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

7th November

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 and served 11.5 million policyholders, generating over 16.4 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In January 2016, Sterling Insurance Company Limited became a fully integrated part of Covea Insurance Plc, following a Part VII transfer under the Financial Services and Markets Act. 

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