9th June 2019

Newslink Global Insurance Trends-The Week
Trend

This week, Aviva's investor presentation made the headlines with confirmation of the move to separate UK life and general insurance. The changes planned are wider with around 1,800 roles to go worldwide over the next three years. Also of interest was Aviva's prominent digital development being placed with the general insurance arm-new ceo Maurice Tulloch said that pensions need advisors-a statement backed up by new research from the Association of British Insurers(ABI) which revealed alarmingly low levels of retirement readiness putting a lifetime of saving at risk. There was also another warning about the development of artificial intelligence(AI) from Pegasystems as it revealed in a significant survey across leading economies that consumers lack trust in AI and don’t understand the extent to which it can make their interactions with businesses better and more efficient. It seems likely that an in-depth understanding of the customer mindset and a detailed knowledge of the emerging technology will both be required to achieve an overall successful outcome. In the US, LIMRA and The Institutes RiskStream Collaborative announced plans to pursue a blockchain use case that will streamline the licensing validation and appointment process for agents.
CNA Hardy’s 2019 Global Risk & Confidence Survey highlighted rising reputational risk, S&P Global reported that the reinsurance market trend "looks promising", and Fitch reviewed Japanese non-life market trends. Climate Endowment was launched as an urgent response to the Climate Crisis and to the EU voters' outcry for a Green Revolution. EIOPA launched a consultation on a draft opinion on sustainability within Solvency II.
Duck Creek expanded its Partner Ecosystem program through a new relationship with smart home telematics specialist Roost. Guidewire reported latest quarter results "above guidance ranges", whilst Shift Technology and Accenture integrated FORCE, Shift’s fraud detection technology, into Guidewire’s ClaimCenter solution. Hanwha General is to launch South Korea's first digital non-life insurer. Aon and CoverWallet entered a commercial agreement to serve clients in Australia, and the broker also selected CyberCube to deliver innovative cyber (re)insurance solutions to its insurance carrier clients and prospects.
Allianz Risk Management launched in the UK-a new website to help businesses manage the threats to which they are exposed. Swiss Re subsidiary Reassure Group, which runs a portfolio of closed life books, is considering proceeding with an initial public offering(IPO), and Zurich finally completed its acquisition of ANZ’s life insurance business OnePath Life in Australia. SCOR successfully sponsored a new catastrophe bond-Atlas Capital UK 2019 PLC, White Mountains acquired a minority equity stake in ILS investment specialist Elementum Advisors, and BMS announced an agreement for a significant investment valuing the broker at £500m.There were management changes at Aviva, and a senior hire at AIG.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com