As economic output plummets, re/insurers are bracing themselves for a tough road ahead. Intelligent Insurer asks two industry experts what the biggest risks are and how the sector will tackle them.
Everyone is hoping that the outbreak of COVID-19 will be contained as swiftly as possible, with many countries advising precautionary measures, such as lockdown, for a minimum of 12 weeks to protect the vulnerable. The re/insurance industry can expect to feel the effects of this pandemic well beyond that. Intelligent Insurer reports.
The market reports a £2.5bn return to profit and improved underwriting performance, but the pandemic is already taking its toll hitting assets and refocusing future priorities. CEO John Neal says the outbreak will change the world and ways of working forever. Intelligent Insurer reports.
Lloyd’s much talked about modernisation programme has moved into phase one of execution. Intelligent Insurer finds out more about the priorities and market involvement for 2020 from chief executive officer John Neal and chief operating officer Jennifer Rigby.
Insurers need to hold and manage overwhelming quantities of data to accurately assess their risk. But one insurtech expert warns that a large amount of this valuable data goes to waste as it is left languishing in non-standard formats.
The end of the long soft market will be music to the ears of many but one industry veteran sounds a note of caution for MGAs. Intelligent Insurer looks at what changing market conditions mean for these specialists.
The complexity of data sharing is a major pain point for the insurance industry, but blockchain has the potential to save members of the Institutes RiskStream Collaborative $300m in aggregate, the group says.
Shared value insurance can encourage and reward insurance customers for changing behaviour, from the way they live, to the way they drive and the way they engage with their belongings, with rewards for all involved.
In a competitive market ‘specialisation can already be seen’.
Even after years of experience, senior underwriters can still spend a large part of their day doing the administrative tasks that they were taught early in their careers. AntWorks, a global artificial intelligence (AI) and intelligent automation company, can transform the way they spend their time.