Insurance news

Read more: BIBA reveals line-up for 2021 conference

“This time of year, with the BIBA conference around the corner, it is always especially busy for us and gives [the team] the opportunity to speak on a number of different topics. So, it’s an exciting time for us because, as a brand, we view the broker market with a lot of importance,” he said. “And I think the fact BIBA’s happening is [fantastic] because last year there was lots of disappointment. Our industry really looks forward to this event because it’s a reminder that we are a people business, and we’ve needed to be even more of a people business during COVID.”

There’s a lot that Ward likes about working with brokers, including their pragmatism, their friendliness and the human side that they bring to the insurance ecosystem. It goes back to that trust piece and the strength of the relationships formed between insurers and brokers, he said, and he believes that it is that personal touch that exemplifies and preserves the role of the broker in insurance.

Long may that continue, he said, because the market needs choice – choice of distribution and choice of relationship. From working closely with the broker market, the team at AXA Partners has seen first-hand the key challenge impacting brokers at this time, including the issue of changing customer behaviour. Many brokers have had to rapidly adapt from a face-to-face presence to remote working, and so the team has been monitoring the ongoing situation to see how its digital support offering can be accelerated and where relationships can be restructured in line with consumer requirements.

Read more: AXA Partners UK & Ireland unveils comms deal

“Our relationship is based on the idea that when a broker comes to us and says, ‘this is what I’m thinking, here’s a proposal for you that’s creative and makes financial sense’ then we actually listen,” he said. “It’s not the kind of relationship where we just take a contract out of a drawer and say, ‘does this work?’ because it’s about knowing the person, knowing the organisation and knowing what they’re trying to achieve. We’re asking, ‘can we do it?’ not ‘how can we not do it?’”

BIBA’s theme of resilience is particularly timely this year, Ward said, as resilience is a real challenge facing brokers at this time. Running a business isn’t easy at the simplest of times and he knows from his own market relationships that brokers are at the sharp end of the upheaval in the market and of changing customer behaviours and requirements. The good news, however, is that brokers generally seem keener than ever to seize new innovation opportunities and to reach out to their insurer partners for support in implementing them.

“I really feel for brokers,” he said, “but I do have a pretty big degree of optimism that, looking forward, the uncertainty created in the market has refocused customers’ minds. And we’ve seen this in terms of our service scores – if you give good service when customers are in a time of need, they really do appreciate it. So working in conjunction with brokers to provide the right service at the right time, is really what we’re about.”

The insurance industry only needs to look to other financial services sectors to know that they must continue to innovate and to analyse the requirements of customers in order to offer them the appropriate service levels. AXA Partners is working on this with a number of its partners, but while the sector has come a long way, it’s still got a long way to go to overcome its legacy concerns and to move to a more digitally agile mindset.

“But overall, this is about the future,” Ward said. “Let’s not look back, because [COVID has] been tough for all of us. Let’s look forward, let’s listen to what our customers want from us. Together, let’s create and have as successful a future as we’ve had a past. And this is a people business so let’s talk.”

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“Over the last year we have evolved into the insurtech space,” he said, “using our team of experienced in-house developers to develop cutting-edge systems. This came about because we saw that COVID-19 is a once-in-a-lifetime opportunity to improve how we do things, to build brand new systems, and to come out the other side of this pandemic as a reinvented organisation. The fact that travel went from pre-COVID levels to virtually nothing almost overnight was a chance for us to do things that would otherwise have been very difficult to achieve.”

Discussing the launch of the AXA SunWorld Corporate Travel offering on DOA’s new broker-dedicated travel insurance hub, Oliver highlighted the enhanced COVID covers and industry-first features it includes as standard. DOA’s SunWorld Travel brand, which is one of the largest travel providers to the UK broker market, has been in partnership with AXA since 2008, he said, a relationship that has thrived due to their shared understanding that travel insurance is about reassurance more than it is about price.

The timing of this hub update has been ideal, he noted, as across the world people are cautiously considering travel arrangements, be that corporate or leisure travel. Naturally, soon-to-be travellers will be nervous about making trips abroad once more and will be carefully considering the type of cover they will require.

