Of Special Interest


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4th December 2016

Newslink Global Insurance Trends

This week, The International Underwriting Association(IUA) spelt out four detailed priorities from Brexit negotiations identified by companies in the London Market, as Brexit issues dominated the mainstream media. Willis Towers Watson responded to the UK Treasury Select Committee inquiry into Solvency II suggesting changes, mainly relating to life business, and also issued a report, written with Cass Business School, indicating that insurers involved with a major acquisition are increasingly outperforming their competitors in terms of share price. Standard & Poor's released an article on recent discussions with investors highlighting key risks for European insurers, and Insurance Europe published a position paper calling for the modernisation of Value Added Tax(VAT) for financial services to be put back on the EC agenda. EIOPA issued a Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers.
It was a busy time for IT news and developments. Startupbootcamp InsurTech announced the top 10 technologically diverse startups to participate in its 2017 acceleration program, and lawyers Mayer Brown, in a new report, said that UK financial services firms’ appetite for collaboration with fintech businesses remains strong but regulatory complexity stands in the way of progress. Meanwhile, Allianz showcased its Global Digital Factory in Munich to attendees at its Capital Markets Day, and Swiss Re also spoke at its Investors Day about a stronger focus on, and investment in, research & development(R&D) and technology. Household insurance startup Neos received strategic investment from Zoopla, owner of some of the UK’s home-related digital platforms, and also entered into an exclusive partnership. The London Market Group(LMG) announced an online portal to enable more brokers to submit premiums electronically-claims will follow shortly, and Charles Taylor InsureTech is to open a Centre of Excellence in Mexico to offer IT consultancy and expertise across Latin America, in collaboration with insurance software specialist Fadata, in which it has an investment.
Guidewire achieved Amazon Web Services(AWS) Financial Services Competency status, and also reported it had exceeded guidance in its first fiscal quarter. VitalityHealth renewed its multi-year contract for DST's AWD business process management solution, and FiscalReps launched TAXBOX2, a global premium tax database and software aimed at multi-national insurers. Newslink reviewed "Analytics for Insurance-The Real Business of Big Data", a breakthrough book by insurance and analytics expert, Tony Boobier.
AXIS Capital moves for Aviabel, and Markel International entered into a master underwriting agreement with energy insurance specialist J.H. Blades & Co. Aegon named a new cfo, RSA a Group chief Technology officer, and Willis Re appointed James Kent to Global deputy ceo.
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.