14th April 2019

Newslink Global Insurance Trends-The Week
Trend

This week, the latest Swiss Re sigma report highlighted that secondary perils are to wreak evermore natural catastrophe devastation globally. The Financial Conduct Authority(FCA) warned general insurance firms again about manufacturing, sales and distribution approaches that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service-the Association of British Insurers(ABI) responded strongly, whilst in another survey, Citizens Advice said home insurance companies in the UK make all of their profits from loyal consumers holding policies for 6 years or more. The London Market Group(LMG) unveiled the next stage of its work to take advantage of new trading opportunities that may emerge in the post-Brexit world. DBRS Ratings indicated the importance of the bancassurance channel in Spain, particularly in life insurance.
Insurance Europe warned against formation of mandatory bodies to police GDPR compliance, also responded to questionnaires from the European Commission on insurers’ experiences and concerns about the application of GDPR, and supported the development of a voluntary EU Green Bond Standard(GBS). EIOPA issued a Supervisory Statement on the application of the proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.
IBM published "The 2019 Cyber Resilient Organization"-the fourth annual benchmark study on Cyber Resilience-an organisation's ability to maintain its core purpose and integrity in the face of cyberattacks. Lloyd's Market Association(LMA) and PwC released a report headed "Claims Workforce of the Future-London Market" identifying new supplementary skills and processes that will be required, whilst Accenture launched "Technology Vision for Insurance 2019" emphasizing that digital was only the price of admission to the post-digital era. InsurTech Inzura and dash cam manufacturer MDT are to deliver a fully integrated telematics dash cam solution for the motor insurance market, whilst Iotatech's solution was chosen by Evolution Claims Management. TIA Technology had a strong 2018. AXA Insurance Thailand has deployed Vymo, an AI-enabled Personal Assistant for Sales, to improve sales productivity and effectiveness of their partner channels, and John Hancock is to provide open architecture plan participants with access for frequently-asked queries through their Alexa-enabled devices. Mitsui Sumitomo is to establish Global Digital Hubs(GDH) in Tokyo and Singapore.
Generali is to take over the entire Life, Non-Life and Composite insurance portfolios of three entities of ERGO International in Hungary and Slovakia, and Global Bankers Insurance are pursuing a sale of its US life insurance companies. esure reported 2018 results, and there were senior appointments at StarStone.
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