Saturday, May 18, 2024
Home Authors Posts by Barbara karouski

Barbara karouski

Profile photo of Barbara karouski
1629 POSTS 0 COMMENTS

    0 1

    Among the motoring offence reforms being introduced by the government next month is an increase in the fixed penalty for driving without insurance, from £200 to £300.

    However, Simon Douglas, director of AA Insurance, says that while this increase is welcome, it will do little to deter those who habitually drive without cover.

    “It will certainly catch those who have perhaps neglected to renew their cover promptly or find themselves accidentally uninsured, perhaps after a long period overseas or in hospital.

    “But many uninsured drivers are young men who may already have several motoring offences to their name.

    “The cars they drive may have no MoT; or tax and offenders often have no driving licence or have already been banned.  In fact last year, 11,000 convicted uninsured drivers previously been disqualified.

    “Offenders may be sent to court because of the seriousness of their offence or elect to do so.  Although the maximum fine available is £5,000, this has never been imposed.  It is means tested which means that the average fine is £299, just under the new £300 fixed penalty.  Last year more than half (53%) of court fines for uninsured driving were £200 or less.”

    Mr Douglas points out that this is nine times less than the typical £1,750 cost of car insurance for a young motorist with no convictions and a clean licence, aged 17-22.

    “For the habitual offender who is used to the inside of a courtroom this is hardly a disincentive, when they can easily obtain another cheap banger for cash, no questions asked, and continue offending.”

    He adds that one out of every 25 motorists on Britain’s roads is believed to be driving without insurance and that every year, uninsured drivers kill 160 and inflict injury on 23,000 innocent people.

    “Although the number of uninsured drivers is falling thanks to the introduction of Continuous Insurance Enforcement in 2011, the chances of being hit by an uninsured driver in Britain are still higher than almost anywhere else in Europe, Mr. Douglas says.

    “The likelihood of a successful recovery of damages from an uninsured driver is extremely low. They are often unemployed or on very low incomes – hence the low average fine meted out by the courts – and frequently associated with other criminal activities.

    The AA is calling on the government to ‘think again’ about how to tackle the blight of uninsured driving.

    “Uninsured drivers cost this country at least £380 million every year and adds about £33 to the cost of every car insurance policy, quite apart from emergency services and court costs. Yet although the penalties are already severe, the current regime is clearly not a deterrent.

    “Large fines for those who can’t pay them isn’t effective.  But if uninsured drivers know they’ll quickly be caught then that will act as a big disincentive.  Clearly more police patrols equipped with automatic number plate recognition technology, which helps identify cars with no insurance, MoT or tax, will help.

    “We need a tough, no-compromise approach to uninsured drivers which should include community service.  For extreme offenders, electronic tagging or as a last resort, custodial sentences should be considered too.”

    0 0

    Commercial lines underwriting specialist Arista Insurance has launched its sixth scheme this year with Leicestershire broker Online Risk Solutions.

    The scheme is part of Arista’s ongoing push to develop schemes nationally, working closely with brokers to introduce schemes that target the insurance needs of particular locations, trades or professions.

    The Online Risk Solutions scheme provides a package of insurances for SME and small contracting businesses, engineering, professional and general liability trades. This provides tailored coverage including: automatic extensions for financial loss; professional indemnity; damage to items being worked on and defective workmanship.

    The scheme also has broad acceptance criteria to provide access to a wider range of trades and businesses. It will be available through the Online Risk Solutions portal.

    Arista chief executive Charles Earle commented: “The Online Risk Solutions scheme is a further demonstration of Arista’s intent to target specific trades with tailored insurances and further demonstrates broker appetite to develop schemes with a responsive and flexible underwriting partner. The scheme is transacted online to provide efficient and profitable trading, while giving flexibility to policyholders in addition to tailored cover and the associated additional benefits.”

    0 26

    CRIF Decision Solutions Ltd (CRIF) launches ‘Sherlock’ a desktop, case driven investigation tool for the insurance industry.  Designed to deliver counter fraud intelligence to investigators in one click, Sherlock can be utilised whenever fraud is suspected.  An easy to use, web based application, accessed via individual user ID and password; Sherlock provides a single point of access to best of breed data sources .  Users can run real time, interactive investigations and receive the consolidated results on a single screen and in the case summary report. 

    To create a new case and begin an interactive investigation session, users enter the relevant reference number.  Sherlock interrogates data sets incorporating ID verification, consumer intelligence on 40 million claims records and 27 million linked addresses to produce a user friendly and straightforward summary report enabling users to swiftly identify areas of risk warranting additional investigation.   Sherlock provides the ability to rapidly drill down further, running additional checks on linked individuals, third parties and linked addresses thought the network analysis facility which allows a graphical representation of connections between subjects.

    Available information and validation tools include, vehicle checks, passport verification, landline and mobile number checks, CCJ and bankruptcy details, utility bills linked to addresses, enriched with alerts on death records and PEP & Sanctions.

    Web based and menu driven, Sherlock requires no investment in technology or staff training and provides organisations with flexibility and transparency via its ‘pay per click pricing model’.  Users can print and download their case reports, as well as benefit from comprehensive audit trails of the investigations undertaken enabling users to review details on previous activity.

