The current environment for directors is described as evolving, complex, and risky. Directors face numerous challenges, including legislative changes, regulatory updates, social changes, and macroeconomic issues. These include the Economic Crime and Corporate Transparency Act, consumer and data protection, employee well-being, diversity and inclusion, cyber exposures, ESG, AI, and economic factors like supply chain disruption, high inflation, and increased risk of insolvency events.
Despite the significant value that D&O and Management Liability (ML) insurance can bring, only a fraction of UK SMEs purchase these products. This low uptake is attributed to the current economic climate, where businesses are reluctant to take on additional costs and the way the product is sold, rather than issues with the product or its pricing. However, it's important to note that these insurances could potentially save businesses from significant financial losses in the long run.
In this interview with InsureTV, Charles Boorman, Kayzen's CEO, discusses addressing this "D&O protection gap", strategies to improve the situation including how Kayzen is improving the delivery and increasing the value of the product to drive increased take up.
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