Social media helps women’s push for parity in insurance

insurancebusinessmag | June 18, 2019

We cant be what we cant see. If female employees never see other women in executive, supervisory or mentorship roles, it becomes much harder for them to envisage and walk down the path to leadership. It also reduces their commitment to their respective companies because it either looks like these companies havent been able to retain women long enough to support them and promote them into leadership roles, or it looks like they simply dont care. Either way, women are leaving the insurance industry because of this.

Spotlight

This is a summary of cover highlighting the main features and benefits as well as the general conditions and exclusions of this policy provided by UK General. Full terms and conditions can be found from page 15 onwards in this booklet, which will be provided when you purchase your policy or at any time on request. You will also receive a policy schedule showing the specific details of your policy and the cover(s) you have selected. It is important that you read the policy documents carefully when you receive them.

Spotlight

This is a summary of cover highlighting the main features and benefits as well as the general conditions and exclusions of this policy provided by UK General. Full terms and conditions can be found from page 15 onwards in this booklet, which will be provided when you purchase your policy or at any time on request. You will also receive a policy schedule showing the specific details of your policy and the cover(s) you have selected. It is important that you read the policy documents carefully when you receive them.

Related News

INTELLECTUAL PROPERTY

Milliman's Arius introduces new API capabilities, streamlined diagnostic tools with latest reserving software release

Milliman | November 18, 2021

Milliman, Inc., a premier global consulting and actuarial firm, announced that it has released the latest version of its Arius® insurtech solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems' analytical, reporting, and data management tools. This release provides tools to help actuaries and insurance analysts more easily build and share statistical exhibits among multiple projects, providing more consistent analysis and more efficient management review. It also adds new reports to help users with Canadian and IFRS-17 reporting requirements. Arius® insurtech solutions is a family of state-of-the-art reserve analysis systems for property and casualty insurers In addition, the release includes new API capabilities, additions to the system's role-based security options, and enhanced controls related to editing and managing data files, both in the Arius Enterprise system and in the Triangles on Demand data management solution. "Our goal with the Arius solutions is to relieve the burden of managing the overall reserving process from our clients' shoulders, so they can spend their valuable time helping and advising their business. This release furthers those efforts with additional steps to enhance the overall efficiency and reliability of the actuarial reserving team." - Ken Scalf, reserving products manager at Milliman About the Arius family of solutions The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand®, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claims data on the fly for review in Arius. Designed specifically for large insurance carriers and self-insureds, Arius Enterprise combines the Arius analysis system and ToD with sophisticated Microsoft Azure-based project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. Milliman's Claim Variability Benchmarks provide benchmark statistics for comparison with an insurer's own data, drawn from statistical analysis of 5,100 companies and over 30 years of activity. 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.

Read More

INSURANCE TECHNOLOGY

Foxquilt Launches as a Full-Service Provider of Small Business Insurance

Foxquilt, Digital Partners, a Munich Re company | January 27, 2021

Foxquilt, a main insurance technology company zeroed in on engaging small businesses and B2B networks to save money on small business insurance, has partnered with Digital Partners, a Munich Re company, to empower the company to work as a full-administration insurance supplier and co-creator of new, end-to-end insurance items/programs for small businesses. "Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. However, it requires building new architecture to support data-powered algorithms to afford such value. Our team built a dynamic underwriting platform that rewards business owners with an empowered value offering including simplicity, new products and savings. The progressive platform, Foxden, discerns the nature of the risk, underwrites and rates it, and directs it to a custom-made, proprietary product," said Mark Morissette, CEO and Co-Founder of Foxquilt. This Digital Partners collaboration furnishes the Foxquilt group with the autonomy and abilities to plan inventive items and underwriting and rating algorithms. "Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market," said Dave Brune, President and CEO, North America, Digital Partners, a Munich Re company. "At Digital Partners, we continue to be excited to partner with insurtechs like Foxquilt who are leveraging smart data and machine intelligence to efficiently underwrite small business risks and adapt business coverage as clients grow." Foxden is a full-stack underwriting platform comprised of information layered, miniature help architecture. Every one of its administrations, including underwriting and rating, are powered by information algorithms to drive activities across the platform. Foxquilt is one of the first to fabricate a back-end platform zeroed in on productivity; most of insurtechs influence an outsider, vendor platform, don't claim the IP and are encumbered by impediments characterized by the vendor. The creative backend framework goes past customary insurance exchanges and empowers underwriting to interface and get changes to the market real-time. Skeptic to channel, (B2C, B2B, SaaS) the platform gets to new wellsprings of information and builds up moment feedback circles to profit the entire customer venture. Foxquilt is a pleased boss of small entrepreneurs and being powered by Foxden will permit the company to continue its central goal to become the main commercial insurance technology company in North America. In February, Foxquilt is dispatching their underlying commercial lines items in Canada guaranteed by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will extend their contribution into the U.S. this Spring. About Foxquilt Foxquilt is an Insurance technology company focused on empowering small businesses and B2B networks to save on Small Business insurance. Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. Leveraging innovative technology and creating unique products, we make life easier for business owners. About Digital Partners, a Munich Re company Digital Partners provides insurtechs and digital distributors with a comprehensive, go-to-market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise.

