Aon launches web app to forecast COVID-19 impact

Aon | April 06, 2020

Aon has announced the launch of a web application that forecasts the impact of COVID-19 on employee populations throughout the US. Aon said that it designed the tool to help employers anticipate medical costs, absenteeism and potential needs to shift work operations due to the spread of the coronavirus. “COVID-19 has brought uncertainties in many aspects of our lives, and this application will help employers understand their risks,” said Tim Nimmer, global chief actuary of Health Solutions for Aon. “Aon’s COVID-19 Employee Impact Model forecasts the impact on your employee population based on demographic-specific infection rates and advanced epidemiologic models.”

Spotlight

Digital technology destroys value. That might sound counterintuitive given the extent to which it can make business systems more efficient and companies are urged to embrace its many possibilities. Yet new McKinsey research shows that although digital technology propels some companies to become clear market winners, for many more its impact depletes corporate earnings and the overall value of an industry. Consumers, not companies, are often the ultimate winners. So it is likely to be in insurance. For a long time, the traditional insurance business model has proved to be remarkably resilient. But it too is beginning to feel the digital effect. It is changing how products and services are delivered, and increasingly it will change the nature of those products and services and even the business model itself. We firmly believe that opportunities abound for incumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate attractive returns.

Spotlight

Digital technology destroys value. That might sound counterintuitive given the extent to which it can make business systems more efficient and companies are urged to embrace its many possibilities. Yet new McKinsey research shows that although digital technology propels some companies to become clear market winners, for many more its impact depletes corporate earnings and the overall value of an industry. Consumers, not companies, are often the ultimate winners. So it is likely to be in insurance. For a long time, the traditional insurance business model has proved to be remarkably resilient. But it too is beginning to feel the digital effect. It is changing how products and services are delivered, and increasingly it will change the nature of those products and services and even the business model itself. We firmly believe that opportunities abound for incumbent insurance companies in this new world. But they will not be evenly shared. Those companies that move swiftly and decisively are likely to be those that flourish. Those that do not will find it increasingly challenging to generate attractive returns.

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ANNUITIES

Luma and Insurance Technologies Partner to Bring Annuities Solution

Luma Financial Technologies, Insurance Technologies | February 24, 2021

Luma Financial Technologies ("Luma"), a free, multi-issuer structured products and annuities platform, reported today that they have chosen Insurance Technologies, LLC, supplier of FireLight®, a multi-transporter start to finish insurance and retirement deals platform, as its most recent accomplice to bring their annuities solution, "Luma Annuities," to market. The Luma platform, which is sponsored by three of the world's biggest banks, was worked to improve on the structured item venture measure. After solidly setting up itself as the worldwide fintech market leader in the structured products space, Luma is currently presenting an unequaled annuities solution that gives improved customer worth and helps consultants in battling their customers retirement saving difficulties, which are being driven by increasing market unpredictability and a low interest rate climate. Luma Annuities is a turn-key annuity deals and lifecycle management solution that straightforwardly addresses the greatest difficulties confronting counselors selling annuities today. The solution works on all parts of getting the hang of, executing, arranging, and overseeing annuities for venture firms and guides, allowing them to unquestionably offer their customers a more extensive scope of income-generating products. “Our mission has always been to simplify product complexities and give advisors smart solutions that they can believe in,” said Jay Charles, Director of Annuities at Luma Financial Technologies. “By partnering with Insurance Technologies and leveraging the FireLight platform’s embedded API capabilities, we bring a seamless order entry experience to financial professionals around the world. It is through our scale that we’re able to provide advisors with this unmatched experience, allowing them to offer their clients a wider-range of solutions to potentially put them on a path to a more secure retirement.” The new solution offers best in class innovation modules that are worked by guides, for counselors. It was intended to offer top tier instructive substance just as highlight broad information across a merchant seller's whole annuity item rack so guides can look at rates, riders, and item includes. Additionally included are prescient investigation and transporter delineation includes that enable consultants to introduce the best, most secure item solutions to their customers. Independently, the solution additionally allows guides to track and screen the presentation of the products they sold through the Luma platform, just as products in their past book of business. By inserting the Insurance Technologies FireLight solution inside the Luma platform, clients get a durable deals insight, allowing them to oversee products and rules in one incorporated area. Since 1995, Insurance Technologies has been altering the insurance and financial services industry to enable financial experts and counsels to all the more likely serve their customers. Their solutions have for some time been executed inside industry-driving insurance transporters and wholesaler firms. “We’re extremely excited to partner with a company that is adding tremendous value to the annuity category at a time when Americans need guaranteed income options more than ever,” said Doug Massey, EVP of Sales and Relationship Management, Insurance Technologies. “The ability for Luma to utilize the FireLight sales platform to access e-application and illustration data demonstrates the power of FireLight to allow carriers to build product rules once and re-use anywhere, seamlessly offering products in various user interfaces and effective solutions such as Luma Annuities. The transparency, efficiency, objectivity, and easy-to-manage tools that Luma provides financial professionals are simply powerful. We look forward to working with them to enhance the annuity investment experience provided to their customers.” About Luma Financial Technologies Luma Financial Technologies is the creator of Luma, a fully customizable, independent, buy-side platform that helps financial teams more efficiently learn, create, order and manage market-linked investments such as structured products, structured annuities and more. Launched in 2011, Luma is one of the largest and longest-tenured structured product platforms in the U.S. market and is used by broker/dealer firms, RIA offices and private banks to automate and optimize the full process cycle for offering and transacting in market-linked investments. This includes education and certification; creation and pricing of custom structures; order entry; and post-trade actions. Luma is multi-issuer, multi-wholesaler and multi-product, thus providing teams with an extensive breadth of market-linked investments to best meet clients’ specific portfolio needs. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

