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Sofia Ashmore

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Willis Group Holdings, the global insurance broker, today announced the restructuring of its Energy division in Canada, with the appointment of Joe Seeger as Energy Practice Leader for Willis Canada. In this new role, he will report to Alistair Rivers, CEO, Willis Energy and Marine.

In strengthening the team, the broker also announced several new appointments in Calgary to bolster Seeger’s Energy team. Dave Twaddle has been appointed as Senior Vice President of Willis Energy and will report to Seeger. Twaddle joins Willis from Jardine Lloyd Thompson (JLT,) where he was Managing Director and Calgary Branch Manager.

Willis Energy in Calgary has grown significantly in recent months with the addition of a number of energy industry executives, including Donna Holt, Laura Lansdown and Sandra (Sam) Pearson, all Vice Presidents and Account Executives; Account Manager Nicole Murphy along with Amy Cline as Executive Assistant all of whom have joined from a variety of other insurance brokers. Robert Carter also joins from outside the industry as a Technical Assistant.

Seeger brings to Willis over 20 years of experience in the energy sector. Most recently he was Risk Manager for Suncor Energy Inc., Canada’s largest integrated oil and gas company with significant oil sands production. Earlier, he held a similar position at Enbridge Inc., a Calgary-based pipeline and gas utility company, where he was responsible for insurance program oversight, claims management, development of an Enterprise Risk Management program and captive implementation and utilization.

Alistair Rivers, CEO, Willis Energy and Marine said, “Joe’s appointment, alongside our other energy hires in Canada, builds on the steps we have already taken to develop our reputation as an industry leader in the energy field. The newly established team puts us in an even better position to give our clients a body of expertise that is truly world-wide. Joe understands the dynamic and complicated role risk managers play within an organization and with his broad background in business, insurance, and oil and gas, we know that he will lead with insight and provide meaningful and sound advice to clients.”

Based in London, New York, Houston, San Francisco, Calgary, Gothenburg and Singapore, Willis Energy delivers world-class energy risk management solutions that are effective against all levels of technical and operational risks inherent in the energy industry. Willis Energy now serves over 200 energy and energy-related client programs per year, including 14 of the 57 members of OIL.

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    Ministers have pledged to keep increasing support for jobseekers as figures out today show the rise in unemployment is continuing to slow, with fewer people becoming long term unemployed than anticipated in April’s Budget.

    Today’s figures show that while the overall number claiming Jobseeker’s Allowance rose by 20,800 last month, almost 336,000 people left the count.

    ILO unemployment is at 2.47m. The quarterly rise of 88,000 is significantly lower than in previous months – showing that the Government’s £5 billion extra investment to help jobseekers is taking effect.

    The figures also show that the number of 16-24 year olds classed as ILO unemployed has increased by 19,000 to 946,000. However most of that increase is accounted for by a 17,000 rise in the number of full time students who are also looking for work.  Around a quarter of the 16-24 year olds ILO unemployed are full time students.

    Last month, the number of 18-24 year olds claiming Jobseekers Allowance rose by 7,900.

    Secretary of State for Work and Pensions, Yvette Cooper said:     “These figures show families across the country are still being affected by the global recession. Although unemployment isn’t as high today as many feared it would be at the time of the Budget, it remains a serious problem, which is why we must keep increasing support and advice to get people back into jobs. We will not leave them on their own.”

    As part of the Government’s support for young people in particular, Ministers also announced today that the third round of winning Future Jobs Fund (FJF) bidders will create almost 5,000 more jobs. This brings the total number of jobs that will be created through FJF so far to almost 60,000.

    Young people in Barnsley, London and Hove have already started work through the Fund in a range of different sectors giving the young unemployed, the chance to learn a range of skills by working for charities, businesses and public bodies.

    New figures published today show that more than 8,000 people have benefited from the new Six Month Offer. In addition, over 40,000 people are finding jobs through Local Employment Partnerships every month which will help a total of 750, 000 people back into work by the end of next year.

    Employment Minister, Jim Knight said: “I’m pleased to announce another 5,000 jobs, created through the Future Jobs Fund, taking the total to almost 60,000 so far. These jobs are just one of the ways the Government’s extra investment is helping people to get back into work. Our £5bn injection to support jobseekers is helping people at every stage.