    Commenting on the launch of Sherlock, Sara Costantini, Director at CRIF Decision Solutions Ltd. said:  “The role of data in insurance investigations is increasingly pivotal, but access to and interrogation of data sources can be costly and time consuming requiring multiple licences and users to log in to numerous data provider systems before manually combining and analysing all the results.  We anticipate Sherlock will deliver significant time and cost efficiencies to the market, reducing investigation times by circa 30% and controlling costs via the ‘pay as you go’ model.  There is a compelling business case for data supported decision making in insurance investigations and we developed Sherlock to assist the industry in taking full advantage of the data sources available, both now and in the future, to protect and grow the bottom line.”

    0 1

    Bluefin Insurance Group announces the appointment of Paul Roberts as Acquisitions Director.

    Mr Roberts will be reporting to Bluefin Chief Financial Officer, Tim Phillip. Mr Roberts’s commencement date is yet to be confirmed.

    Mr Roberts joins from Towergate Insurance Group where, since 2007, he has held a number of senior and strategic roles, most recently as Director of Acquisitions, Network Division.

    Mike Bruce, Managing Director of Bluefin, commented: “Acquisitions are important to our growth plans for 2013 and beyond. Paul is an exciting addition to an extremely strong team focussed on identifying and acquiring businesses that meet our stringent criteria of adding value to both Bluefin and to our clients.  We expect to continue to be aggressive in our search for suitable acquisitions and Paul’s significant and relevant experience will be pivotal in driving this process forwards.”

    Paul Roberts said: “Whilst I’ve had an enjoyable and successful time at Towergate, the chance to work with a business like Bluefin, with its ambitious appetite for growth and proven track record of successfully integrating acquisitions, was simply too attractive . Bluefin have consistently provided solutions for both vendors and their clients. I look forward to working with the Bluefin team and driving the exciting acquisitions strategy forward.”

    0 1

    Many insurers risk being left behind in the telematics revolution as their legacy systems cannot cope with or properly utilise the big data it generates, according to research by SSP.

    During 2013, telematics will reach a tipping point as a number of large insurers that have been piloting usage-based insurance policies over the last two years come to market with new propositions, and technology costs continue to fall.

    In its paper, ‘Time to take usage-based insurance seriously’, insurance technology specialist SSP argues that although the benefits to be gained from using telematics are largely accepted, many insurers are still struggling to understand how to manage the data that it produces and are hamstrung by systems that are no longer fit for purpose.

    The paper highlights that if insurers playing in the motor market are to remain competitive then they need to implement more targeted underwriting and develop niche products.

    According to the research, although today there are currently only around 300,000 telematics-based motor policies, this could increase by 700% to over 2.15 million by 2015, or nearly 10% of the motor market.

    David Waring, Insurer Division Director at SSP said: “The motor insurance industry is facing an unprecedented number of challenges brought on by years of heavy price competition, reduced investment returns and increased claims costs. Many insurers are considering how to implement innovative telematics solutions to develop more accurate pricing, improve risk management techniques and deliver a better claims service.

    “The development of 99% accurate apps and the advancement in smartphone technology means expensive hardwired black boxes are no longer the only option for collecting driving data.  With a cost per policy of around £25 and falling, the use of smartphone apps makes it possible to offer telematics to the mass market, not just high-risk drivers.”

    The paper acknowledges that for most insurers it is a huge undertaking to change their existing technology platforms, but with consumers likely to demand more information more regularly, and in a variety of formats, it is an essential move.

    Insurers are advised to take the move into telematics and the wider world of big data in three steps:

    – Enter the market cautiously, partnering with specialist service providers to reduce risk, cost and complexity

    – As telematics goes increasingly mainstream and becomes a larger part of the insurer’s business, gradually bring the necessary skills and operations in-house

    – Ensure that their servicing and administration platforms are agile and flexible enough to cope with rapid changes in product, pricing and new data sources across all distribution channels.

    Waring added: “Consumers are increasingly demanding – they don’t want to be limited in the services they receive. They expect insurers to be delivering quotes that are based much more on their individual risk. Telematics is only part of the big data revolution but it is a crucial stepping stone into that world and the sooner that insurers engage, the sooner they will start to develop the new capabilities they need to compete in the future.”

    0 27

    AXA Commercial Lines and Personal Intermediary is to further enhance its regional broker proposition with some operationally significant improvements to its branch network designed to deliver a speedy turnaround on deals.

    The changes will see current Reading branch manager, Ed Pugh, move into a newly-created national role of Head of New Deals which will focus on ensuring that deals with brokers around the country are delivered more promptly and efficiently.

    As a result of Ed’s move, current London branch manager Linda Courtney will return to head up the Reading branch, a role she held for a number of years before being drafted in to facilitate the merger of the three business units which now constitute the London branch.

    Linda will be replaced in London by current Ipswich branch manager Martyn Grime. Martyn has spent 30 years working for AXA Commercial Lines, 20 of which have been in branch management roles including several years in the South of England. He is a well known face to many London based brokers.

    Sean Clark will be taking over from Martyn as Ipswich branch manager. Sean has spent the past two years as Sales Manager in the branch.

    As part of the wider changes, Simon Hodgins has decided to leave the company after 24 years of service. His dedication and commitment to AXA during this period is greatly appreciated and the business wishes him all the best for the future.  Anne Harrison, current Head of Strategic Relationships, will become branch manager in Manchester. She has previously worked in the Manchester market with AXA as Area Business Manager (North West), from June 2002 to Dec 2004.

    Commenting on the changes, Matthew Reed, Managing Director of Commercial Intermediary, said: “There is tremendous depth of talent in our team and the enhancements to our branch network announced today demonstrate our commitment to identifying and promoting that talent.

