19th September 2021

Insurance Newslink Global Trends-Editor's Weekly Highlights

Trend

• Tweet
• Share on Facebook
• Share on LinkedIn

This week, a new survey highlighted financial vulnerability and health-related concerns are more prevalent among young consumers in emerging market countries, driving an increased appetite for purchasing insurance protection-the second edition of the EY Global Insurance Consumer Survey, was a survey of 4,200 consumers in seven countries across Africa, Asia, North America and South America. The Financial Conduct Authority(FCA) and The Pensions Regulator(TPR) published a joint discussion paper on developing a common framework for measuring value for money(VFM) in defined contribution(DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector. The FCA also published a new strategy aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs-the FCA will publish metrics to assess whether these outcomes are being met. Insurance Europe replied to EIOPA on draft technical advice to the EC on development of pensions dashboards and on pensions tracking-it also replied to a consultation by the European Commission on a draft proposal by its Platform on Sustainable Finance for an extended taxonomy to support economic transition.
"Do InsureTech investments pay off?" was the title of new Forrester research looking at claims processing. Swiss Re entered into a partnership with BlaBlaCar, the world’s leading community-based travel platform, and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group, whilst Zensar is to partner with FRISS. Supercede, the global reinsurance placement platform built for dealmakers, announced a partnership with Web Connectivity(WCL), a Zywave company, in their latest move to enable brokers and carriers to effectively and efficiently transform their operations using structured data and a common data record(CDR) across all aspects of the reinsurance lifecycle, worldwide. Gallagher Re launched an automated analytics platform, GAIA. RMS estimated $31– $44bn in total US onshore and offshore insured losses from Hurricane Ida-it also,in the run-up to the anniversary to 9/11, released a retrospective blog and white paper. New research from a European leading provider of cloud infrastructure and cloud services, IONOS Cloud, found that 38% of insurance IT decision makers(DM's) admit to their business having a cyber security skills gap, with a third(33%) saying this is putting their organisation at risk of security threats-additionally, 44% of insurance IT DMs surveyed said their business has a data protection skills gap, with over a quarter highlighting that it means they are not effectively storing data(27%) or following the correct data protection procedures(27%). When asked about the biggest threats to their insurance business’s IT security at this time, respondents said employees not storing data correctly(36%), increased DDoS attacks(36%) and phishing and scam attacks(34%).
Dale Partners received ‘in-principle’ approval from Lloyd’s to establish a managing agency, Hannover Re sees a continuing trend towards rising prices in property and casualty reinsurance, and SiriusPoint announced a strategic partnership with Vouch Insurance, a fully-digital business insurance platform for startups in the US. There were senior appointments at AIG, Carbon Underwriting, Pool Re, and the Lloyd's Market Association(LMA).





SIGN UP FOR A FREE 14 DAY FULL TRIAL OF OUR NEWSLINK SERVICE
An ideal ongoing global intelligence source for office-based and dispersed staff

NEWSLINK GLOBAL TRENDS DATABASE-A STRATEGIC PERSPECTIVE
Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 28 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and
dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 54,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 35,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 28 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.