    “Whilst 70 per cent of people still leave Jobseeker’s Allowance within six months, those who remain unemployed for longer get extra help through the new Six Month Offer, Local Employment Partnerships and the Future Jobs Fund.”

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    Marie will be responsible for all aspects of corporate responsibility (CR) including diversity, environment, and community programmes across Aviva’s 28 markets, as well as the annual global employee satisfaction survey. She succeeds Louella Eastman, who is retiring from the role.

    Marie began her career at Aviva in 1986 and has held a number of senior roles within the organisation including HR director for the RAC, Norwich Union General Insurance and most recently Aviva’s Asia Pacific region.

    John Ainley, Aviva’s HR director, said: “Sustainability is at the heart of the way we do business – we were the first insurer to go carbon neutral worldwide – and we’re committed to influencing responsible behaviour in our customers, suppliers and the companies we invest in. Our approach to corporate responsibility is vital in maintaining customer trust. Marie brings extensive experience in HR to the role, and her energy and first rate leadership skills will be invaluable as we continue to embed our CR programme across our 28 markets.”

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    Willis Group Holdings, the global insurance broker, today announced the appointment of Hugh Powell as CEO, Latin America, for Willis Facultative.

    Powell will have responsibility for Willis’ facultative reinsurance business across the entire region and will join the Executive Committee of Willis Facultative. This committee will be chaired by Jason Howard who, while remaining CEO of Willis Re International and Specialty, will become Executive Chairman of Willis Facultative.

    Powell also will have responsibility for the management of the company’s reinsurance offices located in Latin America. He will be supported in this role by Edward Fyfe as Deputy CEO, Latin America, for Willis Facultative. Powell joins Willis from Guy Carpenter, where he headed up the Latin America Facultative operation.

    Commenting on Powell’s appointment, Grahame Millwater, President of Willis Group, said, “In March of this year we launched our unified global facultative business. The recruitment of Hugh Powell is a clear signal that we intend to attract the very best in the industry and at the same time broaden our global facultative footprint.”

    Jason Howard commented: “Latin America is a highly successful and growing region for Willis. I am confident that Hugh will grow our Latin American reinsurance business while at the same time allowing us to ensure that our facultative and treaty offerings are fully aligned to the benefit of ceding company clients.”

    Matthew Keeping, Chief Executive Officer of Willis Facultative, commented: “Hugh brings us further credibility in the Latin American region and his appointment to our Executive Committee greatly strengthens our global management team. With Jason becoming Chairman of our Executive Board, we have finalised the makeup of our senior management team.”

    “A stronger reinsurance business with a unified regional management structure will complement our existing retail businesses. This will be pivotal in enabling Willis to offer the full range of propositions across the region, whether it is retail or reinsurance,” said Eugenio Paschoal, Chief Executive Officer of Willis Latin America.

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      The UK’s combined private defined contribution (DC) pension funds reached £507bn at the end of September, rising by £21bn month-on-month due to stock market gains, according to analysis by Aon Consulting, the leading employee risk and benefits management firm. The research also reveals that younger workers are far more worried about their retirement finances than imminent retirees – paradoxically, this should be viewed as a positive development, providing evidence that young people are waking up to the pension problem.

      Aon’s monthly DC Pension Tracker measures the total asset value of UK workers’ DC pension accounts.  It also tracks the income in retirement of individuals at different ages who contribute 10% of their £25,000 salary to their retirement savings and have an existing fund (valued as at September 2007) of £15,000 for age 30 and £150,000 for ages 55 and above.

      Projected Pensions and financial concerns

      The projected annual income from DC pension savings for typical workers with average pension contributions has stayed relatively stable over the last month, despite booming equity markets – this is due to a rise in annuity rates.

      A 30 year old worker has seen their projected income fall slightly to £21,255 (from £21,760 at the end of August), while a 60 year old has seen their projected income rise nominally to £12,086 (from £12,021 at the end of August).

      An additional research* reveals that, despite improvements to the nation’s pension savings since the dramatic falls earlier this year, financial worries beat health, loss of status/self worth and use of additional free time as the principal retirement concern for 65% of workers. Surprisingly, the young are twice as concerned about retirement finance as some older workers.

