Douglas Shillito
It was a significant week for InsurTech. Aviva is to acquire a majority stake in low cost "robo" investment service Wealthify, and Slice Labs announced a further $11.6m investment for its US on-demand insurance platform – investors include Munich Re, Sompo, and XL Group – the latter is also working with UK-based start-up Cytora to quantify, select, and price risk. Celent and Guy Carpenter released a new study entitled: "InsurTech Accelerators: A Market Scan", and an AIG survey showed Americans are highly polarized as to whether to accept or reject autonomous vehicles. Pegasystems published a UK study on the use of Artifical Intelligence (AI) technology and chatbots for serving customers, and Willis Re announced membership of the blockchain insurance industry initiative B3i, as did 21 other insurers and brokers. Accenture and Duck Creek Technologies created several new digital and emerging technology solutions. Sompo International announced a reorganisation and launch of its Global Insurance Platform, whilst Willis Re is to further develop its online placement platform globalRemarket and Willis Towers Watson launched a new facultative reinsurance hub for the German-speaking DACH European region and made two senior appointments. RMS introduced a new solution enabling underwriters to access critical information about any location globally, within seconds, in order to gain competitive advantage in risk assessment, and the London Market Group(LMG) made further progress on the Target Operating Model with the go-live of the Market Business Glossary. Insurity's SIMS Claims solution chosen was in Minnesota.
US P&C insurers' net income dipped in the first half. Capsicum Re launched its ‘Addressing Non-Affirmative Cyber’ report, and insurers undertaking an acquisition underperformed their sub-industry index, according to the Willis Towers Watson Insurance M&A Performance Tracker-only the second time this decade. A DAS-sponsored survey indicated 80% of UK insurance brokers expect London to retain its place as a leading global insurance market post- Brexit.
The Chartered Insurance Institute (CII) hosted a briefing on how to maximise the opportunities presented by the UK Government’s approach to apprenticeships, and also appointed Melissa Collett as Professional Standards director. Insurance Europe responded to the International Association of Insurance Supervisors (IAIS) consultation on revisions to Insurance Core Principle 24 on macroprudential surveillance and insurance supervision.
On the company front, MS&AD are to invest up to £800m in Swiss Re's life book consolidator ReAssure, and Global Bankers Insurance Group moved for Resolution Life's Lincoln Benefit Life. Everest Re received the regulatory nod to operate as an authorised non-life insurer in Ireland enabling access throughout the EU, and Liberty Specialty Markets is expanding its onshore energy offering by establishing a new specialist renewable energy team. Randall & Quilter raised £45m and proposes to raise a further £4.3m through an open offer to qualifying shareholders. Chubb, Hiscox, PartnerRe, and QBE revealed latest loss estimates in connection with the recent natural catastrophes.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.