    “These moves allow us to better service our brokers around the country without sacrificing the continuity that we all know brokers need from insurers. Linda, Anne, Martyn and Sean are well known in the Reading, Manchester, London and Ipswich markets respectively and I’m sure that they will continue to build on the great work done by their predecessors.

    Mr Reed added:  “I am delighted that Ed has accepted his new role which will help us deliver on the promises we are making to our brokers. Insurers are often guilty of agreeing a deal without following up properly and Ed’s new role will ensure that AXA does not fall into the same trap. The amount of new business we are receiving from brokers means that we need an individual who is dedicated to ensuring that all opportunities are properly followed through and concluded allowing the branches to focus on servicing brokers’ needs and developing existing accounts.”

    “All of our branches have built up strong relationships with their local brokers and we are now in a great position to consolidate those relationships further.”

    0 26

    The rising French unemployment figure topped out at 10.8% in the first quarter of 2013, the highest it has been since 1998, according to data released from the national statistics institute Insee.

    The jobless rate has risen from 10.5%, in the last quarter of 2012, and the French economy also went into a recession after seeing GDP fall by 0.2% in the first quarter

    Tom Bewick, Chief Economist at the International Skills Standards Organisation, said, “There are lots of internal issues that France needs to grapple with. It needs to reform its labour laws so that its labour market is far more efficient.”

    According to Tom, the only way that global governments can tackle the rising unemployment found in many countries is to recognise the ‘3-speed economy’ that has materialised. This consists of the emerging market BRIC countries (Brazil, Russia, India and China); the countries in the ‘second tier’ of global growth such as France and the UK; and countries such as Spain and Greece that find themselves in an economic depression with shrinking economies. France currently finds itself in a position where growth is anaemic and stagnating.

    A fresh perspective is required from policymakers, according to Tom, to get to grips with the changing global markets.

    He said, “Countries must pay attention to structural reforms in their labour markets as a first priority.  They must look at where there are skills mismatches and imbalances. They also need to identify the stumbling blocks in employment in order to achieve higher rates of growth and competiveness.

    “A renewed focus on innovation is crucial on a global scale, particularly in countries aiming to claw their way back into sustainable levels of growth. Even where countries are cutting their budgets through austerity they should be increasing their budgets for research and development and looking again at the ecosystem that they put around business start ups and business growth in general.”

    Tom concluded, “In an increasingly global marketplace, countries must focus on trade. France and the UK have poor records in terms of trading with emerging countries and the repercussions of this are manifesting themselves. It’s all about a fresh focus on emerging markets which are the new middle class of consumers that exist in this part of the world.”

    0 28

    An audit of the nation’s attics has uncovered that Britain’s lofts are home to a horde of Barbie dolls – over a third of the population of the UK, a sleuth of Care Bears – which could fill Sherwood Forest 3,000 times, and an army of Action Men the size of China’s armed forces. With 83,387 miles of Scalextric currently in storage, there is enough track to race around the circumference of the earth nearly three-and-a-half times.

    Zurich surveyed 2,000 people to highlight the risk of not insuring valuable items kept in the attic and not keeping the roof space properly maintained. The research revealed the average value of contents people store in their loft to be £584.

    The UK’s top ten toys in the attic are:
    1.        Barbie (14%)
    2.        Action Man (13%)
    3.        Fisher Price Toys (11%)
    4.        Toy cars (11%)
    5.        Scalextric (10%)
    6.        McDonald’s Happy Meal toys (9%)
    7.        Electric train / track (8%)
    8.        Etch-a-sketch (8%)
    9.        Care Bears (7%)
    10.        Kerplunk (7%)

    Over recent years certain films and television shows have also captured the hearts of the nation.

    The UK’s top ten film and television merchandise in the attic is:
    1.        Star Wars (51%)
    2.        Doctor Who (22%)
    3.        Lord of the Rings / The Hobbit (16%)
    4.        Star Trek (13%)
    5.        Toy Story (12%)
    6.        Batman (10%)
    7.        Thunderbirds (10%)
    8.        Transformers (9%)
    9.        The Simpsons (6%)
    10.        Pokemon (4%)

    The research found that many of us have kept CDs (25%), VHS tapes (21%) and Vinyl records (17%) showing that despite the ‘digital age’ we are still holding on to items from the past which were probably once considered either treasured items or expensive gifts.

    When it comes to other memorabilia, we’re most likely to keep postcards (15%), concert tickets (15%), personal letters (15%) and commemorative coins (13%). Britain’s love affair with the Royal family continues with 5% keeping hold of Kate and William memorabilia and a further 9% collecting other Royal family related merchandise.

    Over half (52%) of those who took part in the survey said they held on to possessions purely for sentimental reasons, whereas 20% said they thought the items may be worth something one day. However, the majority (22%) said they never go into their loft to clean or maintain it.

    Zurich home insurance expert, Phil Ost, said: “The audit confirms that some of our most cherished items are kept are in the attic – even though it could be the worst possible place for them. There is a risk of a damp loft becoming a breeding ground for mildew, woodworm and silverfish, all of which could damage your keepsakes and devalue your possessions.

    “In order to keep your loft properly maintained and to protect your precious items it’s important to keep it well insulated and to regularly check the roof tiles and water pipes for cracks and leaks. This will help keep it dry and free from damp and mildew.

    According to Leigh Gotch, Toy Department Head at Bonhams: “The most collectable and valuable toys of the future will probably be those you least expect; toys closely associated with a moment in time but not necessarily those which were heavily advertised and promoted.

