16th January 2022
This week, after a slow start to the New Year, the insurance world began to show some activity. Lloyd’s confirmed that a contract has been signed with DXC Technology and the International Underwriting Association (IUA) in an agreement that will build the solutions to digitalise, streamline and fully automate processing for the Lloyd’s and London Market; a pivotal moment in fulfilling the ambition set out in Blueprint Two-the agreement has also received support from Lloyd’s Market Association(LMA).Later in the week, Ian Summers, ceo of Sequel, who has had a long-term involvement in London Market technology developments, commented "Like an ecosystem in nature, market participants operate symbiotically. In order to thrive, a standardised system is needed to seamlessly connect all of these different parts together. Indeed, building an integrated ecosystem does not mean building a monopoly in which leading vendor systems and clients only interact with each other. It is about co-operation, where everyone has to win in order for anyone to gain." With other recent announcements from the London Market Group(LMG) for the next generation development of PPL, and Ebix Europe reporting the development of a new Electronic Placing Solution to support London Market and global digitisation initiatives, Summers' comments are timely.
According to the 2022-World Economic Forum's Global Risks Report 2022, top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as the pandemic lingers on. Insurance Europe published its response to a questionnaire conducted by the European Commission on adapting liability rules to the digital age and artificial intelligence(AI). Munich Re reported that in 2021, natural disasters caused overall losses of $280bn, of which roughly $120bn were insured. Alongside 2005 and 2011, the year 2021 proved to be the second-costliest ever for the insurance sector(record year (2017: 146bn Inflation-adjusted)–overall losses from natural disasters were the fourth-highest to date(record year 2011: $355bn).The Chartered Insurance Institute’s(CII) new president Peter Blanc kicked off his presidency by calling on the profession to address the unmet needs of society and show the true value of advice-the CII also announced that past president Jonathan Clark has been appointed interim ceo. The International Underwriting Association(IUA) published its business plan for 2022, featuring objectives on a range of issues highlighted in recent risk management surveys-climate risk, business interruption, regulatory changes and pandemic response are all topics that are both of concern to London company market clients and set to be addressed by the IUA in the months ahead.
Netherlands-based insurer OOM chose FRISS for the automation of compliance challenges. LexisNexis Risk Solutions is bringing its customer linking solution, LexID for Insurance, into the quote process for UK insurers-Atlanta Group are users. New Majesco research underscores the urgency of acting now to capture and retain the new dominant insurance buyers-Millennials and Gen Z. Sapiens won the 2021 Celent XCelent Award for PAS Systems in EMEA life insurers. Movingdots, Swiss Re's tech subsidiary in the automotive and mobility space, is partnering with Overhaul(US supply chain monitoring service provider) to enhance data monitoring and lower insurance costs for motor carriers.
Xenia acquired the Trade Credit & Surety business from Tysers, WTW(the new identity for Willis Towers Watson) launched its annual Renewable Energy Market Review, and Global loss adjuster Global Risk Solutions agreed to a strategic partnership/agreement with Spain’s market-leading loss adjuster designed to deliver a range of benefits for clients with complex claims across the world. There were senior appointments at Carbon Underwriting, Verto 2689 Syndicate, and WTW.
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