Insurance Covered

Welcome to Insurance Covered. In this episode we revisit the 1980s crisis in the Lloyds market, examining the factors that led up to it and how it was ultimately resolved with the help of Lloyd's veteran Reg Brown. We start by briefly discussing the Insurance Museum initiative, which was our topic last time Reg joined us on the podcast. Reg explains that the pandemic has impacted their initial plans of having a physical premises, with tourists not expected back into London in their masses for a number of years. Instead they are pushing ahead with plans for an interim virtual museum, designed to explain different classes of business and examine some of the key cases for each class. We then move on to our focus for the episode, the crisis at Lloyd's in the 1980s and 1990s. We start by discussing the different 'building blocks' that provide context for the crisis that was to come. These were:The structure and hierarchy: "At the top of the pile you have the underwriters and at its simplest, those underwriters would bring in premium and would pay out claims and that either resulted in a profit or a loss. The underwriters did this underwriting on behalf of a syndicate of investors who were known as Names with a capital N, and if there was a profit, it was distributed amongst the Names and if there was a loss then obviously it had to be paid by the Names".Accounting practices: Reg explains that the used a 3 year accounting period to attempt to be accurate, sometimes claims would take time to develop. Even with this 3 year period some claims would still be outstanding so there was still a need for estimating, which runs the risk of syndicates over or under estimating and being inaccurate. Reg goes on to explain that there was also a buffer known as IBNR (Incurred But Not Reported claims). These outstanding claims were then reinsured (RITC – reinsured to close). The problems with this system came when over optimistic reserves were in place.Baby syndicates: Reg explains " Baby syndicates came about because of the complete understanding at Lloyd's of the law of agency. Underwriters at Lloyd's did not see themselves as agents of the Names, and they saw nothing wrong in creating a baby syndicate that would cream off in their mind the best risks. For the benefit of themselves and favour brokers and people like that. The practice was so widespread that even the committee, the members of the committee at Lloyd's, and even the chairman of Lloyd's had his own baby syndicate". LMX spiral:  A number of syndicates had no real product lines to sell so began to reinsure other syndicates in order to get some income. As a result, there was a lot of double counting there. So, when a loss came in, it was a game of pass the parcel. So, for example if syndicate one passes some of its loss to syndicate two, syndicate two then passes some of its loss to syndicate three, onto syndicate four, five, six and when it gets to syndicate ten, it comes back to one again. Because syndicate one is reinsuring syndicate ten. So, the loss was magnified.With the building blocks covered we then go to the crisis, summed up in one word 'asbestosis'. Claims coming in as a result of asbestos damage came in from as early as the 1920s. The courts held that every insurer throughout that period, every single exposure of asbestos had a duty to defend and to indemnify, meaning that the number of claims were in the tens of thousands all funnelling into Lloyd's, through direct insurance or reinsurance. The courts also ruled that compensation was due for every year a victim had suffered exposure to the disease, so the aggregation of the claims made them even bigger. With the approach to accounting a Lloyd's the risks rolled to the current year and the 'Names' took the risk.  On top of this the 80's also saw a series of disasters, which added to the strain on Lloyd's. You had the Piper Alpha disaster, the Exxon Valdez oil spill, and two huge hurricanes. The amalgamation of the disasters and the building blocks in place at Lloyd's resulted in huge losses, between 1989 and 1991 Lloyd's suffered losses of over £8 billion and in 1991 almost 100 syndicates closed.   Finally we discuss how Lloyd's were able to rebuild from this, with the work of new chairman David Rowland and the process known as 'the reconstruction and renewal of Lloyd's which looked to correct the systemic issues that led to the initial crisis, including ways of increasing capital in the market, more structured annual accounting requirements.We hope you enjoy the podcast! Please subscribe to stay up to date with the latest episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Samantha Peat, Chair of the professional indemnity insurance group at the Construction Leadership Council (CLC) and we will be discussing the current state of construction insurance, focusing on findings from a recent survey. We start by discussing who the CLC are and what they do. Samantha explains that they are a group that aim to provide sector leadership in the construction industry by working with the government and construction companies to develop solutions and initiatives to help with any issues they currently face. We go on to look specifically at the PI insurance group that Samantha chairs. She explains her group consists of professionals from across the construction industry as well as representatives from brokers and insurers. We discuss a recent