Operations/tech
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Company market premium grew 10% over 2023, a report finds.
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The executive worked with Artificial Labs on Chaucer’s underwriting platform.
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The consultation includes methods for tackling bullying and harassment.
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Smart-follow is creating a third tier of provider – the “lead follower” – but broader efficiencies must be achieved.
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The move is the latest phase of the carrier's operational transformation programme, AIG Next.
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The platform hopes to confirm significant partnerships in the near future.
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The CEO said the broker can now hold its own “with any client, anywhere”.
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Reinsurers continued to diversify into primary and specialty business.
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The unit will support Ascot’s third-party capital business.
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The Blueprint Two build is due to be completed in January 2025.
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Insuring the transition is frequently touted as a major growth opportunity, but when it comes to renewable energy, complications abound. Natural catastrophe, evolving technology, and data scarcity all add to the complexity of underwriting in the class. GCube's Fraser McLachlan has been operating in the renewables sector over several market cycles, and gives his insight on the latest dynamics in the class.
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Market-wide testing is not expected to start until late Q4 this year or Q1 2025.
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Insurance COOs predict API and Gen AI most likely to deliver future transformation.
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Syndicate 5757 will target US programme business.
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Sources also named Mark Cloutier as a long-shot potential candidate for the position.
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Resulting lowered expenses could feed into Lloyd’s ambitions of building a £100bn premium market.
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The operation will be led by Stephen Saunders, with Jawad Ghunaim from AIG as CUO.
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Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.
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Analysis of directors’ ages shows a shortage when it comes to the next generation of leaders.
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The move comes after the group delayed a strategic process until 2025.
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The Oxbow report found that AI use cases span the entire (re)insurance capability model.
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Syndicate 3123’s opening is “the largest-ever launch of a Names-sponsored syndicate in Lloyd’s”.
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The model uses machine learning and daily data to forecast hurricane seasons.
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A new cutover date will only be decided once key activities are completed or near completion.
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The company will now focus on its better-positioned businesses.
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With topco liquidation looming, there are questions for R&Q and the wider market.
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The Cut-over Review Committee will review the readiness of the London market.
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Self-insurance has taken $25bn more premium out of the market than five years ago.
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Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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Initial testing ahead of the switch to a cloud-based system is around a month behind.
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The track record of smart-follow vehicles is still young, but the segment is gaining traction.
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The shares are being sold by select shareholders in the group.
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Proposals will be put to the Lloyd’s Council over the coming weeks to take effect from 2025.
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Current Bermuda CEO Chris Bonard will become president of the unit.
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The insurer said its Lloyd’s presence underscores its London market commitment.
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Digital Follow will be launched in the second half of the year.
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Lloyd’s and Velonetic are still exploring three options for the latter stages of cutover.
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Some firms are outsourcing their recruitment to tailor for a younger generation.
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We explore the first stages of incorporation of GenAI into insurance, alongside the longer-term potential.
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The partnership will add more capacity on the platform from April.
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AI was the hot topic throughout the InsurTech Insights event.
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The injection will be sufficient to take the platform through its next stage of major development.
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The start of phase one is now slated for October at the earliest, not 1 July.
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Computable binding authority agreement set for April 2025 launch.
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Sources believe Lloyd’s may be veering away from central DA systems.
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The syndicate-in-a-box will target £34.1mn in gross premium for 2024.
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As the interim CEO prepares to hand on the role, a major restructure is ahead.
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Impressive results in 2023 will mean big payouts.
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Brokers face pressure on margins as the market’s firming phase slows
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Velonetic said the transition would not go ahead if questions over readiness remained.
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Plus all the latest executive moves and the top news of the week.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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CEO John Neal has ambitions to pull in more major insurers, E&S players and captives.
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The broker has used Whitespace since 2019.
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The company will use MS Amlin to drive international growth.
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The new licence expands the carrier's P&C capabilities in Europe.
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Trading on a data-first approach marks a 'new era of innovation', execs said.
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Price Forbes will become the dominant brand, while international CEO Ferguson will exit the business.
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Asta-managed Syndicate 1966 will target £75mn GWP for 2024.
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Changing work practices do not overshadow basic precepts of good employment.
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The transaction will reduce the firm’s reliance on private debt deals.
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The broking group aims to release cash and facilities for investment.
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Putting together two “show me” stories risks investor skepticism.
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The association will also deliver work around binding authorities as well as engaging with regulators.
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The company has improved performance and brought in new top management – but its direction under Covéa remains to be seen.
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The syndicate is expected to complete an RITC process by late 2025.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The platform is adding a contract builder component that would smooth adoption of the new MRC v3 contract.
