Mactavish is delighted to have been featured in this month’s Airmic News, published today on the Airmic website. Bruce Hepburn (our chief executive), Paul Spencer CBE (deputy chairman and non-executive director at Mactavish) and David Hertzell (special insurance governance adviser for Mactavish as well as member of the Airmic board) all co-authored the article.
The article saw the three Mactavish co-authors warn that policyholders may well be underestimating Insurance Act reforms, despite the fact most risk analysis standards used today will fall foul of the new law. Although the changes to the Act are highly positive for policyholders, it remains clear that a significant majority of UK corporate policyholders have still to grasp the depth of significance of the compliance implications and the associated challenges of complying in time.
A key thrust of the article was that a significant investment in time is needed for policyholders, and indeed, many Airmic members. This vital time should be spent in mapping current information gathering processes, considering the new burdens of the Act accordingly and then developing enhanced processes to meet the specifications of the Act. For many, this may involve simply building on and adapting current processes which have been enhanced over the years. For others, a more radical process overhaul will be required.