    “Toys from the not too distant past which are rising in value include early hand held electronic games, toys from fast-food meals and come-and-go fads like Beanie Babies.

    “The original Barbie and Action Man already have a great collectable value, with the accessories and outfits sometimes more desirable than the doll. Thunderbirds (late 60s early 70s), Star Wars (1977 – 1983) and Hornby trains are also appear to be as valuable as ever.”

    Ost continues:
    “Many of us might overlook our lofts when it comes to valuing the contents in our homes – this could leave you underinsured. Your home contents insurance policy should have a sum insured which is adequate to replace all the items in your home so if, for example, a pipe burst in your attic you would get the total value for everything damaged. Therefore, items in your loft may be out of sight but they shouldn’t be out of mind.”

    0 1

    Specialist engineering and construction insurer HSB Engineering Insurance (HSB) is proud to announce that Regional Engineering Manager Gary Higgins has been named Engineer Surveyor of the Year by the Bureau of Engineer Surveyors (BES). 

    The Engineer Surveyor of the Year award recognises the vital work done by Engineer Surveyors in encouraging safety in the workplace.  The BES selected Higgins as the recipient of this year’s award because of the passion and commitment he brings to his job.

    Peter Milton, Managing Director, Engineering Division at HSB, commented:  “We are extremely proud of Gary’s achievement in being named Engineer Surveyor of the Year.  HSB considers the passion and technical expertise of our staff to be core to our success as a business and I am thrilled that Gary’s commitment to his job has been recognised by the BES.”

    Alan Fitzpatrick, BES Chair, said of Higgins, “It was with great pleasure that the Bureau of Engineer Surveyors Council chose Gary Higgins as our Engineer Surveyor of the Year 2013.  Gary’s application highlighted his abilities as an engineer, a motivated leader and a manager.  Finally he is keen to highlight the work an Engineer Surveyor does in keeping the UK a safe place to live and work.”

    0 0

    Covéa Insurance announces developments to its Commercial Lines team.

    Paul Hodgson, previously Director, Commercial Lines Underwriting is now Director of Commercial Underwriting and Business Operations. Paul has recently established a new Commercial Underwriting Operations team, headed up by Andrew Wooster, who recently reached his 20 year milestone with the company.

    Mike Clothier and Nick Dinsdale have been promoted to new roles as Head of Technical Underwriting and Trading Underwriting Manager, respectively. Mike was previously Commercial Lines Underwriting Manager and Nick was previously Portfolio Underwriting Manager.

    Following the appointment of Simon Cooter as Commercial Lines Director in January, Covéa Insurance’s intention is to significantly grow its UK Commercial Lines business by repositioning as a regional mid-market insurer. These three appointments will augment the technical leadership to ensure an ongoing focus on profitability.

    Simon Cooter comments: “It gives me a great deal of satisfaction to announce the development of Paul’s role. He has a great track record in the business and in his position will be a pivotal influence in helping us to profitably grow the Commercial lines business.”

    Paul Hodgson adds: “It’s extremely gratifying to announce promotions of Mike Clothier and Nick Dinsdale who will support me in their new roles. Their promotions are well deserved and are in recognition of the valued contributions they have made to the company over recent years. Likewise, it’s great to renew my working relationship with Simon Cooter as, alongside our regional colleagues, we now have in place the underwriting leadership team to push Covéa Insurance’s Commercial Lines into the space of a key regional mid market insurer.”

    Simon concludes:“Building on these recent developments we are actively recruiting three new roles; regional heads for the north and south, and a leader for our Micro SME business. These appointments will complete my leadership team and put us in a great position to achieve our plans. ”

    0 27

    GMC Software Technology announced the general availability of its latest interactive solution for customer service center correspondence. Customer Service Correspondence is a groundbreaking new application that provides the insurance industry with a common infrastructure for managing and instantly editing all types of customer service correspondence.

    Based on GMC Inspire, the solution is designed as a fully automated single platform correspondence solution.  Customer Service Correspondence makes it possible for insurance customer service representatives, agents and front line call center staff to maintain consistent branding, respond quickly to customer issues and ensure compliance.

    Customer Service Correspondence is ideal for insurance enterprises that want to provide customer-facing employees with the flexibility and autonomy they need to quickly view which situations need immediate action. They can then generate on the fly, personalized, point-of-need communications and deliver them through customers’ preferred channels, while ensuring accuracy and costs are controlled. Companies benefit by eliminating manual processes and multi-step solutions. The result is employees that are more productive, significantly reduced costs, less strain on IT resources and happier customers due to the ability to resolve case correspondence 64 percent more quickly than standard processes.

    “Most insurers today are under pressure to improve the customer experience. Having the right customer communication management tools to support customers, from quotations to renewals to claims and policies, is not a luxury, it’s essential in today’s competitive market,” said Henri Dura, CEO, GMC Software Technology. “We are very pleased that leading insurers across the world have learned to rely on GMC to help them deliver controlled, compliant multichannel communications that ensure every touchpoint results in a positive return. Customer Service Correspondence answers the need to deliver timely, relevant communications to customers, when they want it and how they want it to drive business growth.”

    0 29

    A year ago this month, Columbus Direct warned British travellers that the European Health Insurance Card (EHIC) card may not be enough to cover their medical expenses if they fall ill in countries such as Greece and Spain.