Read More

LIFE INSURANCE

Consumer Watchdog Calls on Insurance Commissioner Lara To Issue Refund Rules In Response to CA Supreme Court

Consumer Watchdog | February 19, 2022

The California Supreme Court has refused to review a lower court ruling that stripped the Insurance Commissioner of critical powers granted by California voters to protect against excessive insurance rates. In a challenge to State Farm's homeowners insurance rates originally brought by Consumer Watchdog in 2014, the state's Insurance Commissioner ordered the company to lower its rates by 7% and refund overcharges dating back to July 2015. State Farm sued, and last October, the San Diego Court of Appeal overturned the Commissioner's rate order. It decided that the Commissioner could not take into account the investment income earned by other State Farm subsidiaries when determining State Farm's rates. This will result in State Farm charging an additional $117 million in premiums a year to its California policyholders. The Court of Appeal also held that the Commissioner could not force State Farm to refund an estimated $110 million plus interest in overcharges to customers who bought home, condo or renter insurance from the company. Consumer advocates said the Court of Appeal ruling flouts Proposition 103 and could cost Californians hundreds of billions dollars in the future – starting with an estimated $3.6 billion in overcharges during the pandemic that insurance companies have refused to refund – unless Insurance Commissioner Ricardo Lara takes action to resolve the matter through regulations. "Commissioner Lara told the Supreme Court that, notwithstanding the ruling by the Court of Appeal, he has the ability to protect Californians against State Farm's price manipulations by issuing formal regulations governing refunds and investment income, He needs to do that immediately to avert a consumer swindle at the hands of the greed-driven insurance industry. Consumer Watchdog is committed to securing the strongest possible regulations for the people of California." -Harvey Rosenfield, the author of Proposition 103 and one of Consumer Watchdog's lawyers. Challenge to Unlawful Rates Appealed by State Farm Under Proposition 103, insurance companies are barred from charging excessive auto, home and business rates. Companies are required to apply for and justify any rate changes before they take effect under a formula that takes into account their investment income and limits their profits and expenses to fair levels. The law also requires companies to maintain existing rates at fair levels at all times. The measure authorizes consumers to challenge illegal rates and other insurance practices. In 2014, Consumer Watchdog challenged a request by State Farm General, the company's California homeowners insurance subsidiary, for a 6.4% overall rate increase for its home, condo and renter insurance. In November 2016, after a year-long public hearing, then Insurance Commissioner Dave Jones determined that State Farm's rate increase was unjustified and ordered the company to reduce its home insurance rates going forward by about $77 million per year. The Commissioner also concluded that the company had been overcharging its existing customers since July 2015 and ordered State Farm to refund over $100 million to California policyholders, with interest. State Farm then filed multiple separate lawsuits in San Diego Superior Court, seeking to overturn the Commissioner's decision on numerous grounds. Read more about the lawsuits here. https://www.consumerwatchdog.org/newsrelease/state-farm-sues-avoid-256-million-refunds-and-rate-savings-consumers. However, the Superior Court agreed with State Farm that the Commissioner could not consider the investment income of other State Farm's affiliates when considering whether the rate increase was warranted. Consumer Watchdog and the Commissioner appealed to the Fourth District Court of Appeal in San Diego. The Court of Appeal ruling agreed with the Superior Court on investment income, which eliminated the prospect of refunds. But the Court of Appeal nevertheless declared that the Commissioner could not have required State Farm to pay refunds. Read more about the Court of Appeal decision here: https://www.consumerwatchdog.org/insurance/insurance-commissioner-cannot-force-state-farm-pay-refunds-overcharges-san-diego-court.

Read More