Experts suggest insurance demerger trend will continue in 2020

Insurance Business Magazine | January 02, 2020

Last year saw the UK’s biggest insurer, Prudential Plc, spin-off M&G, its UK and European savings and investments business – and experts are predicting that the demerger trend may continue this year. The last few years have seen significant instances of insurers offloading businesses to allow them to focus on core operations. Some of the more noteworthy examples include the UK’s Esure’s 2016 demerger from price comparison site GoCompare and Standard Life selling its insurance business to Phoenix Group in 2018. Now, analysts have told Financial Times that stiffer capital requirements may cause more demergers to happen in 2020 – with insurance giants Aviva, Saga, RSA, and Admiral likely to have plans to downsize this year.

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.

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Roamly and Wheelbase Partner to Bring New Digital RV Insurance Offerings to Professional Rental Operators

Wheelbase | January 27, 2022

The insurtech company Roamly today announced its new professional insurance product for the rapidly growing market of professional RV rental companies worldwide. Wheelbase, the professional software product for RV fleet operators, will now embed Roamly into its software to make insurance painless, simple, and economical. New, tailored RV insurance product brings digital insurance to commercial RV operations. The new partnership offers Roamly, the only tailored RV insurance product, directly to commercial RV rental operators, tour companies, and booking agencies. In addition, Roamly is made available directly from the software for any consumer who books trips and vacations through a rental company utilizing the Wheelbase software. With embedded digital insurance, commercial RV operators and their customers no longer have to navigate insurance solutions that can be costly, cumbersome, and complex. Roamly also includes trip cancellation coverage and interior damage coverage for renters – making for a seamless and worry-free vacation for travelers. Roamly also provides benefits that reimburse the traveler for unused, prepaid, and non-refundable insured travel arrangements. "With the growth of commercial RV rental operations worldwide stemming from an environment where people want to travel, as well as the dominant position that Wheelbase enjoys in the professional market, this partnership made logical sense for consumers who want an easy-to-book and fully protected trip without the arduous task of sorting out insurance with agents and brokers," - Roamly's Chief Insurance Officer Aaron Ammar. Now consumers have a way to protect their trips, and fleet operators can focus on customer operations without chasing insurance products through insurance carriers, which are commonly expensive and complex to purchase. Operators utilizing Wheelbase software and Roamly insurance include Road Adventures by Mark Wahlberg, a rapidly expanding RV rental business in Ohio partially owned by Hollywood actor Mark Wahlberg. "When you dive into the RV rental business, it is a priority for your fleet to be insured both during and outside of rentals to mitigate all risks, It can be a bit gut wrenching to hand your keys over to a stranger, and hope they will properly care for your unit. However, utilizing Roamly insurance for both our renters and our company has cultivated a peace of mind for us. The transition was seamless and simple, and the Wheelbase team was there to help every step of the way." -Chris Haydocy, Managing Member of Road Adventures by Mark Wahlberg. In 2021, more than 240 new companies started using Wheelbase software to run their business – amounting to roughing one new RV rental business onboarded every other day. Roamly has grown rapidly over the past year. Having recently come out of beta, it's already produced more than $7M in written premium. About Roamly Roamly is the first RV-focused insurtech in the world, unlocking RV insurance to make owners' vehicles 'rent ready.' Roamly provides unique digital insurance products that eliminate the commercial use exclusion clause that prohibits online renting activity. Our insurance provides the clarity that owners need to ensure their vehicles which are affirmatively allowed to be rented on platforms like Outdoorsy. For more information, visit www.roamly.com. About Wheelbase Wheelbase is the RV industry's most powerful fleet management and rental software that streamlines the way small, medium, and large RV businesses operate. Wheelbase provides RV rental companies with a cloud-based complete suite of rental management tools to optimally run businesses from the first point of customer contact to key return. The software provides rental companies with fleet management, payment processing, web hosting, online booking, insurance protection for domestic and international renters — all from one simple dashboard. The software is used by 1,000+ companies in the US, Canada, Australia and throughout Europe.