    At the time, this was due to some state hospitals reporting medical supply shortages caused by the austere economic climate. The EU commission has announced it is investigating growing complaints that Spanish hospitals, specifically in tourist areas, are turning away the EHIC and asking for travel insurance details and a credit card. If British tourists cannot be treated in local hospitals, they may be directed to visit a private clinic and potentially face medical bills exceeding thousands of pounds.

    The EHIC can be used in the 27 EU countries as well as Liechtenstein, Iceland, Norway and Switzerland and entitles you to the same state healthcare as a citizen in that country, including prescriptions, treatment costs and hospital stays.

    Greg Lawson, Head of Retail at Columbus Direct said: “A number of Columbus customers have experienced issues trying to use their EHIC card in Spain and other EU countries, although our emergency assistance team have then stepped in to manage the situation. Where we cannot recover these costs via the Department of Work and Pensions, these increased costs will then unfortunately be passed to consumers in increased premiums.

    Travellers have long been confused over the EHIC, with travel insurance companies emphasising that private healthcare and flights home are not covered under the agreement. However, that is a different risk to a country’s medical institutions electing to ignore the obligations imposed upon them as members of the EU. There may well be countries that rely on private clinics, especially in tourist resorts, to provide some of the medical treatment to overseas visitors but actively redirecting travellers in distress away from state hospitals, or unjustifiably demanding payment in advance, cannot be condoned.”

    Lawson continues: “The UK travel insurance industry has been lobbying the UK and Spanish governments on this matter for years and the EU first raised their concerns with Spain in 2010. Whilst many travel insurance policies specifically exclude the costs of private treatment, the intention was to deter travellers from making that decision themselves, not for circumstances where they have no choice.

    Ironically, if this proves to be the case, the Spanish hospitals may actually cause more harm than help to their own economy and people. If travel insurance is wrongly used as a substitute for the EHIC, the cost of all travel insurance to that country will rise and this may deter travellers in the long run. In recent months, some travel insurers have increased premiums for specific EU countries, including Spain, Greece and Cyprus.”

    Lawson concludes: “Columbus have always supported the Foreign Office in their recommendation that, as well as an EHIC for travel in Europe, travellers take out appropriate insurance whenever they travel overseas.”

    0 0

    Aria Assistance, which provides emergency assistance services to travellers across the globe, has   achieved Care Quality Commission (CQC) registration for two of its key services, further underpinning its reputation for clinical expertise and commitment to customer service across its travel and medical assistance services.  The categories are: 

    – Transport services, triage and medical advice provided remotely

    – Treatment of disease, disorder or injury

    Registration is not currently mandatory for firms like Aria Assistance. Nor is it easy to achieve, but Aria Assistance stood in good stead with the strong medical protocols and disciplines that enable it to manage insurance costs while having accessible clinical expertise 24/7.

    Registration will also underpin Aria Assistance’s continuing development of new and innovative services. As well as delivering in the UK full nurse led triage services, arrangement of domiciliary care services, undertaking medical escort services and providing detailed travel and health advice remotely, Aria Assistance now has the  added option of undertaking travel and health vaccinations, something it believes to be unique in  the industry.

    Aria Assistance operations director David StClair said, ”This registration provides an independent confirmation of the excellence of the strong and stable team of committed professionals that we have at our assistance centre.

    “Equally important is that it opens the doors for the development of new services for our business partners.”

    0 0

    Insurer clients of Hill Dickinson Fraud Unit [HDFU] have experienced record results from its fraud risk profiling model, launched at the beginning of the year.  In the first quarter of 2013, the model has delivered a 122% increase in suspect claims identified to insurer clients, with all automated matches reviewed by HDFU analysts.  The accuracy of the new model, which delivers a false positive ratio of less than 3%, has seen HDFU achieve these results with no increase in man power; realising  greater added value for clients.

    The new model allocates points to multiple risk factors, rather than relying on simplistic rule breaches as fraud indicators.  These new rules interrogate new claims data through HDFU’s Netfoil Mass Data Analysis [MDA] service.  The ability to flex the scoring matrix and directly reflect an individual insurer’s fraud tolerance level to control the nature and volume of output, has seen increased demand for Netfoil MDA across the industry.  New subscribers to the service include Hastings Direct and Tradewise.

    Paul Priestley, Head of Counter Fraud at Hastings Direct said: “As part of our commitment to protecting our honest customers, we are always keen to review any new market tools that will help improve our fraud detection rates.  Having worked closely with Hill Dickinson for a number of years, we believe their values on fraud are closely aligned to ours – making them a trusted partner.  With our sophisticated team of analysts, we are confident that any matches detected will only be investigated further, post our own rigorous checking.”

    Wayne Martin, Claims Director at Tradewise said: “Tradewise will be looking to utilise Netfoil MDA to assist our newly formed Special Investigation Unit in identifying high risk claims and validating claims where no further concern is highlighted. Any matches will enable them to tailor their investigation process accordingly. The ability to configure the fraud screening solution to our specific fraud risk metrics is particularly appealing and ideally supports our overall counter fraud strategy.”

    Peter Oakes, Head of Fraud at Hill Dickinson believes the flexibility of the new model combined with the accuracy of the results generated, has made the service highly attractive.  “This powerful fraud screening tool supports efficient, proactive claims handling, in turn leading to reduced claims life cycles.  Fighting fraud can be an expensive business for insurers but the ability to flex the Netfoil MDA scoring matrix to receive targeted results, aligned to their counter fraud strategy and available resource is invaluable.  With fraudsters becoming increasingly sophisticated in their activity, intelligence is pivotal to fraud detection and prevention in today’s counter fraud environment.”

