IRL – October 2021 Highlights


Highlights in this issue:

In the first US article, A good offence is the best defense: Loss Prevention allows companies play offence against D&O risks!, you will read that D&O risks are evolving at a faster rate than both companies and insurers can adapt and what can be done about it with loss prevention programs and more such as D&O Loss Prevention Drivers; Risk Assessment – the first is assessing each D&O threats. This is very well written and easy to read. Even if you are experienced in this class, you’ll learn something and likely look at things in a different light.

This is the fourth in a series of articles focused solely on D&O. The previous three have been separately published in the IRL but it’s easier to access of the Q3 2021 IRL online and read all three them sequentially in the Special Report.

The next article, R.I.S.E. to the Occasion: Increasing Diversity in Risk Management and Insurance, is from Tim Turner, President of Ryan Specialty Group. I have republished his announcement about a new collaborative diversity initiative because he’s spot on with what our industry needs. It’s worth reading because we all need to adapt and adopt thinking and behavior that is inclusive 

Then there’s another eye-opener from my long-time contributor Marci De Vries who looks at technology solutions, specifically around social media data In a Softening Market, P&C insurers look to Social Media Data.

In the European section, I am pleased to present my good friend and long-time supporter Polina Balko who helped me with an interview with founder of unisonSteadfast and long-time associate Wolfgang Mercier about the company’s annual in-person and amazingly well-done virtual Independence Day Conference from Prague. 

In the Asia & Oceania section, I am pleased to publish three very different articles. The first from AustraliaInsurers ready for regulatory changes. You need to read through the preamble a but there’s a good summary of reforms and insurer response specifically: Deferred Sales Model, Anti-Hawking, Product Design and Distribution Obligations, Duty not to make a misrepresentation, Breach Reporting Obligations, Unfair Contract Terms, and Claims Handling as a Financial Service.

Then we turn to China where long-time contributor Judy Selby and fellow partners at Kennedys (law firm) write PRC enacts the Personal Information Protection Law: a 10-point cheat sheet. While not exactly about insurance it will most definitely play a role in settling claims should the regime allow same. On August 20, 2021, the People’s Republic of China (PRC) enacted the Personal Information Protection Law (PIPL). The law is comprehensive, comprising 74 articles in eight separate chapters. Like the EU’s General Data Protection Regulation (GDPR), it is now the fundamental regulatory regime for personal information in its jurisdiction.

My regular contributor from India, KV Dipu, Head – Operations & Customer Service, Bajaj Allianz General Insurance writes about How can insurers personalize customer experience with the help of technology? Dipu brings a very savvy approach to managing customer’s expectations because their perceptions are all that counts. Thanks to the advances in technology and his firm’s investment in digitization, much has changed, and I think the Indian market is much better for it. The world can learn something from what is going on there.

Keep well everyone and stay tuned for the next IRL. And ask me to send you a free IRL Yeti 10-ounce pint mug when you land a subscriber for me. 

Share this Post:
Posted by Alex Hodges
Alex has 40+ years of experience in the industry with a specific interest in the international P&C business. Alex began his career with Rollins Burdick Hunter Co in Chicago; moved to New York with the firm; then back to Chicago HQ after the acquisition of RBH by Aon. As part of Aon’s global acquisition team, he moved to The Netherlands to help with the integration of Hudig-Langeveldt and Frank B. Hall in Europe, Scandinavia, United Kingdom and the Middle East. Alex has expertise managing large multinational insurance programs. His last position with Aon was managing the Aon-owned Strategic Underwriters International MGA for Kidnap, Ransom & Extortion, Workplace Violence and Political Risk. Alex is the founder of Insurance Services Network Corporation and Editor-in-Chief of the IRL – Insurance Research Letter.


ad ad

Recent IRL blog posts (feed most recent date first)

Path to Solvency II reform won’t be easy

By David Worsfold - here's his latest article for you originally published by Insurance Investment Exchange May 12, 2022 The announcement in this week’s Queen’s Speech that there will...

Sometimes things happen that make you curious...

I came across the story below and began thinking about some of the ways in which bribery could take place especially in South America which is where this investigation focuses. I am not going to speculate...

March 2022 IRL Highlights

  March 2022 IRL Highlights – in this issue: Subscribe here Mobile Data in Court – The Final Defeat of Phone Encryption: A few years ago, we saw headlines like “Apple refuses to unlock...

February 2022 IRL Highlights

  February 2022 IRL Highlights – in this issue: Subscribe here Letters of Credit & Insurance Captives Bet you don’t know much about letters of credit. This is a good primer. Whether...

January 2022 IRL Highlights

  January 2022 IRL Highlights – in this issue: Subscribe here Autonomous Semis – The Answer to Supply Chain Woes? Supply chain issues have been a hot topic ever since Evergreen plugged up...

Russia v Ukraine Redux

From Advisen’s Front Page News February 15, 2022 Ukraine Airline Halts Flights One of Ukraine’s main airlines said Sunday it was forced to make an unscheduled landing in Moldova and suspended sales...