survey carried out by the CLC that looked at PI insurance within construction aimed at identifying what the major concerns of the industry are, with the assumption that it would identify the impact COVID-19 was having on the industry. "What the survey did reveal was that COVID-19 was the least of peoples worries and the cost and scope of cover as well as exclusions were the major issues". It identified that following the Grenfell tragedy restrictions on cover were introduced on PI cover, initially very specific exclusions around combustible cladding but as time went on these exclusions became more general and made the scope of cover far too limited. Samantha goes on to explain that they felt the need to take this problem to government for their intervention to solve this issue at a much higher level. The survey acted as a way of identifying these kind of issues at a wider level and give the government data to act on. Samantha then takes us through the 3 key trends highlighted from the survey, these are: Premiums set at unsustainable levels. High excesses being imposed on insureds.Restrictive exclusions on cover relating to cladding or wider fire safety, preventing firms from operating with full protection.She goes on to explain why these are creating so many problems for the industry. "The important thing is to get the remedial work done on buildings with cladding, people are being asked to sleep in places where they do not feel safe, which is unacceptable... The question is who can do this work with the restrictive exclusions, are firms expected to do this uninsured? It's clear that a solution needs to be found that protects all parties involved. Finally, we discuss the potential outcomes from this survey. Samantha explains the reception of the data from government has been well received and they are actively engaging in coming up with a solution for the issues it highlights. We hope you enjoyed this episode, and if you did please subscribe.  Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Rob George, Head of Corporate Governance and Risk at the RSPB and our topic for discussion is the role insurance can (and does) play in environmental conservation. We start by looking at who the RSPB are and what they are trying to achieve. The RSPB or Royal Society for the Protection of Birds, are a nature conservation charity based in the UK that focuses on the protection of endangered bird species. They have about 2,000 paid staff, around 18,000 volunteers, and a net charitable expenditure of around £100 million a year which provides essential funding to conservation projects across the globe. They have over 200 protected wildlife reserves that provide endangered species a habitat that protects them from extinction and helps them to thrive.  When a species is identified as being at risk or endangered the RSPB plan and carry out projects to protect birds with the help of Governments, their members, who help fund the projects and of course insurance companies, which will be the focus of this podcast. We go on to explore the impact insurance has on environmental conservation, focusing on key projects undertaken by the RSPB. One project discussed by Rob is an international project on Gough Island which in the South Atlantic, between South Africa and Brazil and is an important site for breeding endangered birds like the Albatross. The RSPB as well as working with mainland UK also conduct conservation projects in other UK overseas territories, however remote they are. Rob explains "around 2 million chicks are born on Gough island each year, but they are at risk due to a non-native mouse population accidently introduced by passing ships". The project to eradicate the invasive mouse species involves flying helicopters over the mountainous terrain in often difficult decisions and drop poison traps using hoppers. The difficulty of the task meant specialist pilots and ship captains were needed which meant getting pilots from New Zealand to come across to the remote island to help.  "The insurance requirements are pretty bespoke, so it's not just marine and air cargo which I mentioned earlier on but abandonment insurance. So, we were concerned about whether we would have enough flying days to get the project done in a season given the conditions that you get in the South Atlantic and we needed to be able to at least clawback some of the costs if we have to give up during the year of operation because of the weather conditions so we had abandonment insurance when we tried first during 2020".When the COVID-19 pandemic hit and restrictions were imposed the project had to be abandoned, the abandonment insurance helped to cover the losses. In 2021 the project was resumed and the work to save the Albatross natives of Gough island is well underway. In this kind of scenario, without the backing of Insurance companies' projects like these would not be able to even be attempted and conservation efforts would be far more difficult to undertake.We finish the podcast by discussing what more insurance companies can do to aid conservation projects and how that relationship is likely to evolve in the future. We hope you enjoy the podcast! Please subscribe to stay up to date with the latest episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Christopher Croft and we will be looking at the London and International Insurance Brokers Association or LIIBA and the role they play in the insurance market.We start by discussing some of the projects Chris has been involved in, he highlights three key projects, producing the first London Matters report in 2014, filing the form that incorporated Placing Platform Limited which is now the predominant electronic trading platform in London and convening the first meeting of the working group to try and develop a way in which insurance linked security business could be written in London.  