    0 0

    Bluefin announces that its broker network, previously called Broker Partnership Services (BPS), is to be renamed Bluefin Network, effective immediately.

    Bluefin Network provides a number of business services and advice to network member brokers across the country helping reduce their administration burden by providing support in compliance, IT system, client money management (optional), marketing, learning & development, HR, acquisition funding and support. Network brokers also have access to a wide range of preferred insurer facilities and exclusive Bluefin products that further enhance their income and competitive edge.

    Stuart Reid, Chief Executive Officer, Bluefin, said: “The name change to Bluefin Network brings the Broker Partnership Services division firmly under the Bluefin umbrella. We see the network has a great opportunity with all the regulatory and market changes on the horizon and I am confident we will continue to build on our success. The ongoing collective support of our members has put us in a strong position to selectively expand our membership and further improve our proposition. Why not give us a ring to see what we can offer?”

    David Hopwood, Managing Director of Bluefin Network, added: “Our new name is a better reflection of the business and what we do. Our philosophy of partnership will, of course, remain the same. We will continue to work closely together with our Partner Brokers and support the continued success of their businesses. Bluefin Network gives brokers across the country the opportunity to continue to develop their own businesses, and we hope to be able to help many more broking businesses as the network continues to expand.”

    0 0

    Fitch Ratings has upgraded Amlin Europe N.V.’s (AE) Insurer Financial Strength (IFS) rating to ‘A+’. The Outlook is Stable. Fitch has also affirmed Amlin AG’s IFS rating at ‘A+’ and Amlin plc’s Long-term Issuer Default Rating (IDR) at ‘A-‘. Amlin plc’s subordinated notes have been affirmed at ‘BBB-‘. The Outlooks on the IFS ratings and IDR are Stable.

    KEY RATING DRIVERS

    The upgrade of AE reflects the advanced stage of its integration into the Amlin Group, which has included further embedding of the group risk framework and adoption of group-wide underwriting standards. Under Fitch’s rating methodology, AE is viewed as core to the group. AE is a new entity formed in 2012 from the merger of Amlin France into Amlin Corporate Insurance (ACI).

    The upgrade also reflects the marked improvement in AE’s underwriting performance, with a FY12 combined ratio of 98% (FY11: 113%). The improved result is largely due to a significant re-underwriting of the marine portfolio, which was concluded in 2012. Fitch expects that AE will maintain a sub-100% combined ratio through 2013, as the benefits of the re-underwriting continue to feed through into the results. The re-underwriting process led to a decrease in AE’s gross written premiums (GWP) of 13.5% to EUR587.2m at end 2012 (end-2011: EUR678.5m) and was assisted by Amlin London underwriters.

    In 2012, Amlin plc reported an improved combined ratio of 88.8% (end-2011: 107.6%), which was aided by a reduced burden from catastrophic losses of 8pp (2011: 26pp). Amlin’s cross-cycle technical performance remains strong, reflected in a five-year average combined ratio of 86.5%. Excluding the effects of unrealised gains on the bond portfolio, 2012 investment income was in line with Fitch’s expectations. Fitch believes Amlin is potentially better placed than some peers to weather a protracted period of low investment returns, as the insurer has historically used this source of income to supplement, rather than drive profitability.

    At end-2012, Amlin’s level of risk-adjusted capitalisation was commensurate with the current rating. The modest increase in shareholders’ funds (5% yoy) was offset by higher premium-risk charges due to a 3% increase in net written premiums. Although Amlin’s risk-adjusted capitalisation is lower than that of most of its peers, it remains supportive of the rating. Fitch expects risk-adjusted capitalisation to improve over the next 12-24 months, supported by retained earnings. The agency expects that the disciplined approach to underwriting will be maintained, resulting in the generation of profitable earnings through the underwriting cycle.

    RATING SENSITIVITIES

    An upgrade of Amlin’s ratings is unlikely in the near to medium term, given Amlin’s operating profile. However, over the long term, successful and meaningful expansion into new markets, with maintenance of leading positions in existing markets, is the most likely upgrade trigger. In addition, Fitch’s measure of risk-adjusted capitalisation and the insurer’s earnings profile would need to be commensurate with a higher rating.

    A downgrade may be triggered by a prolonged weakening of Fitch’s measure of risk-adjusted capitalisation, although the insurer’s ability to raise fresh capital if required following any further significant losses would be taken into account. A combined ratio consistently above 103% or fixed-charge coverage consistently below 5x could also lead to a downgrade.

    Amlin is a specialist international non-life underwriting group focusing on a range of commercial and reinsurance business classes, with 2012 GWP of GBP2.4bn (2011: GBP2.3bn). The group is organised as a small number of underwriting businesses: Syndicate 2001 represents Amlin’s Lloyd’s operation, writing more than 30 re-insurance classes through four main business units; Amlin AG contains Amlin Bermuda, an international reinsurer, and Amlin Re Europe, established in 2010 to write non-life treaty reinsurance in Continental Europe; Amlin Europe N.V., writes marine, commercial property and liability insurance in the Benelux region and France. Amlin plc is the ultimate UK-domiciled holding company of Amlin Group.

    The rating actions are as follows:

    Amlin AG: IFS affirmed at ‘A+’; Outlook Stable

    Amlin Europe N.V.: IFS upgraded to ‘A+’; Outlook Stable

    Amlin plc: Long-term IDR affirmed at ‘A-‘; Outlook Stable

    Amlin plc subordinated debt affirmed at ‘BBB-‘

      0 0

      The European Insurance and Occupational Pensions Authorities (EIOPA) launches the Call for Expression of Interest regarding the setting up of EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following the expiration of their mandates later this year.

