Insurance

Insurance

Market People Awards 2019 – The London Insurance Market celebrates excellence with a sparkle!


Over 160 professionals gathered together on 12th November 2019 at the prestigious Banking Hall in the heart of the City of London for the annual Market People Awards, run and hosted by the LondonMarket’s popular “free to access” thought-leadership and networking hub, London Market Forums (LMForums), in association with their publication, Market People Magazine. The Awards, now in their fourth year, have become a favourite with the London Insurance Market and this year saw the biggest ever attendance.
https://vimeo.com/373401977

Roger Oldham, Founder of LMForums and host of the action packed evening commented “I am delighted that the Market People Awards have become a London Market annual highlight for so many professionals, executives and suppliers. We are immensely proud to have created an awards ceremony, complete with a stunning entertainment show, that allows practitioners of all levels and disciplines to be recognised by their peers in such a fair way, nominated by market professionals and judged by them too. We hope that the Market People Awards will grow, year on year! We are already planning for the 2020 event.

The Headline Sponsor for the Awards this year was Charles Taylor InsureTech who’ve been long term supporters of LMForums. 2019 saw more nominations received than ever before. The judges selected 15 incredible winners from the underwriting, broking and supplier community, who all looked proud as they collected their stunning trophies on the stage at the “ show-time” themed celebration. The evening also raised £3255 from a Grand Prize Draw in aid of the incredible Rainbow Trust Children’s Charity. The Trust supports families who have a child aged 0-18 years with a life threatening or terminal illness. Thanks to the kind generosity of the London Market audience.

Winners this year included…………

• Claims Professional/Team of the Year – Scott Keller of Liberty Specialty Markets
• Broking Professional/Team of the Year – Qasim Akbar of Capsicum Re
• Underwriting Professional/Team of the Year – Alex Hardy of Beazley
• Market Inclusion & Diversity Champion – Theresa Farrenson of Aon
• Young Person of the Year – Hanan Guthmy of Brit Insurance
• Outstanding Contribution to Technology & Innovation – Stephen Holdstock of Lloyd’s LMTOM
• Outstanding Contribution To Human Resources & L&D – James Shepherd of Tokio Marine Kiln
• Outstanding Contribution to Industry Transformation – Allen Bruce of Lloyd’s
• Outstanding Contribution to Operations & Change – Brad O’Connor of Beazley
• Outstanding Contribution to Legal & Compliance – James Linsao of QIC Global
• Lifetime Achievement Award – Neil Lightbown of Allied World
• Advisory Services Supplier of the Year – CyberCube
• Technology Supplier of the Year Award – Morning Data
• HR & L&D Supplier of the Year Award – Sheridan Resolutions
• Legal Services Supplier of the Year Award – Clyde & Co

Allen Bruce, Head of Change Management at Lloyd’s of London said “I’m absolutely delighted and proud to receive the Outstanding Contribution to Industry Transformation at this year’s LMForums Market People Awards – especially as it’s voted for by the Market. I really am touched and appreciate this recognition from my industry peers. I’d like to thank my change team and everyone in the Market who is doing everything they can to support the changes that are making a difference to the value and service that we provide for our customers every day”.

With special thanks to our sponsors Charles Taylor InsureTech, Net Diligence, Allied World, Liberty Specialty Markets, Aon, Brit Insurance, Sheridan Resolutions, Morning Data Ltd, Scarlet Fraser Associates, Amica Interactive, Netcall, Consilio LLC, Perfect City Events, QIC Global & Market People Magazine.

LMForums
London Market Forums (LMForums), which is headquartered in the Leadenhall Building in the City of London, is the networking and thought leadership group for professionals from the Lloyd’s and wider London Insurance Market
Contact: info@lmforums.com – Membership and sponsorship enquiries Telephone: +44 (0)203 551 9188
www.lmforums.com

Market People Magazine
Market People Magazine is the publication for insurance professionals working in the London Insurance Market. The magazine is produced quarterly by LMForums and reaches thousands of practitioners and suppliers connected to the famous Lloyd’s and London Insurance Market.
www.marketpeoplemagazine.com

