Martin Saunders, Allianz Cornhill

Saunders agreed with Louise Restell that the CSC has done a great job with rogue elements.

He was proud of the fact that "insurers' standards are well-publicised and documented" and called on other parties in the claims process to uphold similar standards.

Saunders reminded delegates that "the faster an insurer knows about the problem, the better", so notification times are vital.

He said FSA initiatives like treating customers fairly (TCF) "extends regulation into behaviour". Insurers have put their own house in order.

Saunders added: "Does the whole of the current regulation need to be reinvented? Insurers haven't and cannot deal with consumers in any other way. If they fail, the consumer will vote with their feet. In a competitive market there are always other choices. The industry that I represent needs to build a greater understanding and a level of trust with the CMCs and the legal community."

Undoubtedly speaking for many insurers, Saunders said: "costs that simply add to expenses need to be managed."