      The Stakeholder Groups are set up to help facilitate consultation with stakeholders in areas relevant to the tasks of EIOPA.

      Members of the IRSG, 30 in total, are individuals appointed to represent in balanced proportions insurance and reinsurance undertakings and insurance intermediaries operating in the Union, and their employees’ representatives, as well as consumers, users of insurance and reinsurance services, representatives of SMEs and representatives of relevant professional associations. At least five of its members shall be independent top-ranking academics.

      Members of the OPSG, 30 in total, are individuals appointed to represent in balanced proportions institutions for occupational retirement provision operating in the Union, representatives of employees, representatives of beneficiaries, representatives of SMEs and representatives of relevant professional associations. At least five of its members shall be independent top-ranking academics.

      The deadline for application is 23 June 2013, 23:59 hrs CET.

      The Calls for Expression of Interest and the application documents (in English only) can be accessed from EIOPA website: https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/stakeholder-groups-selection-process-2013/index.html

      The selection and approval process of the Stakeholder Groups membership is expected to begin in late June and to be completed with the appointment of the Stakeholder Group members by the EIOPA Board of Supervisors in September 2013.  Thereafter, the decision will be communicated to all candidates. Once the candidates have accepted their appointment, the composition of both Stakeholder Groups will be made publicly available by EIOPA.

      The first meetings of the Stakeholder Groups in the new composition are foreseen in October 2013: IRSG on 22 October and OPSG on 24 October followed by a joint meeting with the EIOPA Board of Supervisors on 26 November 2013.

      0 1

      Performance car specialist Greenlight Insurance Services has added motor breakdown assistance to their existing product range, selecting Aria Insurance Services as provider.

      Aria now offers 5 levels of breakdown cover for Greenlight clients, ranging from local roadside assistance in the UK to cover whilst driving in Europe.

      Greenlight has been carving a niche for itself in the market for insurance for performance, classic and modified cars since 1996. The firm’s staff is made up of insurance professionals who are also car enthusiasts, giving them a better understanding of performance car owner’s insurance requirements. Their knowledge and understanding of performance vehicles, as well as their insight into the owners of such vehicles, helps their panel of insurers identify the risks involved within this niche market.

      “Adding motor breakdown cover to the existing Greenlight offering helps to create a true one-stop shop for specialist car owners and is a logical move for us, but we had to be sure that we had found a partner we could trust, “ said Greenlight Insurance Services managing director Tony Fehily.

      Aria Assistance commercial director Peter Dingle said: “We are delighted to be chosen to provide these services for Greenlight customers, whose special cars are their pride and joy. We have no doubt that our network of assistance providers can meet their roadside needs.”

      0 2

      Research by QBE involving over 500 companies across the UK, France, Germany, Italy and Spain reveals that 66% of businesses are planning to increase their international footprint over the next five years.  These businesses are looking beyond their traditional European markets to Asia (29%), South America (27%) and Africa (16%) for opportunities but are wary of the risks of operating in these less familiar territories. 

      The biggest risk European businesses believe they face when starting to operate in new markets is dealing with local regulations (44%). This is far more a concern than worries over differing cultures and business practices (35%), financial risks and instability (33%) or even political risks and instability (28%).

      What is also clear from the survey is just how few companies consider using the expertise of their insurers to assist in their mitigation of these risks.  While 24.3% of the companies surveyed use an international insurer with operations in the countries in which they operate, just 3.1% cited an insurer’s ability to ensure local tax and regulatory compliance as a reason for choosing their insurance carrier.

      An equally surprising finding was that just 7.30% of respondents ranked as ‘first most important’ an insurer’s ability to handle claims locally in the countries in which they operate.

      Babara Chandler, Head of QBE Multinational, commented: “There’s a clear challenge for the international insurance community to demonstrate just how we can help our customers when setting up operations or trading overseas.  Ensuring local regulatory and fiscal compliance is an integral part of delivering multinational programmes for QBE customers, something we’re able to do because of our extensive 130-country network of representatives who have exactly this local knowledge and experience.”

      0 0

      Fitch Ratings has affirmed all AXA entities’ Insurer Financial Strength (IFS) ratings at ‘AA-‘. Fitch has also affirmed AXA SA’s Long-term Issuer Default Rating (IDR) at ‘A’ and Short-term IDR at ‘F1’. Fitch has also assigned Deutsche Arzteversicherung an IFS rating of ‘AA-‘ and AXA Global P&C an IFS rating of ‘A+’. The Outlooks on the Long-term IDR and IFS ratings are Negative. A full list of rating actions is at the end of this comment.

      KEY RATING DRIVERS:

      The Negative Outlook continues to reflect Fitch’s concerns about the group’s ability to improve profitability, notably in the context of low interest rates. Fitch recognises management action aimed at reducing the exposure to financial market movements but considers this will take some time to achieve results in the context of the group’s exposure to a sizeable amount of intangible assets. In addition, AXA’s 26% debt leverage is outside Fitch’s guidelines for the rating category.

      The affirmation of the ratings reflects Fitch’s view of the group’s solid capital adequacy. As measured by both regulatory calculation and Fitch’s internal analysis, the group’s capital adequacy is in line with the current rating and is expected to show resilience in the near future despite the volatile financial environment.

