Of Special Interest


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6th March 2016

Newslink Global Insurance Trends

This week, Willis Towers Watson released a survey reviewing the increased use of predictive analytics and big data by US p&c insurers. Capgemini with Efma released the World Insurance Report 2016 which highlighted the potential impact of the Internet of Things on the insurance market and customers' changing behaviours and preferences. Extensive research sponsored by Pegasystems and Cognizant highlighted that legacy systems were holding back financial services companies in their challenge to fully personalise customer service. Munich Re issued Topics Geo which reviewed last year's major natural catastrophes and introduced a new method to enable evaluation of historic loss data.
It was a busy time for leading insurance IT suppliers-Sapiens' Reinsurance solution is now live at RSA, FINEOS received two more XCelent awards and reported a big contract win in North America for its new end-to-end offering, whilst SSP signed up Markerstudy for its anti-fraud application, Verify, and is partnering with new UK challenger broker Worry+Peace. The chair of the Insurance Fraud Task Force said that sharing of data between insurers was key to reducing fraud levels. NIIT Technologies' Navigator next generation policy and claims platform went live at Sompo Japan Canopius Re, and RAC acquired vehicle diagnostic specialist Nebula Systems. The London Market Group(LMG) welcomed a HM Treasury consultation document on the framework for London-based ILS business, and also reported that PPL platform demonstrations had begun with market groups closely associated with the implementation team. Xchanging, in the process of finalising a takeover from CSC, reported that it came close to targets for 2015, emphasizing the success of its insurance software arm Xuber in the second half.
The Financial Conduct Authority(FCA) published a report on the fair treatment of long standing life closed-book customers, particularly exit fees, and identified that significant work had still to be done on this major reputational issue for some leading market players-further reports are to follow. The FCA also stated that it is to launch general insurance claims "scorecards", initially for a small number of products. EIOPA appointed new members to its (Re)insurance and Occupational Pensions Stakeholder Groups. The ABI has replaced its Solvency II Committee with a new Prudential Regulation Committee, headed by David Innes, RSA Group Capital and Financial Risk director. Four leading European associations have issued a joint paper supporting the new framework for securitisation regulation. Meanwhile, the Chartered Insurance Institute(CII) published a guide in connection with the FCA's new Senior Insurance Managers Regime to be introduced tomorrow.
Henry Engelhardt, the innovative Admiral Group ceo, presented a bullish final report before standing down after 15 years of remarkable progress, and Direct Line also produced a strong set of 2015 figures, doubling motor telematics policies and investing in digital capabilities. RSA announced it had finalised the sale of its Brazilian business, with the sale of other Latin American books to follow shortly.
Berkshire Hathaway reported underwriting earnings up and insurance investment income down, net income improved at Enstar, and retail business accounted for 50% of income at Hiscox last year, whilst GWP grew at Novae Group. Pool Re renewed its reinsurance cover and added a new layer, and Swiss Re completed its public share buy-back programme. Endurance recruited and is to establish a presence in the London casualty market, and Plum Underwriting moved for specialist MGA Synergy from R&Q.
XL Group is to change the place of incorporation of its holding company from Dublin to Bermuda. JLT delivered a "resilient financial performance."
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search and report facilities and a free 14 day full trial.