insurethebox calls Insurance Premium Tax illogical amid HMRC review

insurancebusinessmag | June 14, 2019

Earlier this month HM Revenue & Customs (HMRC) launched an open consultation into how the Insurance Premium Tax (IPT) operates. While HMRC’s review does not cover current IPT rates and exemptions, insurethebox sees it as the perfect opportunity to delve into the levys relevance for telematics car insurance.IPT does not distinguish between traditional motor insurance and telematics insurance, even though telematics insurance has saved millions of pounds in costs related to road collisions - and more importantly saved lives, stated Simon Rewell, road safety manager at the pioneering telematics brand.

Spotlight

LIFE INSURANCE. Protects the ones you love from financial burden should anything happen to you. Replaces lost income in case of your death. Helps surviving children/relatives get back on their feet • Coverage: Whole Life. Payable upon: Death ADD-ONs: Investment potential. Wellness program. Accident coverage. Disability coverage. Hospital confinement benefits.

Spotlight

LIFE INSURANCE. Protects the ones you love from financial burden should anything happen to you. Replaces lost income in case of your death. Helps surviving children/relatives get back on their feet • Coverage: Whole Life. Payable upon: Death ADD-ONs: Investment potential. Wellness program. Accident coverage. Disability coverage. Hospital confinement benefits.

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INSURANCE TECHNOLOGY

Milliman launches ALM software to help insurers of all sizes meet stochastic valuation requirements

Milliman | November 23, 2022

Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of Milliman Agile ALM. This innovative software package makes asset/liability management (ALM) and stochastic valuation accessible to more insurers, helping them comply with Solvency II, IFRS 17, and other requirements. "The fundamental advantage of Milliman Agile ALM is that it does not require remodeling the entire portfolio of insurance liabilities, Milliman Agile ALM offers an accessible solution that helps insurers satisfy reporting requirements and make business decisions with greater confidence." -Ed Morgan, principal and Head of Strategy and M&A for Milliman's practices in Italy and Central and Eastern Europe Unlike traditional dynamic ALM models, Milliman Agile ALM uses a standalone asset projection model that can be linked to external liability software. Rather than simulating assets interacting with liabilities, the technology runs separate asset and liability models in an iterative process that quickly arrives at a single solution. Our approach is unique because of our method for separating the asset model from the liability model, This separation is highly efficient as it allows us to take advantage of a client's existing liability modeling and focus the validation directly on the ALM modeling and interactions,said Grzegorz Darkiewicz-Moniuszko, senior consultant at Milliman. Using Milliman Agile ALM, insurers can test different investment and product strategies, optimize management actions, project capital requirements, and even validate other ALM models, all without significant investment or retraining. About Milliman Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.

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CORE INSURANCE

Alliant Insurance Services Acquires FutureSense, Expands Consulting Capabilities

Alliant Insurance Services | November 04, 2022

Alliant Insurance Services has acquired FutureSense, a national provider of people-focused HR, compensation, and organizational development services. The move expands Alliant’s consulting capabilities across a breadth of geographies and industry categories within its Employee Benefits Group. “FutureSense has earned a reputation as a national leader in management consulting through its focus on putting people first, They have a diverse team of expert consultants who excel at delivering strategies and solutions that improve business performance and help employees thrive.” -Kevin Overbey, President, Alliant Employee Benefits Founded in 1995, FutureSense has emerged as an innovative force in HR, compensation, and organizational development consulting through the deployment of multifaceted strategies that focus on helping companies grow and seeing people succeed. The firm has a national reach and is active across a broad cross-section of industries with a large presence in the healthcare and high-tech sectors. FutureSense has always taken a holistic and strategic approach to working with our clients. While focusing on people, we strive to deeply understand the ‘business of the business’ and the resultant strategic, tactical, and transactional needs of our clients, By aligning with Alliant, we gain access to a robust set of competencies that will expand our reach and provide powerful new tools and resources to our existing clients,said Jim Finkelstein, Founder, President and CEO of FutureSense. Additionally, FutureSense has been a virtual company since its founding, giving its team unparalleled insight into the virtual workplace as more organizations embrace remote work. We understand the remote worker because we have been remote for our entire existence, said Finkelstein. FutureSense and its national team of consultants will join the Alliant family of companies and will continue operating under its current name and brand. Terms of the agreement were not disclosed. About Alliant Insurance Services Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations.

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RISK MANAGEMENT

MetricStream and C-Risk Partner to Accelerate the Adoption and Value of Cyber Risk Quantification

MetricStream | November 01, 2022

MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), and C-Risk, a leading international authority in cyber risk quantification (CRQ), today announced a partnership to jointly offer MetricStream’s CyberGRC and C-Risk’s CRQ enablement and training services to customers. The combination of MetricStream’s CyberGRC that includes advanced CRQ and Simulation, and C-Risk’s enablement services will enable faster time to value and help operationalise CRQ initiatives for organisations. Cyber risk management has become a critical business issue for companies of all sizes and industries. However, decisions concerning insurance, controls to be implemented, investments in IT and security projects, tools, and resources are often made without understanding the plethora of risks that exists in each scenario and how a proposed solution can reduce those risks in monetary terms. CRQ, in particular the Factor Analysis of Information Risk™ (FAIR™) standard, allows modelling of risk scenarios and quantification of the financial impact using statistical and probabilistic techniques. "Cyber risk quantification is a decision support tool that helps organisations present risk in financial terms to general management, justify and prioritise cyber security budgets as well as optimise a company's cyber insurance. It is the obvious next step in the GRC program of any organisation wanting to improve its cyber security governance,” - Christophe Forêt, President of C-Risk CISO’s and cyber leaders across industries are looking to prioritise and address their cyber risks, as well as drive maximum ROI from their cyber investments, We are excited to partner with C-Risk to accelerate the value of MetricStream’s CRQ capabilities with targeted FAIR™ training and enablement,said Raghuram Srinivas, Senior Vice President, Product Management, MetricStream. About MetricStream MetricStream is the global SaaS (Software as a Service) leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk by accelerating growth via risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise. Our ConnectedGRC and three product lines – BusinessGRC, CyberGRC, and ESGRC – are based on a single, scalable platform that supports you wherever you are on your GRC journey. MetricStream is headquartered in San Jose, California, with an operations and R&D center in Bangalore, India, and sales and operations support around the globe. About C-Risk: C-Risk provides solutions to quantify information security and technology risk in financial terms. We help organisations understand information risk in business terms, decide how to prioritize investments to improve cyber resilience and information security compliance. Recognized internationally for its expertise in cyber risk quantification (CRQ), C-Risk offers training on the FAIR™️ methodology, CRQ as a Service as well as Cyber Risk Quantification Enablement Services to help organization build their internal risk quantification capabilities and improve their overall information security governance.

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