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22nd April 2018

Newslink Global Insurance Trends-The Week

This week, The InsurTech Accelerator, part of Hartford InsurTech Hub powered by Startupbootcamp InsurTech, hosted its first Demo Day-out of the 10 startups graduating from the cohort, 5 startups have already secured pilots with leading insurance companies. Meanwhile, Coverfox, one of a handful of companies aiming to digitize insurance in India, landed fresh funding via a $22m Series C round, in the UK start-up InsurTech commercial broker Konsileo secured £2.7m in funding, and TMK announced a strategic arrangement with Australian InsurTech Evari. Beazley reported that cloud-based office solutions are coming under increasing attack from cyber-criminals, Envelop Risk, a global specialty cyber insurance analytics and underwriting firm launched in San Francisco, and AXIS Capital announced its Cyber Centre of Excellence.
Global Data reported that over 30% of UK consumers say they would purchase some form of insurance product from alternative providers such as Google, Apple, Facebook, and Amazon, and the latest survey from Willis Towers Watson and Confused.com said UK Comprehensive car insurance premiums continued to fall during the first quarter. Ovum researched 2,500 UK insurance buyers to understand what insurers can do to differentiate. European reinsurers' 2017 results supported Fitch Ratings' view of the sector's resilience to catastrophe losses. EIOPA published its 2017 oversight activities report addressed to the European Parliament, and the Association of British Insurers(ABI) responded positively to the Prudential Regulatory Authority's(PRA) proposed change of position on the use of dynamic VA and external audit requirements.
Marsh, with IBM, ACORD, and ISN, announced the first commercial blockchain solution for proof of insurance, and in the London Market, PPL went live for accident and health classes. esure is successfully piloting the Synectics Precision solution to plot customer behaviour and prevent potential fraud, ConTe.it, Admiral's Italian brand, deployed Guidewire solutions, and Sapiens IDIT was selected by HDI Sigorta in Turkey.
AIG announced the authorisation of new insurance companies in the UK and Luxembourg with Brexit in mind. Generali is to sell its Belgium arm to Athora Holdings, having earlier announced it had finalised the sale of its portfolios in Columbia and Panama. HWI launched new MGA NuVu Underwriting Hong Kong. There were senior management appointments at Argo, Lockton, Marsh, and Sedgwick who reported that the acquisition of Cunningham Lindsey had been finalised.
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, report facilities, and a free 14 day full trial.