with 27 firms signing up to a new Charter-companies across the sector committed to opening up the majority of their roles to flexible working, job sharing and part-time working by signing the Association of British Insurers’(ABI) Making Flexible Work Charter, the first of its kind in the UK Financial Services sector. Multi-pillar pension systems can help the EU address the ageing of European societies said Insurance Europe, whilst Capco said that Open Insurance would drive innovation and new ventures in the market and that the long-term savings and retirement markets, while historically resistant to change and slower to evolve, should be the first to benefit.
Demand for digital services could displace $280bn of traditional insurance premiums by 2025, said a Accenture report. Global InsurTech investment reached an all-time high of $2.55bn in Q1 2021 according to Willis Re research. The Insurance Fraud Bureau signed up to a ‘landmark partnership’ with Shift Technology to build fraud detection system for the UK insurance industry, and Austrian-based ProLion is to target the ransomware protection market in a global expansion drive. Protecdiv launched PERMMANENCE, a next-generation enterprise risk management tool, and RMS enhanced its North America Wildfire High-Definition Model Suite with the addition of its Canada Wildfire HD Model. Chubb engaged Willis Towers Watson’s Insurance Consulting and Technology business for advanced pricing delivery software. In the US, Mindtree and Duck Creek collaborated with UPC Insurance to drive its digital transformation initiative forward, and MHC selected Sequel to deploy integrated underwriting and claims solutions following its move to ISO electronic rating content(ERC).
Chubb and Marsh collaborated to secure insurance coverage for the COVAX no-fault compensation program for 92 low and middle income countries. CFC is to launch a new Lloyd’s Syndicate, and Compre completed its acquisition by Cinven and BCI. NuVenture launched to attract insurance underwriting talent, Nexus and Allianz Global Corporate & Specialty(AGCS) signed a four-year Financial Lines deal, and Optio acquired leading nuclear specialty MGA Northcourt. SCOR accelerated its transition to Net-Zero and announced ambitious carbon reduction targets for its invested assets, and SiriusPoint announced its first partnership with advisory firm Hestia Capital. First quarter financial announcements flowed-they included Chubb, The Hartford, AXIS Capital, Everest Re, Lancashire, and Scor; Aon, Willis Towers Watson, and Marsh McLennan.
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