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WORKERS COMPENSATION

Hub International To Provide Tenant Liability Captive To Residential Rental Real Estate Clients To Retain Insurance Premiums And Mitigate Risks

HUB International | December 01, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, has developed HUB Tenant Liability Captive Insurance for owners, operators and managers of residential rental real estate that will create an additional revenue stream for them by enabling them to retain the majority of the paid premium. Working with Property Owners Protection Insurance Company, LLC (POPIC), an A-Rated insurer, HUB will roll out the captive to its more than 13,000 residential real estate clients in the U.S. and later in Canada. "With POPIC, we are changing how a resident liability insurance program can be structured, Chip" Stuart, HUB's Real Estate Specialty Practice Leader. "Our clients will ultimately benefit economically from the captive, collecting the insurance premiums, mitigating risks and easing the administrative burden of implementing and running the program." - James Multi-family, student housing and single-family residential rentals require residents to carry liability insurance or "renters' insurance". In the traditional model, an owner, operator and manager will partner with a third-party insurance provider to provide this coverage. HUB Tenant Liability Captive Insurance is designed to give residents a simple, convenient option to fulfill the insurance requirement of the lease while allowing owners, operators and managers to retain the majority of paid premium, rather than a third-party insurance company. The captive insures against resident damage to the property, caused by fire, smoke, explosion, water damage and falling objects and has a policy limit of $100,000 per occurrence with no deductible and no aggregate limit. With HUB Tenant Liability Captive Insurance, HUB continues its commitment to providing tailored insurance solutions designed to best manage its real estate clients' risks and needs. For more information on HUB Tenant Liability Captive Insurance, click here. About HUB International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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CORE INSURANCE

Ardonagh announces acquisition of MDS Group

MDS Group | December 24, 2021

The Ardonagh Group today announces that it has agreed to acquire MDS Group, a leading insurance broker and risk management advisor across the Portuguese-speaking world and Europe. Headquartered in Porto, Portugal, MDS has offices in Brazil, where it is the country's largest independent broker, as well as Angola, Mozambique, Spain, and Malta. It is the only Portuguese Lloyd's Broker. MDS employs 900 colleagues and recorded revenue of €74.8 million (£65 million[1]) in the 12 months to 30 June 2021. MDS manages over €500 million in insurance premiums for 1.2 million private and corporate clients each year. Ardonagh intends to fund the acquisition with a combination of equity and debt. MDS will be acquired by Ardonagh Overseas Investments Ltd and operate as part of Ardonagh Global Partners. In addition to its core broking operations, spanning property & casualty, health, retail and wholesale, MDS operates Highdome PCC in Malta, offering sophisticated alternative solutions to the traditional insurance market including captive and reinsurance solutions to large clients. Completing MDS' offering is Risk Consulting Group (RCG), a multinational risk management consultancy. MDS is also the founding member and a shareholder of Brokerslink, a network of brokers and speciality risk and consulting firms operating in 122 countries. Upon completion, Ardonagh Global Partners will acquire 100% of the issued shares of MDS from its two shareholders, Sonae Group and IPLF Holding. The management team led by MDS Group Global CEO José Manuel Fonseca will remain with the business and continue to lead an expansive growth plan in all of the MDS territories. "Having considered our future very carefully, we saw in The Ardonagh Group and its leadership a perfect match for our vision and growth ambitions. We are incredibly excited to be joining forces with a global independent group with Ardonagh's scale and dynamic culture. With access to Ardonagh's considerable resource and capital, we look forward to accelerating our organic and inorganic growth plans." -José Manuel Fonseca Ardonagh Global Partners was launched in January 2021 to invest in best-in-class businesses and management teams around the world and in turn support their growth ambitions. It is a great privilege to partner with a distinguished and high-profile broking platform such as MDS. Jose Manuel together with his experienced and high calibre management team have developed a world class reputation for client service, innovation and professionalism, delivering outstanding service to their clients for over 30 years. -Ardonagh Global Partners CEO Des O'Connor THE ARDONAGH GROUP The Ardonagh Group is the UK's largest independent insurance distribution platform and a top 20 broker globally. We are a collection of best-in-class entrepreneurial and specialist brands with a network of more 100 locations and a combined workforce of more than 8,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. MDS Group MDS is a multinational group doing business as an insurance and reinsurance broker and risk consultancy, with a presence in over 125 countries. MDS is a market leader in Portugal, one of the largest players in Brazil and Angola, and maintains a direct presence in Mozambique, Spain, Malta, and Switzerland. Through Brokerslink, a global brokerage firm founded by the group which relies on 21,000 insurance professionals, it addresses customers' needs across multiple geographies and sectors. The group includes MDS RE, a reinsurance specialist doing business in Europe, America and Africa, and RCG — Risk Consulting Group, a leading firm in risk analysis, loss control, business continuity plans and enterprise risk management. Through HighDome, a Protected Cell Company (PCC), MDS offers risk transfer solutions that function as an alternative to the traditional insurance market. MDS also works with benefits management and flexible benefits through the companies 838 Soluções (Brazil) and Coverflex (Portugal).

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