Willis confirms slump in reinsurance capital

Insurance Business America | April 24, 2019

Total capital dedicated to the global reinsurance industry was down 5% at the end of 2018, according to new data from Willis Re. The company found that total reinsurance dedicated capital was $462 billion at the year’s end. The largest component of that figure was the total shareholders’ equity of the 32 reinsurance companies tracked by the Willis Reinsurance Index. Shareholder equity was down 10% to $335.7 billion, reversing growth of 8% in 2017, Willis Re said. Index capital fell by $13.7 billion due to the exits of Validus and XL Catlin through mergers and acquisitions, Willis Re said. Companies paid out most of the $20.5 billion of net income tracked by the index as dividends and buybacks, reducing index capital by $17.6 billion – a payout ratio of 86% of net income. The overall decrease in index capital was driven by unrealised investment depreciation of $21.4 billion, mainly due to failing equity markets and rising bond yields, Willis Re said.

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More traffic Nationwide, vehicle miles driven increased 3.3% year-over-year in the first half of 2016 and is now at an all-time high.1 More vehicles = higher frequency of crashes. Distracted drivers. One-quarter of crashes involve drivers talking on phones or texting.2 Escalating medical costs. Medical care costs are climbing more than 1.5 times faster than other costs.3.

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More traffic Nationwide, vehicle miles driven increased 3.3% year-over-year in the first half of 2016 and is now at an all-time high.1 More vehicles = higher frequency of crashes. Distracted drivers. One-quarter of crashes involve drivers talking on phones or texting.2 Escalating medical costs. Medical care costs are climbing more than 1.5 times faster than other costs.3.

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INSURANCE TECHNOLOGY

A Free Resource for Insurance Compliance Information and Updates with the Launch of AgentSync Compliance Library

AgentSync | June 17, 2022

The AgentSync Compliance Library, one of the insurance industry's leading resources, is an open-source destination for news, information, and real-time updates. Here’s the unveiling of the Compliance Library by AgentSync to power growth and innovation in the insurance industry. The technology is a free resource covering over 8000 compliance data points across 53 U.S. insurance jurisdictions. The Compliance Library was created by and for insurance industry experts to aid in their efforts to stay up-to-date and learn from it. It contains everything from regulatory and compliance basics to state-by-state FAQs and news. Constantly keeping up with the time-consuming and tedious manual processes and incomplete and disconnected information is exhausting and creates significant risk for the producers and the businesses they represent. As a result, AgentSync created a first-of-its-kind open-source library to enable producer compliance. This tool is designed to give insurance and compliance professionals quick access to a database of jurisdiction-level information and regulatory updates from across the United States insurance industry. The AgentSync Compliance Library is intended to be a resource for facilitating help in the verification of: Contact information for the state insurance department: address, phone, email, website, and commissioner name Information on appointments and terminations, including deadlines, fees, renewals, and more. Agency information, including licensing requirements by jurisdiction and affiliations. Producer information, including licensing requirements by jurisdiction, renewal deadlines, fees, address requirements, and more. Adjuster information such as deadlines, fees, and renewals. Industry experts who understood regulatory nuances and had an unrivaled passion for helping customers' efforts built AgentSync to achieve and maintain compliance. Thanks to AgentSync's expertise, products, and the new Compliance Library, everyone in the industry can continue to learn and grow with confidence. About AgentSync AgentSync enables rapid growth for insurance carriers, agencies, and MGAs by providing modern producer management tools. AgentSync's products reduce friction, increase efficiency, and maintain compliance through customer-centric design, seamless APIs, and automation, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes. AgentSync, which was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and is headquartered in Denver, CO, has been named one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, an Insurtech Insights Future 50 winner, and is ranked 88 on Forbes' list of America's 500 Best Startup Employers in 2022.

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CORE INSURANCE

Allianz Global Corporate & Specialty to target multinational insurance with new set-up and dedicated investments

Allianz Global Corporate & Specialty | July 15, 2022

Allianz is aiming to substantially expand its business from customers in the global insurance program sector to serve the increasing demand from large and medium-size companies needing cross-border coverage. Its international corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is strengthening its capabilities, including a new market-facing team as well as dedicated investments in data and technology, and will expand its customer services. To support its Multinational customers, AGCS has moved the Management Board responsibility to the ‘Regions and Markets’ area led by Henning Haagen, who oversees market-facing activities including distribution. The new AGCS Multinational set-up also includes a strengthened global leadership team and enhanced regional responsibilities. Guy Money, currently Global Head of Product at AGCS, has been appointed Global Head of Multinational Business. The well-established AGCS Captive Solutions team, led by Brian McNamara, will be integrated into the Multinational business to serve customers with a broad range of services from traditional, multi-line global programs to captive fronting and reinsurance as well as hybrid combinations of traditional and alternative risk transfer. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. “With our new strategy and set-up, integrated with the network strength of Allianz Group, we are well positioned to capture new business in this sophisticated segment of corporate insurance. This ambition is very much in line with our overall market leadership aspiration,” says AGCS Chief Executive Officer Joachim Mueller. New AGCS Multinational team Further key leadership appointments in the new AGCS Multinational team include Jayesh Patel who is leading the Multinational Market Practice Team. He and his regional representatives will work closely together with AGCS’ global and regional distribution teams to drive business development in target markets. Karol Dobias remains in charge of the Business Excellence unit responsible for global standards, performance tracking and steering. The Network Management Team is overseen by Melanie Windirsch, who is responsible to deliver local services across all network countries. Nigel Leppitt will oversee the Multinational transformation program. About Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs. Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience. Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

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CORE INSURANCE

ISG to Publish Report on Insurance BPO, ITO Services

ISG | July 16, 2022

Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes. The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA). Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients. Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.” ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are: Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits. Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe. BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator. Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience. Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report. An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors. A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study. All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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