Gocompare demerger goes ahead valuing shares in the new company at £310m November 3, 2016 The market was thanking its lucky stars this morning after Gocompare.com (Goco) completed its spin-off from insurer Esure. Despite a nervy IPO market that has seen a raft of withdrawals in recent weeks, the Goco demerger, first announced in September, went ahead as expected. Trading at 74.25p each, the float values the total shares issued in the price comparison [...]
Top insurance boss says technology will decrease the need for skilled jobs the world over November 3, 2016 The boss of insurance giant RSA refused to rule out replacing jobs with technology in a trend that he expects companies across the globe to harness. Stephen Hester explained this morning that getting computers to do more work was a key way of cutting costs out of business. He said: I would say that the way of the [...]
Stephen Hester sees positives from Brexit vote for RSA November 3, 2016 The Brexit vote has provided insurance giant RSA with an "attractive tailwind" despite tricky market conditions, the company revealed this morning. The group, well known in Britain for its More Than brand, said that while core insurance premiums were up by six per cent, they had fallen on an underlying basis. Read more: Slimmed down [...]
National insurance is a complicated relic: Axe it in three simple steps November 3, 2016 If we were designing a new tax system from scratch, would anyone seriously suggest running three slightly different income tax systems at the same time? The fact that the government does precisely this is a relic of the past that has no place in a modern tax system. The combination of charges – income tax, plus employer’s [...]
Making millennials happy is good for business November 2, 2016 I know what you’re thinking: another column about millennials. This one, I hope, strikes more of a chord because it’s about their impact on your business and how to respond. This generation is shaking up the workforce in a way not seen for decades. Our research suggests that three quarters of managers see the challenge [...]
Facebook data and privacy rules sink Admiral’s insurtech plans November 2, 2016 Facebook has sunk plans by Admiral to offer a reduced car insurance premium based on users posts on the social network. It turns out the insurance firm has fallen foul of Facebook's terms of use, which stipulate that data from Facebook can't be used for assessing eligibility. That's exactly what Admiral wanted to do, using posts [...]
Your Facebook profile can’t make your car insurance cheaper, It turns out November 2, 2016 Update: Facebook has blocked plans by Admiral to reduce premiums based on profile data – find out more. Beware what you share – your Facebook status could be giving away more than you think. Insurance firm Admiral is plundering the social network for information that could indicate how safe you are as a driver, resulting in a [...]
It may be all over for Ukip, according to party donor Arron Banks November 2, 2016 One of Ukip's largest donors has warned that it could be all over for the party as it enters into a fresh leadership contest. Former insurance broker Arron Banks has helped to bankroll the party since 2014, but asked today if Ukip was finished he admitted: "It could be, it's at a crossroads". Speaking on BBC [...]
Abolishing these 20 taxes will help the poor, says the IEA November 2, 2016 A radical free-market Westminster think thank is claiming it can maintain welfare support and improve the lot of the low-income workers while scrapping nearly every mainstream tax that the government currently imposes. The Institute of Economic Affairs says the controversial plan would see the poorest 10 per cent of the UK enjoying tax cuts worth [...]
17m of us are now part of the sharing economy – but could be uninsured for it November 2, 2016 Nearly a third of Brits are now part of the so-called sharing economy, renting out their homes, cars, and even their dogs, or using these services themselves. Some 17m people across the country participate in the new and growing sector, while one in 10 offer up their services, according to new research by Lloyds Bank Insurance Of [...]