We go on to discuss the role LIIBA play. Chris explains there are two main roles. "Our role splits more or less neatly into two halves is part lobbyist and part expert analyst and input into market debate". The lobbying aspect is the crucial role of representing the interests of their members to government. One example Chris draws on is during the pandemic they have been talking to the government around the possibility of having some sort of private/public partnership that will allow event cancellation insurance to be written again so that live music events and conferences and weddings even can start happening again. The role of expert analyst relates to them playing a role in shaping regulation that will impact the market and weighing into debates with the interests of their members and the market as a whole in mind.We then discuss the three biggest issues facing Lloyd's brokers from the perspective of Chris and LIIBA. Chris identifies them as; maintaining the efficiencies post-COVID, Brexit and the changes that brings and finally the modernisation of Lloyd's.Chris goes on to mention the overarching importance of insurance. "there is a theory that if you were to start again from scratch to create a global economy the first thing you'd do is open up a patent office and the second thing you'd do is open an insurance company because economic activity only works if people can protect their intellectual property and take risk and I don’t think enough people in governments understand how pivotal insurance is". We hope you enjoy the podcast! Please subscribe to stay up to date with the latest episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This episode we are joined by James Daley, founder of Fairer Finance, and we will be discussing the concept of treating customers fairly. We start by discussing James time as a journalist and how he became involved in the insurance world. The concept of holding up standards and ensuring customers are treated fairly is something that has been at the heart of James work from the beginning. When looking at the financial services and insurance market James saw there was this real information asymmetry between what customers knew and understood and the reality of these complex product offerings. He identifiedthe that there was a role for the press to play in helping to keep the industry honest and ensure customers are treated fairly.James goes on to explain why he set up Fairer Finance in 2014.  "I set up Fairer Finance with the idea of having a company that was first and foremost something that we would try and support consumers to make better decisions but also very much recognising that a successful market for consumers had to be one that was fair to businesses as well". They developed a I created a rating system called 'customer experience ratings' that are a clear indicator to consumers which companies are the most customer focused. The ratings are developed partially through polling of customers but also takes into account the 'uphold rate' at the financial ombudsmen. The idea of these ratings are not to attack companies but something they can take to them with recommendations on how they can make their business more client friendly. "We ended up creating a consultancy business that specialises in re-writing policy documents. Helping companies create clearer customer journey, even helping them with regulatory response or product development with the focus on treating customers fairly". James goes on to explain while they do this for businesses across financial services, from an insurance perspective they focus on personal lines. We then discuss what James thinks are the biggest concerns in the insurance world from an insured's perspective. James mentions trust, the struggle of finding the right product (customer experience) and the customer expectation gap as his three biggest concerns from an insureds perspective. He goes on to explain that they are linked in many ways. "Trust has been lost as a result of the customer expectation gap, the difference between what the customer expects to get vs what they actually get can sometimes differ, it goes back to the lack of knowledge and understanding of complex products". We then get to the main question of the podcast, what does treating customers fairly really mean. "So, I think it really does mean acting in customers' best interests and the phrase that we say specifically to companies when we work with them is it is your responsibility to do everything you possibly could to give the customer the best chance of getting a good outcome".We hope you enjoy the podcast! If you did, please subscribe. