Of Special Interest

29th June 2014

Newslink Opinion: Weekly Insurance Global Analysis

This week, the International Insurance Society's 50th Annual Seminar in London was headlined " The Impact of Science and Technology on the Industry", and included key sessions on life insurance at a time of rapid technological change, the digital insurer, the rise of cyber risk, and Big Data-a warning signals on all fronts. Meanwhile, Accenture is to expand its outsourcing work with Indian insurer HDFC ERGO on digital applications-recently, AXA and LinkedIn announced that they were to work together on global digital transformation. KPMG and PwC were prominent as were other larger consultancies at the IIS event, indicating that they are to play a major part in the new digital era, just as they have been doing on the Solvency II front. Marsh launched a timely Cyber Risk Financial Optimisation Model.
An EDM survey indicated that over 50% of UK insurers felt that major savings and efficiencies were possible, whilst Xchanging revealed its survey at the ACORD LOMA Forum relating to claims, highlilighting the interest in predictive analytics and Big Data. The International Underwriting Association(IUA) published its annual report and said it is to deepen its understanding of underwriting platform choices in the London Market. Xuber published the first of three chapters on its roundtable discussion held in April, emphasizing that the London Market should work collectively to aggregate and analyse Big Data.
Guidewire solutions went live in New Zealand and Russia, Sabre has begun a pilot with the SSP/Wunelli telematics offering, and The Floow received an award. New York Life has selected SAP to enable enterprize-wide financial transformation, and SunGard launched a Cloud-based life administration system. US insurer Wolverine chose the Innovation Insurer SaaS Suite.
RSA appointed a ceo for the UK and Western Europe and reorganised its global broking business, with Aviva appointing an ex-AIA executive to the position of head of Global Life and chairman Asia. Willis also made senior appointments.
Swiss Re published a new sigma report highlighting the dip in global growth last year, and Fitch updated its forecast on US p&c insurers' statutory operating performance. The Reinsurance Association of America(RAA) and industry leaders participated in a White House roundtable on Resilient Communities and Extreme Weather, whilst as an adjunct to the IIS Seminar, Prince Charles banged the drum on Climate Change and the insurance industry's vital role. Marsh also surveyed London companies on their attitute to Climate Change.
EIOPA continues to review PPI miss-selling across European countries.
There was activity on the company front. Catalina is to acquire a US run-off, Qatar Insurance(QIC) finalised its Antares purchase, Validus Holdings announced its intention to buy Western World, and Northwestern Mutual is to sell Russell Investments to the London Stock Exchange Group(LSEG). ERGO is to acquire in Singapore, and SCOR is to create a Cologne-Zurich hub. Integro bought in California, and Mercer is to acquire a 34% stake in South African-based Alexander Forbes Group Holdings which is due to announce an IPO on the Johannesburg Stock Exchange.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com