“And we’ve really concentrated very heavily on this because we’re conscious that a lot of travel firms will be advertising COVID cover but we feel it’s important that if we’re going to offer it, it needs to be backed up with coverage. That’s not just about saying ‘oh, we’ll cover you if you fall ill abroad due to COVID’ and sometimes that is what these firms are offering when, in actual fact, there are so many other elements to the impact of COVID on travel.”

Beyond just covering customers who fall ill abroad with COVID or other pandemic illnesses, the right coverage will protect customers who fall ill with COVID at home or have to self-isolate and can’t travel, or who are denied boarding at an airport due to detected symptoms, or who have to cancel the trip due to being made redundant. These are just a few of the coverages offered as standard by DOA, Oliver said, as it has measured the full, far-reaching impacts and implications of the COVID crisis.

Peace of mind is what consumers need, he said, and what they will be looking for brokers to provide. And as DOA’s insurance offering goes far beyond just the travel industry, the team has seen first hand how that consumer requirement is the same across the whole profession. Looking at the business interruption insurance question mark that swept the sector, the way that many insurers have handled the crisis has not done the wider industry any favours.

Read more: What will the travel insurance market look like post-lockdown?

“I think this is where we can step back and think about the need to make sure we are forward-thinking, rather than being reactive all the time,” he said. “That’s the mindset we’ve gone with on this. Because everyone you speak with, whether it’s friends, or family, or colleagues, is saying the same thing – that as soon as they can book to go away safely they’ll do so.

“As soon as these restrictions have lifted, it’s going to be the number one biggest thing because many have lost out on memories, on life experiences and on seeing family abroad over the last year. I think there are so many factors there that mean there will be an eruption in travel at some point and we need to be prepared for that.”

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Global health insurance provider William Russell has published what are described as “eye-watering” expatriate healthcare claims for the 2019-2020 period.

According to the mandated underwriter, the highest sums paid for medical treatment overseas were for cancer treatments. It was noted that in the abovementioned timeframe, 25 expatriate claims for cancer treatments exceeded US$100,000. Meanwhile, huge amounts were also seen in the area of maternity care. Other treatment types with racked up bills included dental and diabetes.

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It was a massive disappointment at the time but also a real relief, she said, as she could tell herself she had been prepared to do the talk, to face her fears around speaking on camera, without having to actually go ahead with it. When the organisers announced they were going to do the event virtually, Talbot Jones knew she had the chance to withdraw gracefully but she’s delighted that she didn’t, especially considering the resonance her talk has had with viewers.

“It’s been a really exciting opportunity,” she said, “because I think that so often, insurance and risk management is seen as something quite grey and boring. Risk management is seen as the thing that stifles opportunity, so it’s just been great to be able to stand up and spread the message that actually, insurance and risk management is really exciting. It’s a great career, it’s a great industry and it really supports resilience, or antifragility.”

The profession has found an active cheerleader in Talbot-Jones, who joined the sector several years ago after a decade in teaching. She has become a relentless pursuer of fearlessness, she said, having spent about decade of her life not doing things because she was convinced she couldn’t. This hasn’t been restricted to the significant growth and evolution of the brokerage Talbot Jones either – it also comes across in the professional qualifications she pursues and the activities outside work she enjoys. For years, she said, she would stand on the side of the Great North Run and shout herself hoarse encouraging the runners, wishing that she was the kind of person who could do what they did. And then one day, it clicked, she could technically do as well as at least some of those runners, and so she started her own strategy of running, which saw her build up the stamina to eventually run a half-marathon.

“That’s the challenge, when you think ‘I could never do that’ and then you ask yourself ‘well, would I like to?’ And when the answer is ‘yes’, then you can find a way to do it,” she said. “As the saying goes, whether you believe you can or whether you believe you can’t, you’re right. When you’ve decided you’d like to do something, it’s then you make it happen. You work hard, and you achieve it.”

