May 27, 2018

Looking West

Looking West
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40% revenue loss in next 5 years: Accenture

Management consulting company Accenture has cautioned the industry to be prepared for the scale of potential digital disruption and has stated that some carriers could lose up to 40 percent of their traditional revenue within the next five years. The research indicated that, whilst re/insurance has so far been one...

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Italy: Regulator enforces new rules

The Italian Insurers Association (ANIA), some Italian consumers associations, the Italian Brokers Association (AIBA) and the Italian Antitrust Authority drafted a set of guidelines on the structure and language of insurance policies wording. The move comes as a response to the suggestion of the Italian insurance regulator Institute for Insurance...

Lloyd’s Lab ropes in L Marks, BCG

Lloyd’s has announced a collaboration with L Marks and Boston Consulting Group (BCG) in connection with the set-up and roll-out of the Lloyd’s Lab that was announced in February this year. L Marks, an innovation specialist with a deep understanding of the global InsurTech sector, will run global scouting campaigns...

Survey: Prioritisation of tech key to growth

DWF recently published its ‘Future of Insurance’ based on a survey of 200 senior executives across the UK insurance market as to their current strategic priorities and what they expect to be their focus in five years’ time. Market participants admitted a key barrier to their future success is the...

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Cyber risk disclosure gains prominent focus

A consortium led by Citigroup Inc, Zurich Insurance Group and Depository Trust & Clearing Corp (DTCC) will develop a set of cyber security standards that fintech companies can sign up to, the Financial Times reported. The group was formed as a result of a meeting held by the World Economic...

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Chinese groups renew interest in Greek insurer

Two Chinese groups have renewed their interest in buying a majority stake in National Insurance, Greece’s largest insurer, after a EUR718 million sale agreed with Calamos-Exin, a US-Dutch partnership, collapsed last month. Fosun Investment and Gonbao Investment, the second- and third-ranked bidders, “have returned to the reopened sale process” according...

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Canopius becomes standalone firm

Canopius has announced the completion of its acquisition by a private equity consortium led by Centerbridge Partners, LP,  which includes private investment firm Gallatin Point Capital LLC.  Having received all necessary regulatory consents, Canopius is once again a standalone business, led by chairman Michael Watson and group chief underwriting officer...

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Swiss Re, MassMutual team up for mortality risk

LifeScore Labs and leading reinsurer Swiss Re recently announced a collaboration to support LifeScore360, LifeScore Labs’ standards-based algorithmic risk scoring solution. LifeScore360 will be offered as an additional analytics option for Swiss Re’s automated underwriting system (Magnum).   In addition, Swiss Re will more generally support the use of LifeScore360...

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AIG ties up with Expedia

American International Group, Inc. announced that it has been selected as Brand Expedia Group’s global provider of travel insurance and assistance products. Aon Affinity Travel Practice, Expedia’s long-term US insurance partner, will continue to provide advisory services to Expedia and will deliver customer claim services in the US. “Our work...

MetLife rolls out annual insurtech accelerator

MetLife is inviting applications from companies specialising in insurtech to develop new products tailored to customer engagement, sales and operations across its businesses in Europe, Africa and the Middle East. The company is inviting insurtech start-ups to compete for a USD100,000 contract to develop solutions across insurance value chains in...

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