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Trevor Burnard and we will be discussing the most notorious insurance coverage case in history, Gregson v Gilbert also known as 'The Zong Massacre'. Trevor is the Wilberforce Professor of Slavery and Emancipation at the University of Hull and the Director of the Wilberforce Institute. The Zong massacre is a notorious event in insurance history and involved the despicable murder of enslaved people in an attempt to claim back losses in insurance. We start by setting the political scene in the 1780s. The first murder of enslaved people, or captives, on the Zong happened on 29th November 1781. It was only a month after Britain had lost the American Revolution with the battle of Yorktown. French ships were at that stage just moving in towards the Caribbean. It looked like Jamaica was going to get taken over and conquered by the French fleet. At that point, Jamaica which was Britain's most valuable and important colony was in a terrible state. The great majority of Britons were invested in the slave trade and Britain was the greatest slave trading nation in the world.We then move specifically on to the story of the Zong. The Zong was a ship captured in Ghana and by a British family, the Gregson's who wanted to make a bit of profit from the slave trade, these Liverpool slave traders, used this captured ship to put on a very large number of captives with a very small crew and send them across ideally to Kingston. The ship encountered trouble and found itself off course and running low of supplies. The crew had three choices that they could have made. The first and the most obvious one was to wait for water to arrive, in other words, rain, and to sail for Montego Bay as quickly as possible or wait for another ship to come by. The second one, which is one you would expect them to do, would be to batten down the hatches so slaves could not escape, accept that slaves would die from dehydration and disease and then when they got to Montego Bay to try and sell as many slaves as they could for whatever price they could get and that's what normally happened on slave ships in this sort of situation. The third one was what they did do which was to decide to throw overboard 54 women and children in order, they claimed later on, to stop an insurrection, a rebellion. They did this on 29th November, they threw over another 42, all men on the 1st December and sometime after 6th December they threw over another 26 captives while 10 Africans threw themselves overboard. This equates to the abhorrent murder of 122 captives. The Gregson's then put in an insurance claim, citing the action taken to be lawful to prevent insurrection and rebellion, which at the time was a common claim to make. The underwriter however refused to pay out the claim on this matter, its thought that the actions of the Gregson's made him doubt this was a legitimate claim and more of a scheme to maximise profits and make up for their poor voyage. The decision was then taken to the courts to decide, initially the decision went in favour of the slave traders, but on appeal, Lord Mansfield reversed the decision. Two key reasons for this; the manner in which a number of captives which threw themselves off the ship and also the claim that lack of water was the reason for insurrection when in fact there had been heavy rain before, during and after the massacre.   Despite the case going against the slave traders the story unfortunately has an unsavoury ending, they did not win their claim but the ultimately got away with murder. The Zong was one of the first cases that signaled the changing of attitudes and the kickstart of the abolitionist movement. We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Ben Bolton, Managing Director of Gracechurch Consulting and we will be discussing what makes a great underwriter. We start by discussing what the key trends in the insurance market currently are according to studies and research carried out by Gracechurch. Ben explains that there are 5 key trends which are; Consolidation: "What we're seeing in the data is a big shift towards consolidation and this has huge implications, it ratchets up the competition amongst the largest insurers with more and more of the premiums going to the top 15 firms and less so to the smaller operators in the market., who as a result find themselves needing to find ways of surviving, many going the way of mergers or outright acquisitions".  Talent:  The need to continue to develop talent internally but also the need to bring in talent from other industry backgrounds to broaden the skill pool, particularly as the industry continues to become more customer focused.  Reputation & service: "We are seeing a move to a more customer focused offering, accelerated by the COVID-19 pandemic. The outcome of the BI COVID-19 cases has reinforced the need to build trust with clients. What is quite a negative will ultimately, I think bring change as it brings the conversation of building trust into the boardroom"Technology: The introduction of technology to a very traditional market will help transform the industry. The Lloyd's Blueprint's show the direction the market is going. Ben identifies trading systems as a key area that will see technology development. Segmentation and specialisation: Due to competition and size of the insurance market, it's not feasible to be a generic all encompassing firm, you need to have areas where you can demonstrate specialism and competitive advantage in comparison to your competitors. We then discuss specifically what makes a good underwriter, drawing on the results of a recent survey carried out by Gracechurch. Ben explains the survey collects information on underwriters on a variety of different criteria, from hard metrics such as profitability to softer intangibles like reputation in the market amongst clients and peers. Ben explains the answer to 'what makes a good underwriter' has two sides. One is the pure financial side, the underwriters that bring in the big money. The more proactive underwriters, those who refreshed their portfolios, changed things up, were the more successful. Then there is the other side which the report by Gracechurch explores, personal characteristics, such as whether they had a fixed or growth mindset, or how outgoing they are.Finally, we discuss if these attributes are likely to change in 5-10 years or whether the characteristics coupled with the profitability is going to continue to be the formula for a top underwriter.  