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INSURANCE TECHNOLOGY

Cybercube and Kroll Collaborated to Launch a Response Service for the Cyber Insurance Industry

CyberCube | May 31, 2022

CyberCube, a provider of cyber risk analytics, has announced the debut of CAERS, a new cyber incident response service for customers of the company's SaaS products. CyberCube will join with Kroll, a renowned provider of data, technology, and insights linked to risk, governance, and growth, to deliver information and assistance on important cyber aggregation events to CyberCube's clients through the Cyber Aggregation Event Response Service (CAERS). Kroll will give frontline threat intelligence derived from its tens of thousands of incident response cases each year. After a big cyber event, the CAERS team will give CyberCube's clients the most up-to-date information, and CyberCube's SaaS solutions, such as Broker Manager, Account Manager, and Portfolio Manager, will help with any impending cyber disasters. Darren Thomson, CyberCube’s Head of Cyber Intelligence Services, expressed, “With cyber events becoming increasingly common, the speed and accuracy with which organisations respond to them is critical. That’s why we’ve launched this response service, specifically tailored to CyberCube’s growing client base. The pressure on our clients during a major cyberattack can be extreme. With CAERS, our team—comprising data scientists, actuaries, engineers, economists, and cyber security experts—will become an extension of our clients’ teams, providing the updates they need and sharing both our expertise and data.” We’re pleased to be contributing to CAERS because effective incident response depends on the most current and relevant threat intelligence available. In our most recent Threat Landscape Report, we saw a 356% growth in the number of attacks quarter-on-quarter where the infection vector was a zero-day or freshly-announced software exploit. Ransomware groups have also been found to be leveraging newly announced vulnerabilities just days after release. It is only with access to frontline intelligence that firms can prioritize resources, mitigate the risk of a cyberattack and react appropriately if the worst happens.” Benedetto Demonte, Chief Operating Officer for Kroll’s Cyber Risk practice

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INSURANCE TECHNOLOGY

PZU Uses Tractable's AI to Enhance Auto Damage

PZU, Tractable | November 27, 2020

PZU, the biggest financial institution in Central and Eastern Europe, is using AI to upgrade how it audits its car insurance claims across Poland, it declares today. PZU handles almost 500,000 motor damage claims for every year. Prior to implementing AI, Poland's biggest insurer was performing a detailed audit of around 20% of its motor claims that are handled by body shops (the remaining body shop cases were affirmed with improved control). Presently, the AI solutions - gave by the tech organization Tractable - permit PZU to check in detail practically the entirety of the body shop claims it measures, progressively. The calculations can recognize any oddities that should be checked by PZU's specialists or affirm that all repairs are carried out in consistence with methodology and standards defined by PZU. Because of this development, PZU's specialists can zero in on those cases that truly need their consideration. PZU has worked with Tractable since 2018 and is the primary insurer in Poland to utilize AI to handle its motor insurance claims. Up until this point, the innovation has handled more than 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied arrangement has made claims handling essentially more powerful, while likewise shortening the waiting time for vehicle repair. Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company." Established in 1803, PZU is the most seasoned and biggest insurer in Poland, with record-breaking benefit and deals in 2019. Net benefit totalled PLN 3,295m (£667m), deals totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 percent, almost twofold the European normal among insurance companies. Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI." Tractable's AI utilizes machine learning calculations and is trained on photographs and human repair choices across a great many verifiable mishaps. The innovation can be applied internationally to any traveler vehicle. The AI empowers insurers to survey car damage, shares suggested repair tasks, and aides the claims the executives cycle to guarantee these are prepared and settled as fast as could reasonably be expected. The framework continually improves as an ever increasing number of insurers and repairers profit by its utilization. Tractable's AI has handled over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the biggest auto insurer in the French market, and Tokio Marine, the biggest auto insurer in Japan. About Tractable Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo. About PZU The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland. The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.

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