Perfect City Events
The new dedicated global events management firm from the same professionals behind the City events and networking hub, LMForums. Perfect City Events take immense pride in producing events for their clients that are memorable, superbly executed and enjoyed by staff, clients and guests alike. From smallest round table breakfast to luxury banquets and award ceremonies for hundreds of people, PerfectCityEvents will deliver every time.
https://www.perfectcityevents.com/

Rainbow Trust
The Trust supports families who have a child with a life threatening or terminal illness and are in the greatest need. Their Family Support Workers provide a life line to these families and children at home, in hospital and in the community. Any family can receive support from the moment of their child or young person’s diagnosis.
https://rainbowtrust.org.uk/

Source link

Merger Creates New Services Division for Tedaisy Insurance Group


Tedaisy Insurance Group and Intrinsia Insurance Group have merged under the umbrella of Tedaisy Insurance Group (Tedaisy), in a strategic all share deal to accelerate growth.

The merger unites four trading entities in which Tedaisy now holds 100% of the equity:

• Alpha Underwriting, an MGA specialising in travel, accident and health and pet insurance.
• Practice Cover, an insurance broker specialising in providing insurance solutions to medical professionals and surgeries.
• Intrinsia Brokers, trading as perfectpetinsurance.co.uk, selling online pet insurance.
• Intrinsia Claims, an in-house pet insurance claims specialist.

Paul Byrne, Group Chairman, CEO and majority shareholder, advises the group is set to manage over £25m of GWP in 2020, creating brokerage revenues in excess of £6.5m. “We have some amazing plans on how we are going to manage our insurance performance to reach our potential, and in my 20 years of being an entrepreneur in the insurance industry, this is without doubt, the most exciting project I’ve been involved with”, says Paul.

The groups, which previously had common shareholders, will pool resources and capital to develop the businesses, which includes establishing a shared group services division.

Finance, HR, compliance, IT, quality control and binder management performance are services that will be provided to all group companies by a centralised team, headed up by Donna Sweetman, who will be stepping down as the Managing Director of Alpha Underwriting to take on the new role.

As a result of Donna’s internal move to become Managing Director of Tedaisy’s Group Services, Tedaisy seeks to appoint an ambitious candidate to fill the MD position and drive Alpha forward. Paul Byrne will remain as Group Chairman and CEO. In the meantime, Donna and Paul will continue to oversee the Alpha business. Paul comments “We are always on the lookout for exciting people to join our existing talented workforce and Tedaisy is going to be a great place to be over the coming years.”

Donna Sweetman, MD of Tedaisy Group Services says, “I have enjoyed my time as MD of Alpha, but this new Group Services role was too exciting an opportunity for me to turn down! I will use my 25+ years of insurance experience to lead my team in providing excellent services to the group companies to give them the best possible chance of exceeding their goals. Together, as a team, we will all work to make sure the Group achieves and excels in everything we do.”

Natalie Surtees, MD of Intrinsia Brokers commented, “Our brand Perfect Pet is going from strength to strength, attracting circa 3,000 new customers every month. We are now in the process of hiring quality key staff in operations and marketing and IT, to make sure our infrastructure keeps pace with our growth. These new hires enable me to concentrate more on growing the business and developing new and exciting opportunities.”

Natasha Reynolds, MD of Practice Cover says, “I am the newest member of the senior management team, only having joined in December 2018. The growth, the plans and the excitement I have seen in this relatively short period has blown me away and I am so excited to be part of this journey. Bringing the group together enables me to concentrate more on the growth of my part of the business, knowing that our core services are being looked after centrally.”

Source link

RNA Analytics successfully completes IFRS 17 Orange Life Insurance Project


Reigate, October UK – 2019

Most Korean insurers are already implementing IFRS 17 systems but many are struggling in a number of areas. The most difficult part of the IFRS 17 implementation for Korean insurers is the construction of the cash flow engine because performing complex calculations on a regular and timely basis is almost impossible with most existing actuarial solutions.

The complexity of the calculations combined with the desired granularity of results has meant many insurers with their existing actuarial solutions having to invest, at a huge cost, in high specification hardware in order to produce their IFRS 17 results in their required timeframe.

Already aware of the difficulties of deploying an enterprise level IFRS 17 solution, RNA Analytics’ software development and actuarial consulting teams have been working for several years analyzing all the requirements for IFRS 17 to spearhead large-scale developments in R³S, RNA Analytics’ actuarial modeling solution, that implement the new features required to meet client requirements.