We hope you enjoy the podcast! If you did, please subscribe to be notified of future  Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is blockchain expert and entrepreneur, Walid Al Saqqaf, and we will be discussing blockchain and its uses in the insurance industry.We start by discussing what blockchain actually is. Walid explains that blockchain in its simplest form is used to emphasise the value of data. Blockchain enables you to engage into the exchange of value around data and that opens a world of opportunities for the public. Blockchain enables us to facilitate the sharing of data from the value standpoint, your data has value to you and therefore should be protected and not given for free. Walid uses the example of cryptocurrency to explain further what blockchain is and can be. "If I send you a Bitcoin, that piece of information, that data has value. You could go to an exchange it for traditional currency, but you want to make sure that if I send it to you, I haven't sent it to anybody else or that it hasn't been misappropriated, you want to know that once you have received it, you are the owner of that Bitcoin, right? With blockchain you can see a trail history of me having been the previous owner of it and somebody else having been the owner of it. Now you can give real value to data whether it is currency format, such as bitcoin, whether it is an insurance policy, that has value, or whether it is the deeds to my property for example. All of this data now has value and you can see the history of who has ownership of it".To simplify it further Walid uses the analogy of a bank ledger, every time a transaction occurs the ledger records it. Blockchain is like this for online data, it allows you to see the history and movement of data every time a new transaction occurs a new block on the chain is added. He goes on to explain that Blockchain is fundamentally about trust and transparency, particularly with online and digital assets. When you are about transfer your money into Bitcoin, you want to make sure that that Bitcoin is legit, if you want, and that you are now the rightful owner of it.We then go on to look at Blockchain and its uses in the insurance industry. The insurance industry has traditionally looked at pricing risk by looking at historical data. In a world that is increasingly digital, where decisions have to be made on the spot, you need to access the real time data and you need to be able to make real time decisions, Blockchain can provide this. And an example of that is Insurwave. Insurwave is a marine insurance blockchain solution that was initially built by Maersk, by a number of insurance companies, EY and Guardtime. The initial proposition was to equip ship captains and insurers to be able to make informed decisions in real time considering a number of criteria and real time risks. For example, a ship captain, can sail through a war zone and save time and also money on fuel, or they can choose to avoid the risk and sail around it. With real time data insurers can see the risks and see the captains decision to either avoid or take the risk, and as a result can alter the premium accordingly. So now you have a facility as an insurer to gain external data, you have a network data strategy that helps you understand risk better, that helps you price yourself better and more importantly to come full circle back to the beginning of the podcast, for you to build better customer-centric propositions. Walid finishes by summarizing how Blockchain has changed things and how it will continue to do so in the future "what blockchain has facilitated, is a creation of a new asset class of trusted data. And this is the critical piece. Because that new asset class will enable you to build new business models, new revenue opportunities, new customer-centric propositions that you could not have done without blockchain because the key as I said is trusted data". We hope you enjoy the podcast! If you did, please subscribe to be notified of future episodes. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Andrew Pedler, Head of Claims Client Relationships and Innovation at Liberty Specialty Markets, and we will be discussing the role of claims in client service.We start by discussing Andrew's role at Liberty, what it involves and what he is trying to achieve. He explains his role has two main parts; the client relationship side and the innovation. On the client relationship side, it is looking at the firm's relationships with policy holders and brokers, engaging in conversations and ensuring that the firm as a whole are delivering on promises and meeting the needs of clients. It also looks at how the claims team can have a crucial role of winning and keeping business. On the innovation side, it is mainly looking at implementing new strategies that will complement the client relationship building "it's looking at something that you can implement into an organisation. So, it might be the implementation of a customer management strategy or a strategy to improve our client service and then implementing that change throughout the business".We then go on to discuss specifically how a claims team can be a key part of winning and keeping business and how the role of a claims team is changing. Andrew puts it simply; "If you have a good claim experience you are much more likely to renew business. It's just a fact. Likewise, if you've had a poor experience then you're likely to go elsewhere". He goes on to explain traditionally a claims team would be reactive, they would wait for a policy to trigger, investigate and then decide if the claim was valid. Now the team is more proactive " now we spend a lot of time with our customers and our brokers either before their policy is incepted so making sure that people understand the policy and then after the inception make sure that we have the right contacts and procedures in place so that client knows what to expect in the event of a claim". Its far more client centric, a claims team deal with people and companies in trying and difficult times, being a friendly face can help them through the process.  Andrew then explains other ways in which they build relationships with clients. He explains they run a number of workshops, where they go through a claims scenario, how the claim came into play explaining what is happening behind the scenes and the process from policy being triggered to a policy being paid out. They go through risk mitigation, ensuring they understand the risk, the warning signs and ultimately how to avoid the risk entirely.  We then discuss how this has changed over the last year, and how the COVID-19 pandemic has changed how Andrew and his team operate. He explains that it is the same idea's and strategies but has moved from face to face meetings to more virtual interactions. He emphasised that its important to maintain personal interactions even if it has to be socially distanced and online.  Andrew goes on to explain that the move to online meetings can be a negative it also brings positives; "there is a great opportunity to meet more of our customers and our clients. I can now meet with whole teams within a client's organisation with multiple clients at once".   We hope you enjoyed this episode of Insurance Covered, if you did please consider subscribing. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. Our guest this week is Marc McKenna-Coles, Global Diversity & Inclusion Manager at Lloyd's, and we will be discussing diversity and inclusion in the insurance industry.We start by discussing Marc's pathway into insurance, which is one of the more circuitous routes. Marc started as a store manager at Disney, before moving to the Disney Cruise side of the business as 'Merchitainment Manager'. In 2019 Marc made the switch to Lloyd's to work on their global I&D initiatives. Marc explains the jump isn't as different as it may seem, his roles have always been customer focused and that is very much the same with the work he does at Lloyd's.   We then go on to discuss what we mean by Diversity & Inclusion, Marc explains it's making the workplace (for employers and customers) a welcoming environment regardless of features, characteristics and beliefs. "It's ensuring we have a nice spread of people from all different backgrounds… by having a fully inclusive workforce brings out the best in people, creating an environment where everyone can flourish which is obviously to the advantage of the company as well". Marc goes on to discuss his role at Lloyd's: "So my role is split between both the corporation and the market so I'm very much trying to bring that diverse and inclusive mindset and lens into the corporation how we can be attractive to a more diverse range of people". Marc goes on to showcase some of the tools he has been developing, that are readily available to anyone even outside of the insurance industry. He has developed reports around ethnic minorities and ethnic diversity in the workplace, last year he helped produce a report on trans and non-binary inclusion as well as a report on family care policies, so the work they do is far reaching and all available here. We go on to discuss one of the biggest I&D initiatives set up by Lloyd's, the Dive In festival. Dive In is a global movement in the insurance sector to support the development of inclusive workplace cultures. Its mission is to enable people to achieve their potential by raising awareness of the business case and promoting positive action for diversity in all its forms. This means looking beyond traditional definitions of diversity to level the playing field for talent comprehensively including gender, gender identity, age, cultural background, sexual orientation, social mobility, faith, caring responsibilities, mental health and physical impairments. 2020's Dive involved 35 countries, we ran 144 events across the globe, and had over 30,000 individuals participate across those 144 events.We hope you enjoyed this episode of Insurance Covered, if you did please consider subscribing.  Hosted on Acast. See acast.com/privacy for more information.