013: COVID 19 Claims - with Alan Chandler

<p>Today’s episode is particularly topical and has proved to be of huge interest to the industry. Alan Chandler gives us the run down on the future state of the industry and whether it can survive COVID 19 claims. Alan’s background for the last eleven years has been in training the insurance industry, across all levels of CII qualifications. He has trained well over a thousand people to become ACII qualified including six individuals who have achieved the best ACII completion in the whole of the United Kingdom, he has also trained many national prize winners. Alans repertoire of knowledge is vast, and Boston Tullis are delighted to have teamed up with Alan to offer cutting edge, tailored training for firms to support their learning and growth.</p> <p> LEARNING OBJECTIVES:</p> <ul><li>Understand the backdrop to the UK insurance starting point for COVID 19 and why COVID 19 recession will hit harder and longer than the banking crisis.</li> <li>Understand the effect that COVID 19 may have on the insurance market and how that will play out across many markets, particularly high-risk niches. Understand why and which industries may struggle to get cover at all.</li> <li>Understand the importance of training in these uncertain times across the firm for all client facing staff.</li> </ul> <p>BEST MOMENTS:</p> <p>“…It could be around 5% of policy holders may well claim big losses due to COVID 19 and these costs could run into billions, hitting at a time when the industry was already in a distressed state.”</p> <p>“…I think for brokers, a niche is absolutely the way forward and get yourself really well known in particular sector. But if you are given underwriting pen, make sure you use the pen properly”</p> <p>“..then there's a realisation that as the virus hit the UK, business interruption policies may well be pulled in. As they look more closely at the wordings of their policies, there is a sudden realisation that actually there will be on for a lot more claims than they realised and some of those claims will be a