Choosing the topic of her TEDx talk was relatively easy, Talbot-Jones said, as when the the brokerage was being launched and she was new, both to insurance and business, she spoke to a marketing expert at an event who advised her that the easiest way to sell insurance is through fear. As soon as she heard that, she knew that wasn’t the kind of business she wanted to grow and it wasn’t how she wanted to represent the insurance industry.

“That was very early on,” she said, “and it was quite an important moment for me and really clarified what I wanted to do, and what I wanted our business to do. We don’t want to sell insurance through fear, we want to support organisations to better understand and manage their risks so that they can do impactful and exciting things. That’s at the back of our mind but it’s also at the front of our mind as we go through our business. What we do is help people plan, assess risk and put things in place so they can move forward with confidence – and it’s so exciting to know I’m part of that.”

Read more: Brokers discuss the merits of embracing social media

Doing the TEDx talk itself was a fascinating experience, Talbot Jones said, and the process behind the scenes was incredibly intricate, with the organisers putting in a huge amount of work. She was initially looking forward to the opportunity of developing her public speaking skills in front of an audience, so the virtual nature of the event which meant it was just her standing in front of a camera was incredibly unnerving.

“But I’m really proud that I was able to live out what I say in the talk and what I shared about actually working out what the obstacle is, and [establishing] whether it is a valid fear or whether it’s something that I actually recognise isn’t important,” she said. “I did it. I stood up in front of the cameras, and it was hugely daunting and it was really difficult. But I’m hugely proud of myself that I did it and really pleased it’s being appreciated and valued.”

What better testament could you have to such an experience than saying you would be delighted to repeat it? Talbot-Jones noted she would absolutely be keen to take the opportunity of partaking in such a conference again, and of having the chance to do so in front of a live audience when COVID restrictions are lifted. In fact, without giving away any spoilers, she already has her next topic chosen and is waiting for the right opportunities to continue discussing her insights and experience with a wider audience who have shown they are listening.

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Admiral Group plc has completed the sale of its financial comparison business Penguin Portals Group and its 50% stake in Preminen Price Comparison Holdings to ZPG Comparison Services Holdings UK Limited (RVU), having obtained the necessary approvals from regulation and competition authorities.

The Penguin Portals business includes online comparison sites Confused.com, Rastreator.com and LeLynx.fr, as well as the group’s technology operation Admiral Technologies. MAPFRE has also sold its 25% holding in Rastreator and 50% holding in Preminen as part of the transaction.

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More than 20,000 women across the country have attended Inner Warrior camps since its establishment three years ago, according to a statement by Allianz. Many of them have gone on to join various women’s touch and contact rugby teams.

Aside from being the title sponsor for the programme, Allianz will also host digital activities for member clubs in between the May and September camps.

Known as the Allianz Inner Warrior Challenge, the digital fitness initiative will allow those registered to log their daily activities and workouts, meet others who have signed up, and compete for spots on the app’s leaderboard.

“Allianz is proud to be the Official Insurance Partner of England Rugby, sponsor of the England teams and title sponsor of the top flight women’s domestic league,” said Simon McGinn, general manager for commercial and personal, Allianz UK. “We’re excited to join in the effort to improve and nurture the women and girls’ game which is a strategic priority for the Rugby Football Union (RFU).

McGinn added that with increased grassroots support and more women and girls getting involved with rugby, the sport’s prospects of growth in the UK are looking good.

“The Warrior camps have been a great success since they were introduced in 2017, and to have over 150 camps taking place across the country this May is very encouraging,” said Clare Cooper, England rugby growth manager (women & girls).

“We are hugely grateful to Allianz for their support, and excited about how our partnership can develop to encourage even more women and girls into rugby over the coming years.”

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Across its commercial risk solutions segment, organic revenue growth increased by 9%, driven by growth across every major geography, reflecting strong retention and management of the renewal book portfolio, as highlighted by double-digit growth in the US, Asia, and Latin America. Aon noted that these results also reflect expansion in the more “discretionary” areas of the business, including a double-digit boost in transaction liability and increased project-related work.

