...data and application programming interface(API) standards for the London Market-Sequel is gifting IP to the market via ACORD and using its own proprietary API standards as the foundation on which the new standardised language will be built. Lloyd's launched a pioneering parametric earthquake insurance policy in New Zealand, the global re/insurance sector have committed additional funds and resources to support further development of the Oasis Loss Modelling Framework and open source standards, and RMS launched new Climate Change Models. The pandemic has vastly accelerated the pace of change to global trade, according a new white paper from trade credit insurer Atradius.
Insurance Europe published its position on the review of the Security of Network and Information Systems(NIS2) Directive, whilst the latest Chartered Insurance Institute(CII) survey of 1,000 consumers indicated that COVID-19 has changed what consumers consider most important when purchasing an insurance policy. The Financial Control Authority(FCA) extended the implementation period for new general insurance pricing practices.
A new Forrester Research report, "The Future of Insurance", emphasized the need to speed up digitisation. An Issue Brief "Regulatory Considerations for Digital Insurance Business Models" followed a Geneva Association survey of insurers. Pegasystems commented on insurers' need to speed up FCA pricing practices, and also reported on its sponsored research highlighting why and how insurers should improve engagement with vulnerable customers. By Bits sponsored research indicated that UK motor insurers have put profit above customer. A new user-friendly Guidewire Marketplace was launched. Canada-based Gore Mutual announced its selection of the AI-powered FRISS platform as part of the company’s large-scale transformation, and Hollard went live in Australia with a new core systems from Duck Creek in just six months. An upgrade to Majesco CloudInsurer was announced for Puerto Rican-based Optima Seguros to bolster growth strategy, and Sapiens announced an extension of its partnership with Atos.
Aviva completed its round of disposals by announcing it is to to sell its Polish business to Allianz for E2.5bn cash. Leading German broker MRHT successfully completed three bolt-ons, and Willis Towers Watson launched a new cyber cover for Power & Utilities companies. Ardonagh announced 2020 results, and there were senior appointments at Chord Re and Movinx.
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