Total Gas & Power
Total Gas & Power is a business energy supplier, wholly owned by Total SA. It has been a leading business ...Read More
A gap between the expectations of SMEs and their insurance could be causing significant risks, according to new research.
Smaller companies may be losing out from the use of delegated authority, which sees outsourcing of underwriting and claims handling and other functions such as product design passed to third parties.
Research conducted by the Financial Conduct Authority (FCA) discovered that some companies are unwittingly introducing risks by not treating these arrangements as outsourcing. Improvements must be made to due diligence and the way insurers manage outsourced arrangements.
Also, many SME customers felt they had not been treated fairly as a result of delegated authority. In many cases, poor communication with the claimant caused delays in reaching a settlement.
The FCA also uncovered several examples of poor practice in the handling of claims including: delays in the initial visit by loss adjusters, in some cases it was three weeks before the first visit took place, claimants were unclear about what actions they should take to minimise disruption to their business and there was a lack of clarity over the next steps in the process.
Small to medium-sized businesses must ensure their insurers understand outsourced arrangements and meet their wider responsibilities, says Linda Woodall, acting director of supervision at the FCA. “We expect firms to consider the findings of the report and make any necessary changes to ensure customers are treated fairly and not at risk of detriment.”
The FCA promised to engage with firms, senior industry figures and relevant trade bodies on the findings of the review. UK SMEs should watch carefully for developments.
thank you nicole for your kind help to…
"thank you nicole for your kind help to set up my business electric account fantastic service and your personal touch thank you"This review was posted by Sam Raju on the 19th of February 2018
Aaron Gallagher recently helped me…
"Aaron Gallagher recently helped me switch the gas and electricity supply for our business. He was extremely helpful and well informed which was great for me as I know nothing in this area! He saved us a small fortune and dealt with all of the switch for us which again was extremely helpful as it wasn't completely straightforward. Thanks again for you help Aaron, it was so appreciated."This review was posted by Rachel on the 17th of February 2018
A better deal for our Village Hall
"I recently used this company to get a better energy deal for our local village hall. Other companies were quite pushy but Lorraine and Bhavni from SwitchMyBusiness were much more professional. They sent me useful information by email enabling me and the village hall committee to make a decision about which supplier to use. The switch was done by phone and when the energy provider sent the paper work to the wrong address Bhavni sorted it out straight away. I saved over £1000 for the charity."This review was posted by Irene Winter on the 16th of February 2018
"Lorraine was great and very helpful. We negotiated and received a good deal on our supply."This review was posted by Edwina Nash on the 16th of February 2018
The SME Personal Switcher
"The SME Personal Switcher, Lorraine Carey was really helpful."This review was posted by Cross Fabrications on the 16th of February 2018