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Business will continue as usual, with the PlacingHub platform still expected to go live in January, the technology firm said.
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The Corporation plans energy efficiency measures and refurbishment of the upper galleries.
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Any firms that struggle to communicate on the new platform will be charged “translation fees” in the long term.
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The delayed introduction of phase two changes was at the request of the LMA, to allow more time for phase one implementation.
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The follow-only algorithmic syndicate has stamp capacity of $925mn for next year.
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The sectors could see many job roles automated as technology advances.
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The programme services carrier will serve UK MGAs from 1 January.
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Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
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London’s insurance market is booming in some ways yet still has multiple challenges to address.
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From 16 December, Next Gen will be the only platform available to quote, bind and endorse risks.
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The new contract will include annual rent increases of 3%-5%.
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The scheme will begin with support for transport risks before broadening to other lines.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The not-for-profit placement platform generated a surplus after tax of £1.48mn for 2022, a substantial drop from an £8.83mn surplus in 2021.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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The reinsurer said carriers could face challenges around underwriting profits and solvency levels.
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The firm announced plans in May to decommission the original PPL v3 platform by the end of 2023.
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The panel discussed issues around AI including its deployment, ethical concerns, bias minimisation, decision-making and the role of leadership.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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Lloyd's has set out what London market firms will need to do to transition from decades-old systems to new central services in July next year, in a crucial step of several modernisation milestones to come in 2024.
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PPL has confirmed a previously announced deadline that London firms must switch over to its Next Gen placement by 1 October.
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CFO Jan Wicke called the move a "positive step for our stock’s future performance" in laying the foundations for future liquidity.
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The executive will drive the carrier’s new change programme, ‘How We Work’.
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The two-month refurbishment project included a reallocation of ground floor box space and IT upgrades.
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A Reverse Mentoring programme from the people behind the Dive In festival aims to give new generations in insurance a chance to ensure their voices are heard.
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The reinsurer has announced a detailed plan to diversify its P&C reinsurance book as part of a new strategic plan.
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A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.
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Carriers benefited from improved rate adequacy and the impact of interest rate rises on investment returns.
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Aurora plans to add cyber, property and BI, professional indemnity and other business lines to its algorithmic trading proposition in the coming months.
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After Apollo announced a collaboration marking the latest milestone for algorithmic underwriting-led follow capacity in the London market, Insurance Insider explores how such partnerships can proliferate.
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The collaboration will involve the algorithmic underwriting of risks with a human in the loop for decision verification and portfolio steering.
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PPL said release 2.0 of the Next Gen placing platform contains more than 100 changes including a new quote functionality.
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The auctions will take place in October-November this year.
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PPL is managing a market migration from the v3 platform, which is being phased out for new placements by October 1, to Next Gen.
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PPL has set out how it is resolving various functionality problems raised by sources to Insurance Insider.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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This publication examined how London market firms are managing post-Covid-19 working practices and found a reluctance to impose mandated office days, but increasing soft pressure to return to the City.
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The Data Council has allocated roles for London market firms around data assembly and approval for open-market placement and endorsements that will underpin the Lloyd's modernisation programme.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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Letters from PPL's legal representatives had been issued to Ebix Europe, over the timing for the launch of Ebix Europe's new PlacingHub platform.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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Over half of respondents said that the technology currently available to them is not allowing them to make the most of the data at hand or make better pricing and portfolio decisions.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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A study by digital payments platform Diesta has unearthed time lags for insurers to receive premiums, as well as frictional costs created by inefficient premium processing.
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The Corporation has had to navigate challenging trade-offs around its succession planning.
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Over 90% of carriers and 40 brokers are using the electronic trading platform.
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While Blueprint Two was expected to move the market to a data-first approach, firms have different views on when the industry will reach this new destination and rid itself of document-led processes.
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The Corporation has also created separate codes for pandemic event cancellation and active assailant risk, among others.
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The platform will connect MGAs with capacity from a wide range of providers.
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The broker, led by Ed Gaze, who previously ran the Lloyd's Lab, helps develop and launch InsurTechs based in the UK and globally.
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Miller is now using Whitespace for casualty business in a move to leverage the e-trading platform's data-capture functionality.
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Lloyd's said early adopters could be operating in a fully digital framework by September 2024, with market testing set to accelerate this year with a vanguard group.
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In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.
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Amid a wide spectrum of views on the proliferation of ChatGPT in insurance, this first of a two-part analysis explores the use cases of automation, data extraction, fraud detection and more.
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Verisk said the deal will expand its data and technology solutions for straight-through processing and distribution to a growing market of SME brokers, coverholders and MGAs.
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