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8th December 2013

Weekly Insurance Global Analysis

This week, the UK Treasury announced a large infrastructure programme, and six major insurers are to participate. Also, the Chancellor in his Autumn Statement announced an Insurance Growth Action Plan-one of its aims is to promote UK domicile to insurers. EIOPA issued Guidelines for complaints handling by insurance intermediaries.
Analytics were to the fore-PwC issued the results of a conference poll indicating that big data/analytics will be the major source of differentiation for insurers. The Innovation Group, having announced a strong year, also released its Data Mastery Maturity Model, and Valen is working with FHM on a predictive analytics solution for the insurer's workers' comp underwriters.
Accenture's Duck Creek Suite was chosen by Coverys in the US, Bao Viet General has gone live with SSP's core offering, and Guidewire's first fiscal quarter results, whilst seasonal, were "better than expected". Endsleigh is to focus on mobile device access, and Hastings Direct is to deploy Eptica's multi-channel customer service platform. Xchanging launched its Volume Claims Service and its X-presso product won a Technology Initiative of the Year Award.
Towers Watson released a survey identifying the top extreme risks, Conning looked at the most successful US personal lines insurers, and the Reinsurance Asssociation of America(RAA) published its latest Catastrophe Loss Development Study.
Swiss Re reported that life insurers can be more consumer-centric, the Chartered Insurance Institute said appenticeships were becoming more widely favoured, and Simply Business research showed that customer service could be much improved.
Aspen Re formed Silverton Re to partner with capital markets, Ironshore's Pembroke Managing Agency's new syndicate received Lloyd's approval, and Kiln and Tokio Marine Europe are to form a new combined operation. Zurich has released its 2014-16 forecasts. Prudential is taking its fist step into Africa, whilst Old Mutual received regulatory agreement to take a majority share in a Kenyan insurer. AXA is departing the Romanian life market through the sale of its book.
Articles on the above topics were included in those added to the Insurance Newslink and Financial Newslink global database service this week at www.onlystrategic.com.