      Over the past five years, AXA’s operating profitability has recovered due to management action and a more favourable underwriting environment in the non-saving related businesses. Fitch expects further improvement in profitability will be a major challenge for AXA over the next one to two years due to the low interest rate environment. However, management continues to implement actions to increase tariffs, adjust the business and geographical mix and streamline risk selection. In addition, the substantial de-risking actions implemented over the past five years have reduced AXA’s sensitivity to significant financial market movements.

      AXA group’s ratings continue to reflect Fitch’s view of the group’s position as one of the world’s largest providers of insurance and financial services, benefiting from its recognised brand, excellent risk management and geographical diversification, key competitive advantages in products and distribution capabilities, the quality of its management team and its consistent strategy.

      AXA’s US operations’ ratings reflect Fitch’s view that AXA Financial Inc. (AXF) and its subsidiaries remain core operations and continue to benefit from support from the parent. The risk-based capital (RBC) ratio of AXF’s primary operating company, AXA-Equitable Life Ins. Co., was above Fitch’s expectations for end-2012 at 526% compared with 499% at end-2011. Fitch estimates that the combined RBC ratio for the US operations was strong at 502% and 461% at end-2012 and end-2011 respectively. The increase was driven to a large extent by improved statutory operating earnings due to lower expenses, particularly lower reserve increases. Net income declined due mainly to lower realised investment gains.

      AXA US’s statutory operating earnings remain volatile due to the company’s variable annuity business, which has been negatively affected by low interest rates, equity market volatility, and lower-than-expected lapses and partial withdrawals. Fitch anticipates that management’s steps to reduce variable annuity risk and volatility will contribute to more stable statutory earnings in the longer term.

      The IFS ratings assigned to Deutsche Arzteversicherung and AXA Global P&C both reflect Fitch’s view of their core status to AXA. AXA Global P&C being a reinsurance company located in France where there is no priority granted to reinsurer’s policyholders, its IFS rating is one notch below the IFS rating of primary insurance companies that are core to the AXA group.

      Fitch has withdrawn MONY Life Insurance Company’s IDR as it is no longer considered by Fitch to be relevant to the agency’s coverage.

      RATING SENSITIVITIES:

      Factors that could lead to a rating downgrade for AXA include a weakening of the group’s capital position or deterioration in profitability. This would include a sustained drop in regulatory capital to below 170% of regulatory minimum or repeated earnings volatility in the next few years. In addition, the ratings could be downgraded if financial leverage increases above 30%, material investment losses develop or there is a weakening in the group’s reserve strength.

      Further, AXA Financial and its subsidiaries could be downgraded if, in Fitch’s view, the strategic importance of the US operations were to diminish. In particular, potential adoption of new EU Solvency II capital rules might result in an increase in capital requirements associated with AXA’s ownership of AXF. However, AXA is already using capital management tools in line with Solvency II’s expected requirements.

      The rating actions are as follows:

      AXA

      Long-term IDR affirmed at ‘A’; Outlook Negative

      Short-term IDR affirmed at ‘F1’

      Senior unsecured debt affirmed at ‘A-‘

      Subordinated debt affirmed at ‘BBB’

      Junior subordinated debt affirmed at ‘BBB’

      Commercial paper affirmed at ‘F1’

      AXA Financial, Inc.

      Long-term IDR affirmed at ‘A’; Outlook Negative

      Senior unsecured debt affirmed at ‘A-‘

      Commercial paper affirmed at ‘F1’

      AXA Equitable Life Insurance Company

      Long-term IFS rating affirmed at ‘AA-‘; Outlook Negative

      Long-term IDR affirmed at ‘A+’; Outlook Negative

      Surplus notes affirmed at ‘A’

      MONY Life Insurance Company

      ‘AA- Long-term IFS rating remains on Rating Watch Negative

      ‘A+’ Long-term IDR affirmed and withdrawn

      AXA Versicherungen (Switzerland) AG

      Long-term IFS rating affirmed at ‘AA-‘; Outlook Negative

      Long-term IDR affirmed at ‘A+’; Outlook Negative

      DBV Holding AG

      Long-term IDR affirmed at ‘A’; Outlook Negative

      These rating actions do not have any impact on the ratings of AXA Bank Europe SCF’s covered bonds.

      The following AXA subsidiary companies’ Long-term IFS ratings have been affirmed at ‘AA-‘ and their Outlook remains Negative:

      AXA France IARD

      AXA France Vie

      AXA Corporate Solutions Assurance

      AXA Insurance Company (US)

      AXA Leben (Switzerland) AG

      AXA Belgium

      AXA Versicherung (Germany) AG

      AXA Lebensversicherung (Germany) AG

      AXA Krankenversicherung AG

      DBV Deutsche Beamtenversicherung AG

      DBV Deutsche Beamtenversicherung Lebenversicherung AG

      AXA Insurance UK Plc

      AXA PPP Healthcare Ltd

      AXA China Region Insurance Co. (Bermuda) Ltd

      AXA Equitable Life and Annuity Company

      MONY Life Insurance Company of America

      US Financial Life Insurance Company

      Fitch also assigned the following ratings:

      Deutsche Arzteversicherung

      Long-term IFS rating ‘AA-‘; Outlook Negative

      AXA Global P&C

      Long-term IFS rating ‘A+’; Outlook Negative

      Prev1...456...82Next Page 5 of 82

      POPULAR POST

      Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
      Contact us: contact@news-insurances.com

      SOCIAL

      34FansLike
      6Subscribers+1
      965FollowersFollow

      Popular category

      © Seroni Interactive