...a future negative mental health event as being highly disruptive and see value in an insurance product covering mental wellbeing. Against this backdrop, Swiss Re has entered an exclusive partnership with leading mental health platform, Wysa, to create an insurance-specific app which helps consumers better track their mental wellbeing and improve links to insurers' existing support networks, such as therapy providers or Employee Assistance Programmes, which will enable a "win-win" through earlier intervention in the claims journey. According to a survey by GlobalData, more than one third of UK small-to-medium enterprises(SMEs) have, to some extent, increased their support for mental and physical wellbeing since the start of the COVID-19 pandemic- The report notes that this comes as 67.8% of people in the UK were found to be at least slightly concerned about their mental wellbeing as a result of the pandemic. The latest detected general insurance fraud figures published this week by the Association of British Insurers(ABI) indicated that in the face of the unprecedented challenges of the pandemic, insurers continued to thwart insurance cheats to protect honest customers-despite a fall in the overall number of insurance frauds detected in 2020, mainly due to fewer motor insurance claims, both the value of the average fraud and fraud detection rates increased on 2019-this demonstrates how well insurers’ fraud investigation teams adapted to working remotely. In order to support the accelerating changes in the global sharing economy and mobility sector, new forms of insurance, including programmes to support gig-workers at scale, will need to be created, according to a new report by Marsh.
The Intergovernmental Panel on Climate Change(IPCC) has circulated the final draft of the Summary for Policymakers of the Working Group II contribution to the Sixth Assessment Report(AR6) to governments for their review and comment. Insurance Europe's Reinsurance Advisory Board(RAB) responded to the UK's Prudential Regulatory Authority(PRA) on Solvency II. Insurance Europe also published its reply to a consultation by the European Commission(EC) on the Directive on the Distance Marketing of Consumer Financial Services(DMD), and issued a position paper on the EC’s review of the Directive on value-added tax(VAT).
Sue Barenbrug, Pro Global head of Data Management and Risk Modelling, explored the scope for insurers to improve their underwriting performance by applying ground-breaking augmented intelligence technology to solve stubborn challenges. Forrester’s European Insurance Customer Experience CX Index 2021 highlighted that German insurers provide the best CX In Europe. Tower Insurance in New Zealand is set to further automate the process of detecting genuine and suspicious claims in real time, made possible through its international partnership with Dutch AI-based solution FRISS. Canada-based eSentire, an authority in managed detection and response(MDR), is leveraging Guidewire Cyence’s internet-scale cyber data listening and modelling capabilities to support in financially quantifying and reducing cyber risk. Broker BPL Global and trade credit underwriter Euler Hermes have collaborated to develop the first-ever API-based digital broker-underwriter integration in the Credit and Political Risk Insurance(CPRI) market.
Chubb is to acquire Cigna's $bn premium revenue Personal Accident, Supplemental Health and Life Insurance business in seven Asia-Pacific markets for $5.75bn. Swiss Re estimated Hurricane Ida claims at $750m and German floods at $520m. There were senior appointments at Canopius, Lloyd's Insurance Company, Optio, Piiq; Marsh and TigerRisk.
Scan here to download the app