Adrian Furness speaks out about CMA reforms at Insurance Times roundtable event

7th November 2014

Covéa Insurance Claims Director Adrian Furness, has been reinforcing his credentials as a passionate spokesperson and pioneer for improving the claims service offered by insurers, attending a recent round table event, facilitated by industry publisher, Insurance Times. The purpose of the event was to give companies, directly affected by the recent Competition and Markets Authority (CMA) rulings on the private motor insurance market, the opportunity to consider its impact.

The fact that credit hire vehicles, inflate the costs of claims, a cost that is ultimately met by customers who have to pay higher premiums, is not disputed. Adrian Furness fears that by failing to address this issue, the CMA has set a landscape that will encourage dubious behaviours and predicts that this will have an increasingly negative outcome both on motor claims costs and on the reputation of the industry.

He explains his concerns:

“As an industry, we should be doing more to discourage questionable practices that add cost and are damaging to the reputation of the industry. As a business, we are committed to the wider goal of improving the image of the industry and building trust with customers, unfortunately the CMA’s failure to tackle credit hire vehicles is a setback that we will have to work hard to overcome.”

 

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About Covéa Insurance

Covea Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 17.4 billion Euros in premiums in 2019.  

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels.

Employing over 1900 people, Covéa Insurance has a strong people and service ethos.  It holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business.  Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber.

Recently, Covéa Insurance has been named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards and as the Best Employer at the Yorkshire Financial Awards.  They were also recipients of the High Net Worth Product of the Year Award at the Insurance Times Awards, the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards, and the Diversity Award at the British Insurance Awards.

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