26th June 2022
This week, the Financial Conduct Authority(FCA) fined JLT Specialty Limited(JLTSL) £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m to take place. Insurance Europe said that the new EU Data Framework can drive a wave of innovation in the European automotive and mobility services eco-system, and also reported that the European Union(EU) should develop rules on third party litigation funding.
There were two Opinion articles-on "The link between data hygiene and enterprise value improvements" from Thomas Viljeon,ceo Prodinity, and "ReinsurTech:collecting, centralising and analysing data is key" from Tim Spencer, Prima XL UK Sales Manager, London Markets, UK & Ireland. GlobalData reported that removing the ‘File and Use’ health insurance policy that caused delays to COVID-19-related products will be a game-changer in India.
WTW is collaborating with Solera Audatex to develop a vehicle repair inflation predictions tool using advanced machine learning, whilst a new study from Juniper Research found that the number of hydrogen vehicles in service globally will exceed 1million in 2027, from just over 60,000 in 2022. INSTANDA raised $45m to fund its next phase of growth, new research from Majesco shows an increased focus on risk management strategies and solutions, and US-based EquiTrust Life is partnering with Sapiens on their Next Generation Digital Agent Experience.
MIC Global received approval for Lloyd's Syndicate 5183 to commence underwriting, Nexus Underwriting established its new Financial Lines Division-Nexus Frontier, and Acrisure acquired long-established UK broker Russell Scanlan. There were senior appointments at Argo, Lancashire, Marsh McLennan, and Miller.
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