Almost all the requirements needed by IFRS 17, from the calculation of new accounting concepts such as the risk adjustment and contractual service margin, to the most complex modeling of Korean insurance products as well as the linkage with reinsurance, various embedded option value calculations, new payment plans, dynamic decision-making, and large database processing functions were considered when designing the new features. The most recent developments in the R³S software have enabled insurers to optimize the structure of their models, thereby dramatically reducing the cost of hardware, while still meeting the new requirements.

In particular, the IFRS 17 implementation project at Orange Life, is considered to be the most successful project in the industry. Almost all of the requirements had already been implemented in the R³S solution as a result of previous IFRS 17 project implementations. The K-Insurance Capital Standard (K-ICS) and dynamic ALM models were also built in R³S to implement an enterprise-wide business model within Orange Life.

With the new functionality within the software, users have the ability to directly load large result sets into databases such as Oracle. This removes the requirement to purchase additional ETL software and reduces the storage space required as results do not need to be staged prior to being loaded into the reporting system. This results in the establishment of a highly efficient and automated system from a ROI perspective.

“Through this project, we were able to proactively respond to system changes such as IFRS 17, and establish a systematic basis for conducting an actuarial valuation and strategic analysisSeokho Woo, Managing Director – Orange Life.

“As a result of this project, Orange Life has built the industry-leading actuarial infrastructure system to provide timely settlement reports and various company reports. Thus providing a foundation for rapid response to the accounting and regulatory requirements of IFRS 17, in addition supporting management decisions and responding to changes in management processes required under the new accounting systemHarry Kim, CEO – RNA Analytics.

About RNA Analytics
RNA Analytics is a company formed around a product team that has been working together for over 20 years. RNA Analytics offers insurance firms a comprehensive actuarial modeling solution that provides essential risk and regulatory metrics to help meet the needs of an existing global client base. This solution supports the modeling of insurance portfolios across a spectrum of risk-based regulatory regimes such as Solvency II and IFRS. It helps meet the business needs of insurers for more realistic and complex modeling to enable critical risk-informed decision support for growth.

Source link

Why do my barbers need a specific insurance policy?

Although a barbershop could be classified as a male hair salon, it may not cover everything that a barber may require in order to satisfy their clients. Historically, a barber shop actually held dentistry appointments in their chairs, though that certainly would no longer be covered in a normal appointment! It is best to look into insurance that fully covers all areas of male grooming. This list will assist you in understanding this.

Professional Liability

As a barber, it is very normal that you will have regular customers that will come in for a normal cut and buzz, though there are others that might need more specific treatments like chemical hair and scalp treatments. However, some of these clients may not be entirely satisfied with their treatment or haircuts, which is why it is important to have Barbers Insurance to avoid any financial difficulties. This means that if any problems occur with the client, say that an injury occurred due to hair shaving, or your aftershave may have caused an allergic reaction, you have a defence against being sued. Professional Liability can also pay for any medical expenses for the client, court feels and even for the cost of your judicial defence in court.

You can even extend this by looking into “Treatment Risk Extension”, meaning that you would be covered for any injury or accusation of injury from the client.

Product Liability

Imagine if your equipment was to malfunction whilst you were on the job, such as if your electric razor was to become tangled in a beard and caused damage. With Product Liability insurance, if the customer sues because of emotional trauma, physical trauma or an allergic reaction to a product you use, you can be covered from any financial damages. Whilst you do want to inspire loyalty in your clients, you must make sure that you have the insurance to prevent any financial strain on the business. If all else fails, you can try to win back their loyalty with a discount or free trip to your shop to make it up to them.

Worker Compensation

In the barbers’ trade there are all sorts of dangers that could cause injury to your workers, as well as your clients. Say for instance, your worker fell down and broke their arm due to a spillage on the floor, then the worker’s medical costs and compensation would be covered so they can take the time off to recover. It is important that your clientele see that your workers are being treated with respect, so be sure to give them to time off that they need if they get hurt.

Small Businesses are Targets

Be careful that your insurance does contain payment for any vandalism or theft, for instance in regard to any broken windows, fire break-outs or flooding. Many thieves may think that small businesses may not be insured or easy to break into because of their size. Try not to let yours be the next target.