

Research Resources

930 Advanced Insurance Broking Coursework Assignment
General ACII resources
Lloyd's Annual Report 2022
Course Feedback
Lloyd's Annual Report 2023
CII Credit Calculator
CII eLibrary

The Insurance Broking Environment

The Global Insurance Market Index (Marsh)
Market Cycle Update - Gallagher
FCA Insurance Brokers: Serving Consumers and Businesses in Times of Uncertainty and Change
The Next Phase Of Growth For Insurance Brokers - Oliver Wyman
Personal Injury Discount Rate (PIDR)
ABI Key Facts
The Insurance Market Cycle: Hard Versus Soft Markets - Robert Ryan Insurance
Are the focus areas of UK brokers changing how they trade with insurers and operate in the market? Deloitte
Financial Institutions Global Market Conditions 2023 - WTW
The Future of Commercial Insurance Broking - CII
Financial Conduct Authority: Increasing Transparency and Engagement at Renewal in General Insurance Markets

Distribution

Insurance 2030: The increasingly strategic role of insurance brokers and independent agencies - PWC
Business Population Estimates for the UK and Regions 2022: Statistical Release
Price Comparison Websites in the General Insurance Sector - FCA
UK Intermediated Insurance Distribution Trends Change Beneath the Surface - Deloitte
How key trends on the insurance market are driving broker consolidation - EY

How Brokers Deal With Insurers

Insurance brokers body launches ‘Fair Value Framework’ amid FCA criticism - Pinsent Masons
FCA: General Insurance Add-Ons Market Study
Why should brokers invest in insurer relationships? CII
FCA: Insurance Market Priorities 2023-2025

New Business Development

Telephone Preference Service
Ofcom: Persistent Misuse - A statement of Ofcom’s general policy on the exercise of its enforcement powers
Information Commissioners' Office (ICO): Line Identification (CLI)

Regulation and Compliance - Key Aspects

Financial Conduct Authority | FCA
Bank of England: Prudential Regulation
Bank of England: Financial Policy Committee
The Prudential Regulation Authority’s Approach to Insurance Supervision
PRA Rulebook (The Prudential Regulation Authority Rulebook)
FCA Business Plan 2019/20
FCA: Sector Views
FCA launches Wholesale Insurance Brokers Market Study
Wholesale Insurance Broker Market Study: Final Report
Call for Input on Access to Insurance - FCA
Insurance Conduct of Business Sourcebook (ICOBS) - FCA
FCA Handbook
UK Parliament: Financial Services Act 2012 - Government Bill
Financial Services Act 2012
Journey to the FCA: To make financial markets work well so consumers get a fair deal
Bank of England Website - Financial Stability
CII: Learning Content Hub

Application of Regulations and Relevant Law

FCA Handbook: SYSC 6.1 Compliance
FCA: Financial Crime
FCA: Financial Crime: A Guide For Firms
Financial Crime in the Insurance Industry - PWC
Lloyd's - Financial Crime and Sanctions
FCA: Commercial Insurance Intermediaries – Conflicts of Interest and Intermediary Remuneration Report on the Thematic Project
Training and competency is more than just a regulatory requirement - Ecclesiastical
Broker Assess - CII Webpage
Smarter Consumer Communications - FCA
Consumer Vulnerability - FCA
Addressing consumer vulnerability - ABI
Code of Ethics - CII
CII - Transparency and Insurance a Companion to the Code of Ethics
FCA: Finalised guidance FG21/1 Guidance for Firms on the Fair Treatment of Vulnerable Customers
The Financial Vulnerability Task Force Resource Library
Consumer Vulnerability - How well is insurance responding? CII
A Guide to Identifying Vulnerable Consumers - Aviva
CII - Good Practice Guide: Vulnerable Customers for Brokers
A new Consumer Duty, Policy Statement and Finalised Guidance - FCA
CII Publishes Consumer Duty Good Practice Guide for Insurers
CII - A Practical Guide to Consumer Duty: Insurance
The New Consumer Duty and the Impact on Brokers - Kennedys
Bribery and corruption - Risks and procedures
Bribery Act 2010
FCA hits insurance broker JLT Specialty with £7.9m bribery fine - Financial News
Sanctions Screening and Responsibilities of Insurance Brokers - REG
Sanctions Search Website
Recent legal developments for insurers in sanctions against Russia - Simmons and Simmons
The Employers’ Liability Tracing Office - ELTO
FCA: Tracing Employers’ Liability Insurers – Historical Policies
UK Launches Antitrust Review of the Wholesale Insurance Broker Market - Jones Day
Whistleblowing Explained - CII
Whistleblowing: Make a report in confidence - FCA

Legal Structure of Insurance Organisations and Corporate Risk Management

FRC - UK Corporate Governance Code
Institute of Directors (IOD) - Ready to become a better director?
The Airmic Website

Business Strategy

How VW Overtook Toyota in Sales Despite Emissions Scandal

Key Aspects of Insurance Broking Operation and Management

The Servicing of Global Insurance Programmes: Can Insurers Overcome the Challenge?
The Global Challenge for Insurance Programs
Brokers welcome swell in MGA numbers - Insurance Age
UK Managing General Agents Association (MGAA) Website
The Future of Trust in Insurance and Financial Services
Volcanic Ash Cloud: Insurers do use the Act of God excuse
CII - Aldermanbury Declaration
Corporate Chartered Status – Recognising Professional Excellence
Reducing reputational risk for insurance brokers – How can we enhance public perception?
CII: Public Trust in Insurance

Financial Security of Insurance Organisations

FCA - Solvency II - March 2015
A Litmus Guide For Smaller Insurers - Getting a Rating for the First Time - Litmus Analysis

Client Services

Politicians Demand Heavy Fines for Insurers Overpricing Loyal Customers – Insurance Business

Broker Remuneration and Transparency

Industry divided over commission disclosure - Insurance Age
Howden Announces 2023 Full Year Results

Quality Assurance

'On the Pathway to Raised Standards', The Broker (BIBA)
Deming's Principles of Total Quality Management (TQM)
More information on Deming's approach - The Deming Institute
Howden - A New World
Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation

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Chapter 4 links
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