Insurance news

An example of this was recently demonstrated by the legal protection and assistance provider ARAG which extended its accreditation under ISO standards, by adding 22301:2019 to its certifications. Providing insight into what this means, Simon Barrett (pictured), chief financial officer at ARAG noted that many organisations are familiar with the ISO 9000 series of quality management systems which provide global standards that are met by more than a million certified businesses around the world.

Read more: ARAG achieves ISO certification

However, he added, there are hundreds of different ISO certifications that cover everything from food safety to energy management. In the case of ISO 22301, this certification is all about preparing a business for the worst.

“It’s rarely possible to predict what form a disaster will take, when it might happen or how long its effects might last,” he said. “The global pandemic has been the perfect example. What businesses can do is make sure they have the business continuity systems in place that will make the company more resilient and adaptable, allowing them to minimise the impact of often unforeseeable disruption. ISO 22301 specifies the requirements of such systems to ensure they are robust and up to the task, whenever it might arise and whatever form it may take.”

Examining how ARAG’s decision to undergo this ISO certification first came about, Barrett highlighted that the provider achieved the ISO 27001:2013 certification, the standard for information security, in 2015 and already had robust business continuity management systems in place. While the decision to pursue ISO 22301 certification was not entirely motivated by the pandemic, he said, its experiences in 2020 certainly provided the impetus to do it now.

“The massive organisational shift that ARAG, like all businesses, had to make in 2020 was remarkably smooth, but it underlined the importance of our business continuity management systems,” he said. “Partly because the systems worked so well under such testing circumstances, we had both the time and the experiences to reflect on the process. Rather than pat ourselves on the back for being prepared, we looked at how we could document what we had learned and where we could improve. ISO certification provides the perfect mechanism for doing that.”

ARAG initiated the company-wide project in February of 2021, he said, and achieved ISO 22301:2019 certification in June.

Read more: ARAG announces Which? partnership

Barrett highlighted the importance of firms documenting their learning and experiences when it comes to the subject of resilience and adaptability. Whatever systems or processes might already be in place, he said, there is always room for improvement. It’s impossible to predict every possible scenario when preparing a business for such events, but failing to learn from experiences and adapt plans to increase resilience could be the difference between survival and organisational failure.

“It’s vital to have a solid and tested framework, in which experiences can be documented, improvements planned and changes implemented,” he continued. “The cost of failing to do so could literally be the end of the business.”

The question of whether or not the COVID pandemic has increased the importance of this has been one raised across several industries. Offering his perspective, Barrett stated he does not believe that the pandemic has actually made business continuity planning any more important but rather that it has accelerated how important it really is. Many businesses that may not have been well-prepared will have survived the past 18 months, he said, but they will have incurred much higher costs or lost more business than they might have otherwise.

“The business world has already been transformed but the COVID crisis is far from over and who knows what other events or challenges may emerge,” he said. “Businesses that have robust, up-to-date plans are the most likely to survive, but also the most likely to thrive on the other side of a crisis.”

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Hunt started her insurance career as an account handler with Willis in 1990, before taking on a claims manager role at Lambert Fenchurch. She then joined RSA in 1998 as senior development underwriter, progressing through liability and property roles before becoming regional manager. Before taking on her current role at RSA in 2018, she served as MD of the Insurance Corporation of the Channel Islands (part of RSA Group).

Hunt replaces David Williams, MD of underwriting & technical services at AXA, in her new role as chair.

Commenting on her appointment, Hunt said she was delighted to take up the opportunity and grateful for the support of her advisory board colleagues. She said that since joining the board in 2019, she had seen SOUP create strong foundations for its members through the provision of regular guidance and insight throughout the COVID-19 crisis.

“I’ll now be focused upon building on that success by developing strategic approaches to some of the biggest issues that we face in our sector such as skills, technology and trust,” she said. “For someone entering the profession now, data analytical skills and understanding new technology are crucial to success. We also need to help customers understand the value of what we are offering and give them the confidence and trust that the insurance industry will support them when the time comes.”

Hunt emphasised the CII’s purpose – to build public trust – and said this must remain at the heart of what the institute does to ensure that customers are well served. Underwriting is a challenging and rewarding career, she said, and SOUP’s members must be provided with all the tools required to navigate the business environment and realise available opportunities.  
Sian Fisher, chief executive of the CII, added that the CII’s insurance societies are sector-specific professional communities that provide members with relevant and insightful learning.

“I have no doubt Mandy’s experience and leadership will continue to drive forward SOUP’s growing engagement with the underwriting sector,” she said. “My thanks to David, who has been an excellent chair to the advisory board. I look forward to working with Mandy and the other board members in the years ahead.”

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QBE European Operations has appointed Andy Besant (pictured above) to the newly created role of chief customer officer.

In this role, Besant will be responsible for QBE European Operations’ sales strategy, distribution, client proposition, the management and development of major trading partnerships, major client relationships, and other priority customer segments. He will report to Cécile Fresneau, managing director, insurance.

