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IRL Preview – December 2019

Highlights, December 2019 Three Key Insurance Trends that will Shape the Future of the South American Insurance Market Disruption through new technologies is a key driver of change in the insurance industry and this in leading to better risk identification and mitigation measures, with opportunities of new methods of service provision and data collection that can lead to efficiency gains in a rapidly changing world. Learn how experts have worked to identify and analyse three key insurance topics that will re-shape the future of the insurance industry in South America, as we know it on page 11 Reduced to Numbers – Have We Lost the Art in Claims Management Scoring is insurance tech “du jour.” An array of scoring companies appeared at InsureTech this year in Las Vegas, promising to score all human interactions with a number to indicate next steps. So of course, with an eye toward quantifying everything (which is a programmer’s dream) we took a closer look on page 12 Insurance: Destined for change by way of technology Are you willing to embrace change? Most people say “yes,” but do they really mean it? In the insurance industry we may not have a choice. It seems like new technology is being created on a daily basis, and investors are hungry to support the products that are likely to change the way we do business. Page 13 Getting Privacy Right: A Board Level Concern The range of issues confronting today’s business leaders is expanding at breakneck speed. Emerging concerns, such as geopolitical, governance, and climate risks, can have significant impacts on strategic planning, business operations, and revenue. Increased interconnectivity and disruptive technologies create opportunities, but frequently have unforeseen consequences. In addition to adverse financial and operational impacts, a single misstep in managing these complex areas can damage corporate reputations almost overnight. Read more on page 13 Hard, soft or no Brexit? Lloyd’s strategies in an uncertain business environment Since the 2016 Brexit referendum, we have worked tirelessly to ensure that the market's insurance and reinsurance customers can continue to access Lloyd’s specialist policies and strong financial security regardless of the ongoing political Brexit negotiations. In November 2018 we launched Lloyd’s Brussels, a fully authorized Solvency II insurer with approval to write business from the European Economic Area. Page 14 Brexit via the Backdoor Following the demise of England’s worst prime minister in July 2019, the country was confronted with a problem: Parliament had become more powerful than the Government. The Conservatives, with a minority in the House of Commons, had to rely on a reluctant Northern Irish Democratic Unionist Party for support. Who would, or rather, could, lead the government out of the Brexit mess? Read about the current state of play on page 14 Insurers: Riding the wave of transformation There is a new wave in insurance which is almost as dramatic as the digital era that exploded in the nineties. Blockchain and emerging technologies are set to transform the digital landscape, and should not be ignored by insurers or their agents. If these emerging technologies are not embraced, we may see business models become redundant as they become unable to manage their cost base or keep up with the changing demands from consumers. Page 16

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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.

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