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10th February 2019

Newslink Global Insurance Trends-The Week

This week, Frost & Sullivan reported that advanced technologies and evolving operations are opening growth opportunities in the insurance industry. There were plenty of indications of activity-Software Solved was selected by the UK Government’s innovation research programme to lead a two-year study into machine learning and advanced data analytics for the insurance sector-RSA and other leading insurers are to be involved. Insurance Europe also published a response to a consultation by the European Commission’s High-Level Expert Group(HLEG) on draft guidelines for trustworthy artificial intelligence(AI). Leading suppliers made announcements-Sapiens rebranded to reflect the company's evolution into a unified global provider of innovative digital insurance solutions, and Majesco released its new Electronic Billing and Payment solution built using Majesco Digital 1st Insurance. Meanwhile, Lloyd's Market Association(LMA) chief executive Sheila Cameron called for the creation of a digital re/insurance marketplace, and PPL usage for the 4th quarter indicated impressive growth across the London Market. Insurance Newslink feels that the challenge is to interpret technical terms such as digitalisation and artificial intelligence in meaningful and measurable business and customer benefit terms, whilst keeping a watchful eye on regulatory and security implications.
The French government adopted two statutory instruments relating in particular to financial services and insurance in the event of a hard Brexit-Clyde & Co commented. The Prudential Regulatory Authority(PRA) issued a Consultation Paper headed "Solvency II: Longevity risk transfers-simplification of pre-notification expectations" and the Chartered Insurance Institute(CII) voluntarily published the ethnicity pay gap of its employees. DBRS Ratings highlighted that large French banks have developed substantial bancassurance businesses especially in life insurance.
BDO completed its merger with Moore Stephens, Co-op Insurance re-entered the life market in collaboration with Royal London, and Swiss Re Corporate Solutions expanded its cyber offering by launching CyberSolution 360°. There were a range of 2018 and fourth quarter financials published- including Chubb, Great-West Lifeco, MAPFRE, The Hartford, and Zurich: Aspen, Beazley, Markel, Munich Re, QIC, and Talanx: Aon and Willis Towers Watson. There were senior appointments at Channel Syndicate at Lloyd's, Lloyd's, and RSA.
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