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“We are delighted to welcome Applied to the global Radar Live partner programme,” said Andrew Harley, senior director at Willis Towers Watson. “This latest partnership will enable Applied to provide its insurer partners with a sophisticated price enhancement tool, supporting pricing decisions and delivering accurate rates for the mutual benefit of all stakeholders.”

Applied also revealed that RSA Insurance Ireland will be the first insurer to connect to Radar Live via the Applied Rating Hub for real-time pricing.

“Radar Live, via the partnership with Applied, gives us an efficient way to analyse our data to support our pricing decisions and deploy them to the market,” said Trevor Lowry, chief underwriting officer of RSA Insurance Ireland. “This partnership delivers a significant benefit for brokers and their customers, allowing for more individualised pricing. We look forward to rolling out our Radar Live capability across our intermediated business and beyond.”

Radar Live is an insurance rating and rules software tool that builds on WTW’s analytical software Emblem, Classifier, Radar Base and Radar Optimise. It allows insurers and MGAs to develop rates, underwriting rules and adjustments, and deploy them directly to the market in real time.

Applied Rating Hub acts as a single point of entry to manage all rates for brokers in real time, test range changes and keep a full audit trail of all changes and quotes delivered, which can improve brokers’ control over rates and improve their speed to market.

“The insurance landscape is fast evolving and new digital-first competitors are requiring insurers to adopt new technologies that allow them to get to market more quickly,” said David McKnight, regional director, Applied Systems Europe. “Applied’s partnership with Willis Towers Watson creates a seamless integration between Applied Rating Hub and Radar Live, allowing them to quickly react to market changes and stay ahead of the competition.”

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According to IFB, the launch of the new platform is a significant development in the quest to continually evolve and enhance services in order to keep pace with fraudsters and find ways to improve the quality and timeliness of data.

IFiHub, which was launched in 2019, is an industry-scale intelligence database that helps detect suspected fraud rapidly. It allows users to share, analyse, monitor and investigate suspect intelligence data in real time.

A total of 107,000 fraud incidents are reported each year, worth around £1.2 billion, according to the Association of British Insurers. Many cases go unreported, which means the true scale of the crime is much larger. Insurers have predicted that the financial crisis caused by the pandemic will cause insurance scams to be more common, with fraudsters looking to take advantage of new technology and more people using online services.

“Insurance fraud affects thousands every year, causing considerable personal and economic loss, so it’s vital that the industry continues to work together to combat this issue,” said Ben Fletcher, director at IFB. “It’s in everyone’s interest that fraud is effectively tackled and reduced in scale, so less money is lost to the economy and insurance premiums can be lowered for all. We decided to deepen our partnership with SAS to build the new platform as they provide innovative solutions and understand the need to drive forward a better customer experience. We’re really pleased to be launching the new platform, as it’s a crucial step in evolving how we share intelligence with the industry, allowing customers to keep pace with the fraudster but also deal with genuine cases more quickly.”

“Being agile and able to evolve quickly is a major advantage that fraudsters have held over the insurance industry for years,” said Roderick Crawford, vice president and country manager, SAS UK and Ireland. “However, this new platform enables insurers to instantly match suspected fraud with similar instances of confirmed fraud, allowing for much faster and more accurate decision-making. The fight against sophisticated fraudsters will continue, and use of best-in-class technology is key to winning the battle.”

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DE&I has always been a topic close to Fagnilli’s heart. Prior to joining Liberty Mutual, she worked in the banking, telecommunications, and healthcare industries, leading the development and implementation of advocacy and DE&I strategies. One of her biggest accomplishments is the creation and execution of health equity programs in the United States and European healthcare systems. Getting people access to healthcare, she said, was a cause “near to her heart,” and relates to her goal of “bringing humanity into the workplace”.

“Working within corporate America, I saw this opportunity in DE&I to bring it all together. DE&I is nothing if it’s not really built into the DNA of an organisation – that’s why I do what I do,” said Fagnilli. “And I think companies are also starting to realise that and take action.”

Liberty Mutual, a US-based diversified global insurer, is a gold sponsor for Dive In 2021, the global festival for DE&I in insurance, taking place in a hybrid format from September 21-23. Returning for its seventh year, the theme of Dive In 2021 is active allyship, and the educational sessions will touch a vast range of topics from LGBTQ+ to neurodiversity, generational differences, the work-life balance, mental health, and more.

Read next: Dive In 2021: ‘Be part of the future of the insurance industry’

“I think the Dive In festival is truly phenomenal in that it’s an opportunity to bring industry competitors together behind shared objectives,” said Fagnilli. “DE&I is something that we all need to do better at for the sake of our industry, our employees, and our customers. At Liberty Mutual, we see this as an opportunity, we see the need, and we’re very excited to work with Dive In to bring everyone together and help build a better industry for all.”

This year’s Dive In theme of active allyship “speaks to” Fagnilli, who said that allyship is crucial for the successful integration of DE&I – in other words, “humanity” – into the workplace.