“On average globally,” Aon said in its trading statement, “pricing was modestly positive, while exposures were flat, resulting in a modestly positive market impact.”

Its reinsurance solutions arms saw organic revenue growth of 6%, driven by growth in treaty, reflecting continued net new business generation globally, and double-digit growth in facultative placements. Aon highlighted that market impact was modestly positive on results in the first quarter. Its retirement solutions arm saw organic revenue growth of 5%, driven by growth across every major business, while its health solutions arm saw organic revenue growth of 4%.

Its data & analytic services segment saw an organic revenue decline of 2%, driven by a decrease in the travel and events practice globally. For the first three months of 2021, cash flows from operations increased 66% to $561 million, while free cash flow increased 91% to $532 million.

Commenting on its 4% increase in total operating expenses in Q1 2021, Aon attributed these as primarily due to: “a $73 million unfavourable impact from foreign currency translation, an increase in expense associated with 6% organic revenue growth, and a $17 million increase in transaction costs related to the pending combination with Willis Towers Watson”.

These operating expenses were partially offset by a $55 million decrease from accelerated repayment related to certain tradenames that were fully repaid in Q2 of 2020 and expense discipline, including lower travel and entertainment expense.

Commenting on the results, CEO of Aon Greg Case highlighted that Q1 2021 saw the brokerage’s colleagues deliver an “outstanding” operational performance, building on over a decade of progress on its key financial metrics, creating momentum for 2021, and demonstrating the power of ‘Aon United’.

“Today, clients are justifiably focused on the unprecedented impact of the COVID-19 pandemic,” he said, “but they are also increasingly aware of other challenges like climate change, supply chain disruption, the future of work, and the growing health-wealth gap. Our strategy is built to bring the best innovation, insight, and solutions from across our firm, and our potential to address client need only increases with our pending combination with Willis Towers Watson.”

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Most recently Davies has thrown its weight behind its latest automated claims solution Kuarterback, named after the role of quarterbacks in American football in dictating the direction of play.

“The principle that we had was of building a solution that enables us to dictate the direction of claims, particularly personal injury claims when we started,” he said. “Realistically, if you take the volume claims space of motor and personal injury, it requires quite a streamlined approach. If you take 100 claims, then somewhere in the region of about 75% to 80% of them are fairly routine, fairly standardised, fairly repetitive and, ultimately, quite formulaic.”

With this in mind, he said, Davies’s team felt there was a lot that automation could do in this space and worked to build a solution that would safely and automatically identify claims that could be automated and then utilise Kuarterback and its pioneering AI technology to process them. The remaining 20% to 25% of claims which do require human input were then left to the claims handlers, who, on average, save 25 minutes per claim – time previously lost reviewing reports and inputting data. Rowe noted that client feedback of the Kuarterback system has been very positive, as it enables handlers to utilise their expertise and experience without being submerged by minutia.

Read more: What’s the key to a successful claims experience?

“We actually started development on this before the pandemic, so unwittingly we must have had some foresight,” he said, “and we started building it around the summer of 2019 with a view to launching in Q1 2020 which we did… And since March of last year, we’ve grown the capability, the number of insurers using it, the number of claims going through the system, and also the other functionality aspects and products we’ve added since then. So, while it was built and launched pre-pandemic, the majority of Kuarterback’s adoption has been during the crisis.”

Having spent many years working in the tech and insurance space, Rowe has a firm grasp on the shifts taking place within the wider tech environment and he believes that COVID has really focused everybody’s minds. Insurance companies, and companies more generally, are now questioning what innovations they can put in place that will create positive benefits for their clients while increasing their own efficiency.

Rowe believes that the key legacy of the COVID crisis will come from the sheer range of industries and sectors which proved they were capable of enormous amounts of change in tiny amounts of time. People are more comfortable with technology now, he said, and are aware that things can change faster than was ever anticipated. In the insurance industry, those big transformation projects that typically take years are likely to be put under the spotlight as people will remember the reaction times during the pandemic. It may be that such projects will come under renewed focus to keep up with the changing expectations of shareholders and consumers alike.

