• Course
    Policy Wording Governance (PWG)
  • Dates
  • Venue
  • Course Fees (excl. VAT)
  • CPD Credits
    3

Total Price:

Get this course in-house
Or call 0203 178 4230
or email info@fstp.co.uk today.

Course Overview  

This course addresses the heightened focus on the risks to insurers of policy wordings that may not be fit for purpose, and the consequent exposure to unexpected claims. Recent controversy over the extent of Business Interruption cover during the Covid pandemic has shown how policy language might be interpreted, not always in the insurer’s favour. Appropriate governance frameworks are essential to understanding and managing the wordings control environment and avoid policy disputes. The course details how to build wording efficacy and a range of risk interventions that help insurance managers control exposure to unintended liabilities.  
 

Why attend?


Delegates will gain insight into the risks associated with policy wordings and the governance and practical skills required in assessing and managing the exposures to the firm. A key takeaway is a collaborative framework for policy wording governance and reporting.


Detailed Agenda


Know your subject
 
  • Introductory discussion on matching underwriter skills and policy exposures
  • Whose wording is it anyway? Analysing the inputs from the various teams in the firm, eg underwriting, claims, legal, compliance
  • Examples of wording disputes
  • The risk of “silent” cover
  • Assessing extreme circumstances
Regulatory perspectives, IDD, SM&CR
 
  • What regulatory obligations do insurers have?
  • How does good policy governance sit in the SM&CR regime?
Potential impact on solvency capital
 
  • Assessing how unintended exposures can affect solvency margins
  • Placing wording issues in your ORSA
Claims data analysis
  • Understanding the claims management cost impact of policy wording disputes (LAE – loss adjusting expenses)
  • What you learn from declined claims
  • Are you using AI to assess claims and can it help or hinder?
Operational risk
  • Evaluating reputational risks
  • Consideration of client conduct requirements
  • CII Code of Ethics and Transparency Companion
  • The impact of misselling – and can it be avoided?
  • Stakeholder expectations – how to explain your governance to external parties
Reinsurance issues
  • Ensuring your reinsurance programme is aligned with your direct exposures
  • Are your inward wordings analysed?
Three Lines of Defence
 
  • Making it happen – bringing underwriting, risk/legal/compliance and audit together
Board oversight
 
  • Making policy wording governance a reserved matter for the Board
  • Who will champion policy wording governance at Board level?
Risk profile reporting structure
 
  • Building a collaborative approach to analysis and data reporting
  • Ownership of policy wording  reporting content

 

Get this course in-house

Or call 0203 178 4230 or email info@fstp.co.uk today.

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Meet The Tutor

Mark Butterworth
Mark Butterworth
Consultant
[Read about...]

Who is this course for?

This course is designed for Underwriters, Claims staff, General Counsel/Legal teams, Risk Management and Compliance specialists and Board members, including NEDs.
'This training helped me understand better how to approach vulnerability and will be useful to design training courses internally.'

Head of Personal Loans
Finance and Leasing Firm

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