Of Special Interest


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24th November 2019

Newslink Global Insurance Trends-Editor's Weekly Review

This week, Specops Software in a survey indicated that finance and insurance firms have invested the most on cyber security, at a significant £22,050. This represents an increase of 23% from the previous year (2017-18). Lloyd's Market Association(LMA) produced several model clauses to help members provide clarity about cyber coverage under first-party property damage policies, and Marsh launched its enhanced suite of cyber risk quantification consulting capabilities that offer clients new insight into the impact of their cybersecurity investments.
A new Aite Group global study commissioned by TransUnion explored the existing analytical processes, tools, data sources and operational effectiveness of analytics solutions used by the financial services and insurance markets. The quantitative online survey recorded the feedback of 682 marketing and risk executives at financial institutions located in the UK, the US, Canada, Hong Kong and India, many of whom do business across the globe. The study found that the proliferation of AI/ML is expected to continue over the next 24 months, with 68% of UK executives, and three in four globally, considering integrating new analytic technology into their platforms. Swiss Re Corporate Solutions are improving the customer experience for International Programme and Property clients and brokers by launching ONE Form. Aon has announced that it has entered into a definitive agreement to acquire CoverWallet, a leading digital insurance platform for small and medium-sized businesses. Elsewhere on the insurance application software front, Peurto Rico-based Multinational is to upgrade Majesco Policy for P&C from on-premise to Majesco CloudInsurer to bolster their growth strategy, OWIT announced a partnership with Maprisk, and Farmers Union MutualFUMICO) choose Sapiens solutions-Sapiens also announced it is to partner with digital specialist Lightico. Software Solved announced the launch of its Insurance Practice.
The Chartered Insurance Institute announced that AIG, AXA, Beazley/London Market Group, Scottish Widows, Swiss Re and Zurich have committed to the inclusive customer financial lives pledge-"Insuring Women's Futures". Insurance Europe published a new booklet-"Insurance fraud: not a victimless crime".
Aviva outlined its strategy at its Capital Markets Day having earlier in the week clarified its position in Asia Pacific. Lloyd's launched a campaign to encourage more people to speak up against unacceptable behaviour. Willis Re Securities structured and placed E120m of insurance-linked securities(ILS) to provide reinsurance capacity for Covéa. Hamilton is to place Acappella Syndicate 2014 into run-off, and PSC moved for Carroll Insurance Group. There were financial updates including those from Aviva, Direct Line, NN Group, IGI, and Ardonagh. There were senior appointments at Geneva Association, AIG, Chaucer, Ecclesiastical, and Tysers Group ceo, will be leaving the company for personal and family reasons.

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
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