Latest News – Page 744
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NewsPwC and Z/Yen launch global study into benefits of blockchain
PwC and blockchain consultancy Z/Yen are collaborating on research to identify the potential benefits of mutually distributed ledger (MDL) technology for wholesale insurance. The global research report will be published in July alongside a prototype proof of concept being developed by PwC at its blockchain research ...
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NewsCopying Norway's EU model will exclude us from big decisions – ABI
The ABI has given its support to the prime minister’s campaign to remain in the EU. During an interview on BBC’s Andrew Marr show yesterday, David Cameron said that even if the UK replicated the Norway model of being outside the EU with access to the ...
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NewsSurvey: FCA's TCF agenda overloading brokers
The FCA’s drive for better behaviour in the insurance broking sector is overloading firms and customers with information, according to the first Insurance Times Broker Regulation Survey. According to RWA Business Consultancy founder and compliance expert Robin Wood this overload could hinder the FCA’s Treating Customers ...
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AgendaInsurance force Lord Leach dies
Lord Leach, former deputy chairman and non-executive director of JLT Group, has died aged 82. Lord Leach was chairman of Jardine Insurance Brokers, latterly JIB Group, between 1988 and 1997. He was appointed deputy chairman of the company in February 1997. He was awarded a life ...
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NewsRSA extends telematics deal with Trak Global
Trak Global has extended its contract with RSA to continue providing telematics, policy administration and business information for the insurer’s More Than Smart Wheels offering for young drivers. The two-year extension follows a three-year partnership between RSA and Trak Global. RSA Global Telematics director Kenny Leitch ...
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NewsHalf of insurers fear 20% of business will be lost to tech start-ups - PwC
Almost half (48%) of insurers fear that up to one-fifth of their business could be lost to standalone fintech companies within the next five years. According a new research by PwC, this fear has been driven by annual investments in insurtech start-ups that have increased fivefold ...
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NewsEuropean regulator insurer stress test is ‘half cooked’ – Allianz
Allianz has criticised plans by the EU’s pensions and insurance regulator Eiopa for EU-wide stress tests, calling them “half cooked”. The insurer is also worried that the test results could be used by the European Systemic Risk Board, which looks for risks to the financial system ...
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NewsTelematics data helps uncover £500,000 fraud – Insurethebox
Insurance fraud cases worth £500,000 have been uncovered by telematics underwriting agency Insurethebox using data collected from black boxes inside cars. The firm said it had used the data to disprove 31 claims, involving seven accidents over five months, and taken the drivers to court. In one example, the claimant ...
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Online onlyFSB presses government to contribute more in cyber crime fight
The Federation of Small Businesses (FSB) is urging the government to make cyber insurance compulsory for small businesses. The FSB said that the government must consider making cyber insurance compulsory for businesses above a certain size or in high-risk sectors after internal research found only 6% ...
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NewsIGO4 names Sandy Dunn as board adviser
Personal lines and telematics broker iGO4 has appointed Sandy Dunn as a board advisor. Formerly holding senior roles at Markerstudy, Capita, Swinton, BDML, Supercover and Wunelli, Dunn stepped down from a number of non-executive and chairman positions at the end of 2015, iGO4 said. “Sandy … ...
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Online onlyDAC Beachcroft launches hub to boost insurance innovation
DAC Beachcroft has set up Innovations Lab to promote technology processes and products to a reluctant insurance industry. Speaking at the launch event, DAC Beachcroft Claims Solutions Group chief executive Craig Dickson (pictured) said that there are daily calls for the insurance industry to be more ...
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NewsZurich unveils major company shake-up
Zurich today unveiled a new reporting structure and management shake-up. New boss Mario Greco has decided to combine Zurich’s non-life and life management business under the control of one management team. Under the shake-up, regional heads will report into the group chief executive Mario Greco. Meanwhile, ...
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NewsWhy enter the Tech & Innovation Awards?
What does it take to enter for the Insurance Times Tech & Innovation Awards? Here, four entrants for this year’s awards talk about their achievements and what motivated them to nominate their products and innovations. Click here today to give your team the recognition they deserve ...
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NewsEx-Biba small broker chair: 'speak candidly about commissions'
Yutree Insurance managing director Kevin Hancock said it was time for brokers to speak candidly to customers about commissions they earned and what a client might get for the payments. He was responding to comments by ABI director of general insurance policy James Dalton calling for ...
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NewsNumber of uninsured vehicles since 2010 falls by 28.6% to 1 million
The number of uninsured vehicles is estimated to have reduced to 1 million from 1.4 million since 2010, as a result of the Continuous Insurance Enforcement (CIE) programme. Parliamentary under-secretary for the department of Transport Andrew Jones provided this information to MPs in a written response ...
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NewsBrokers need to be creative with schemes to stand out from rivals
Brokers need to be more creative if they want to make their schemes stand out in an environment of heavy competition, Commercial Express underwriting manager Jordan Gregg has said. He added that it was also important for brokers to regularly update their schemes to prevent them ...
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NewsZurich personal lines and Endsleigh MD departs after eight months
Zurich UK Personal Lines and Endsleigh managing director Patrick Cohen has resigned after less than a year in his role, Insurance Times can reveal. Cohen was appointed in October 2015. He took over from David Nichols, who had been running personal lines and Endsleigh on an ...
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NewsGreg Collins to replace Graham Clarke as Miller boss in 2017
Broker Miller plans to appoint chief operating officer Greg Collins as chief executive in 2017. At the same time Nicholas Lyons will be replaced by Graham Clarke as non-executive chairman. The announcement is part of a raft of appointments to support Miller’s board succession plans. In ...
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NewsLloyd's syndicates deliver another strong year - S&P
Fewer catastrophe events, combined with lower and less frequent casualty claims, helped Lloyd’s syndicates deliver another strong set of results in 2015, according to Standard & Poor’s. The average combined operating ratio (COR) was 90%, but the ratings agency added that some syndicates have been hit ...
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NewsKelliher names Coggan chief executive, reports lower profit
Kelliher Insurance announced a new chief executive as it reported lower profit for the year to December. Former managing director Imogen Coggan (pictured) has been promoted to chief executive, and the company said it is planning to expand further, primarily through organic growth. Pre-tax profit fell ...