Read more: Davies reveals how COVID-19 has changed uptake and demand for virtual adjusting technology

“If you think about the technology that’s available in other sectors where deliveries are at your door within an hour or two of the press of a button, that’s where the expectation is and that’s where it should be,” he said. “The difference is that we need to harness this technology and bring it into the day-to-day experience of an insurance claim.

“And that’s where people will start to look at you differently and begin to raise their own expectations. What we’re seeing now is people wanting to go on to the next step, and almost volunteering ideas rather than just consuming the available technology. That’s a real positive for me, because that’s the feedback we want from our claims handlers and customers and that we will use to build great products.”

The focus for the team behind Kuarterback now is to make sure the system is ready for the incoming reforms associated with the official injury claims portal, he said, and making sure the same or even higher levels of automation are possible when the portal comes online at the end of May. After this, Davies has a roadmap of deliverables as it looks to expand and evolve the functionality of the system, firstly by moving into credit hire claims in the motor space.

When this is delivered accessibly and efficiently, Rowe said, the next step will be looking at higher value claims because the technology behind Kuarterback is innately adaptable and can be rolled out to the higher value claims space. The future is wide open as to where this functionality can go and, for Rowe and Davies, it’s exciting not just to be along for the ride but also in driving the agenda of automation within the industry.

Find out more about the broad range of services offered by Davies here.

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The motor finance and premium finance units are under the retail operations of Close Brothers.

Meanwhile, Close Brothers Premium Finance commercial lines sales director Elliott Hayes (pictured immediately above) and personal lines sales director Laura Sweetman (pictured below) will be in charge of managing relationships with broker partners.

“I am looking forward to working alongside Elliott and Laura to maintain our leadership in the premium finance sector,” commented Kemple.

“I am a firm believer in the principle of continuous improvement in the services we provide our broking partners, and my priority will be to review our current portfolio to ensure we are giving our brokers the tools they need to grow their businesses and meet their future business aims.”

Sweetman, who is “thrilled” by the opportunity to further develop the company’s partner relationships, has been with the business since 2002. Hayes joined in late 2001 and similarly looks forward to supporting partners through the current hard market.

“I am sorry to see Paul leave Close Brothers Premium Finance, and I wish him the very best for the future,” stated retail CEO Rebecca McNeil.

“We are lucky to have a strong pool of talent and experience within the premium finance business, and it’s great to announce that Elliott and Laura will assume these new senior roles, with oversight from Sean.”

She added: “My expectations are that our specialist focus on commercial lines (with Elliott) and personal lines (with Laura) will hugely benefit our 1,600 broking partners across the UK and Ireland as we emerge from the pandemic.”

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Coupland succeeds Edward Davis, who is retiring from the role after 27 years with the business. Davis’s retirement will take effect on April 30, after which Coupland will formally assume her responsibilities as general counsel on May 01, 2021. Davis has been appointed as a director of the AXA UK pension scheme.

Coupland previously served as a general secretary for AXA Partners – a role she held for five years. Prior to that, she was the general counsel for AXA UK & Ireland’s life and wealth businesses for eleven years, and also served as deputy head of legal.

“I’d like to thank Ed for his 27-year contribution to AXA, and everything he’s helped us achieve in that time. While I am incredibly sad to see Ed go, I’m thrilled to have Emily back in the UK &Ireland team – her knowledge of the business means she will be able to hit the ground running and add value from day one,” said AXA UK & Ireland CEO Claudio Genial.

“I’m delighted to be back with AXA UK & Ireland, taking on the exciting challenge of general counsel. I bring with me real passion for the business as well as an innovative outlook,” commented Coupland. “I see the general counsel team as a business enabler and partner, and I hope to further support and help drive AXA’s ongoing success.”

“I’ve been incredibly fortunate to lead such a fantastic team here for so many years, to work with so many great colleagues across the whole organisation and to be involved in such varied and challenging work throughout my time at AXA. It will certainly be a massive change to leave after such a happy time,” said Davis.

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