Active allyship is something that Liberty Mutual has been pushing for some time. In 2017, the insurer launched a program called Men as Allies, with the intention of encouraging more male employees to engage with employee resources groups (ERGs) and become champions for colleagues across the whole spectrum of DE&I. The insurer has developed other allyship programs within its Pride at Liberty ERG, which represents the LGBTQ+ community, and within its race and ethnicity collaboration.

“This year, we’re taking this a step further to build allyship within other dimensions of diversity,” said Fagnilli. “Our intention is to understand how underrepresented groups have been left behind and what we need to do […] to build a better culture – a culture of inclusion, a culture where everyone feels counted, a culture where we can talk openly about topics that sometimes we don’t talk enough about.

“It’s important to understand that we all come to work in the same physical space, but we don’t all have the same work experience – and that’s not because the company culture is different; it’s because we all have different life experiences. Active allyship programs can really open our eyes, open our hearts, and build more human connections, which will help us to advance conversations in a way that will build equity across different practices and systems within our organisations. We’re focusing on allyship at Liberty Mutual because we believe it lies at the centre of what we need to achieve with DE&I.”

Read more: Dive In 2021 registration is now open

Since the first ever Dive In festival in 2015, the insurance industry has made great strides with DE&I, moving steadily from awareness to action across more and more areas of diversity. Allyship has been, and will continue to be, key to this progression, according to Fagnilli.

“Allyship plays a key role in DE&I,” she said. “If we don’t listen, if we don’t lean in, if we don’t understand and start championing each other, or give people a voice who, historically, may not have had a voice or a seat at the table, then we’re going to miss the opportunity to develop successful and sustainable organisations for the future. Insurance organisations are social enterprises; DE&I is at the core of who we are, but it’s a work in progress. We all have work to do, personally and as organisations, and I cannot wait for Dive In because I know we’re going to share best practices across the board, we’re going to learn, connect, and come together to build a better industry for everyone.”  

Find out more and register for this year’s Dive In Festival now.

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While all of the big four European reinsurance groups – Hannover Re, Munich Re, Swiss Re and SCOR – grew their books of property-casualty business at the mid-year renewals, there were substantial differences in the extent to which they achieved rate increases, according to a new report from Litmus Analysis.

In total, the four companies renewed €12 billion (about £10.30 billion) of treaty premium, with growth of 11% and an average risk-adjusted price increase of 2.1%, compared to growth of 5% and an average price increase of 4.9% at mid-year 2020.

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Former group chief risk officer Frieder Knüpling will now become CEO of SCOR Global Life. He succeeds Paolo De Martin, who is pursuing “a new direction” in his career. Joining the group executive committee as new group chief risk officer is Fabian Uffer, who previously served as group head of risk modelling.

Romain Launay, meanwhile, has been appointed as deputy CEO of SCOR Global P&C (property and casualty), as well as chief executive of specialty insurance. Prior to the reshuffle, he was the reinsurer’s group chief operating officer.

Additionally, group executive committee members François de Varenne and Claire Le Gall-Robinson will have their respective remit widened. Aside from his role as SCOR Global Investments CEO, de Varenne will be overseeing a broader area of leadership spanning investments, technology, budget, group project office, and group corporate finance.

As for Le Gall-Robinson, the group general secretary has been named SCOR’s group chief sustainability officer. She will have the added responsibility of looking after human resources, communications, and hub operations.

Ian Kelly, Jean-Paul Conoscente, and Brona Magee are retaining their current posts as group chief financial officer, SCOR Global P&C CEO, and SCOR Global Life deputy chief, respectively.

Rousseau commented: “The breadth of global experience, the diverse backgrounds, the strong expertise, the knowledge of the industry, and the leadership qualities of the members of this renewed group executive committee give me a high degree of confidence in our ability to successfully pursue SCOR’s development.

“These internal promotions bear witness to the depth of SCOR’s talent pool and the strong competencies of our rising leaders. I am confident that this new organisation will ensure managerial continuity while reflecting the strategic importance of transformation and sustainability for the group. We are mobilised to accelerate the company’s profound transformation provided for in the ‘Quantum Leap’ strategic plan and accelerate long-term value creation for all our stakeholders.”

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Global specialty (re)insurer Canopius Group – which has underwriting operations in the UK, the US, Australia, Bermuda, China, and Singapore – will be welcoming 2022 with a new group chief financial officer in the form of Gavin Phillips.

The incoming CFO is taking on the post in January, succeeding Nigel Meyer who will step back in March next year. Phillips will join from PwC, where he worked for nearly three decades.

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Aviva and Darwin Innovation Group have registered a passenger shuttle for use in autonomous vehicle trials.

The shuttle, created by Navya, will be used to demonstrate the potential of self-driving cars and gather information about their operation, Aviva said in a statement. The insurer will use data from these trials to improve its current motor insurance offering, as it seeks to provide comprehensive cover for autonomous vehicles and associated technologies once they begin to operate on British roads.

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