      Key Findings

      • 71% of 25 – 34 years chose financial worry as their primary concern for retirement, compared to only 52% of 55-64 year olds and merely 34% of 65 year olds
      • 70% of females selected financial worry as their primary concern compared to just 55% of males
      • 20% of men are worried about their health in retirement compared with only 14% of women.
      • Men are twice as worried (10%) as women (5%) about how they are going to use the additional free time that retirement has to offer.
      • Those on an average annual salary of between £10,001 and £20,000 and £20,001 and £30,000 per annum are nearly twice as concerned about finances in retirement (67% and 71% respectively) than those in higher salary brackets – only 45% of those earning over £50,000 per annum.

      Helen Dowsey, principal at Aon Consulting, commented: “Despite improvements to the nation’s pension pot, market conditions are still volatile and pension values can change dramatically in a short space of time. Workers therefore need to pre-plan for their pension, and understand and regularly review their investments to help ease their financial concerns.

      “It is actually a good sign that younger workers are concerned about retirement finances. Perhaps the turmoil of the last two years has been the wake-up call they have needed to get them thinking about long-term planning for their financial security.

      “The fact that women are more concerned about their retirement finances than men should be no surprise, considering traditionally they are more likely to work part-time or for fewer years than their male counterparts. However, this is even more reason for women to educate themselves on the options out there to maximise their retirement savings, such as taking the open-market route for purchasing annuities, for example.”

      About the Aon DC Pension Tracker
      The Aon DC Pension Tracker (the DC Tracker) provides a realistic gauge of how the British DC pension market is faring by examining how the wider economy is impacting on the pensions of average workers. The research tool does two things:

      1. Tracks the change in size of the British DC pension market.
      2. Calculates the expected pension income at retirement for individuals. This is based both on assumptions for future investment return and inflation as well as taking into account the actual changes in investment performance and annuity rates.

      The Aon DC Pension Tracker examines the changes in workers’ pensions month on month, depending on different age groups and assuming 100% of the pensions are invested in equities. It tracks the income in retirement of individuals at different ages who contribute 10% of their £25,000 salary to their retirement savings and have an existing fund (valued as at September 2007) of £15,000 for age 30 and £150,000 for ages 55 and above. The DC Tracker shows what this would be worth at the time the press release is issued.

      *: Aon Omnibus Survey : independent online survey of 4,046 workers from across Britain, who are 18 years or older.

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        Willis Re, the reinsurance arm of global insurance broker Willis Group Holdings Limited, today announced a series of management changes and a new organizational structure designed to respond to the evolving marketplace and to better leverage the unit’s talent and resources for the benefit of clients worldwide.

        Willis Re is combining its International and Specialty network into a single business unit to better enable it to provide a full range of resources and capabilities in all of the geographies in which it operates. Willis Re also is more closely aligning its U.S. and Bermuda operations in a new North America group. In support of these changes, Willis Re will unify its Analytics and Operational teams on a global basis.

        Peter Hearn, Chief Executive Officer of Willis Re said: “Driven by the evolving needs of our clients, the lines between reinsurance broking, analytics and our other offerings have blurred in recent years and continue to converge. A variety of market factors, including regulatory changes such as Solvency II, are also driving more consistent needs for our clients, worldwide. Our new structure addresses this reality, and will enhance our ability to provide our clients with industry-leading products and services, wherever they do business.”

        Hearn said the new structure will better enable Willis Re to meet its strategic objectives. “Our structural changes will enhance our ability to tap into Willis Re’s uniquely collaborative culture and harness our best thinking and skills to drive innovation and best-in-class quality for our clients,” he said.

        In line with the new organizational structure, Willis Re announced a series of leadership appointments to drive its revamped business model. Chris Clark and James Vickers have been named Chairmen of the new International and Specialty business unit. Clark will focus on new business development for Specialty and Property/Casualty business, primarily in the London market and the United States. Vickers will focus on new business development in other markets, especially in Japan and across Asia, and will serve as the primary client advocate on several large global accounts. He will also be responsible for Willis Re’s global branding and marketing. Also within the International and Specialty unit, Jason Howard has been appointed CEO, with responsibility for integrating the two formerly separate businesses.

        Paddy Jago has been named President of Willis Re, and will lead Global Sales and Growth. While continuing to produce business and maintain key client relationships in the United States, the London Market and internationally, Jago will work to further the development of Willis Re’s global sales model in concert with Willis Group’s global growth initiative.

        Consistent with the approach being taken across the International and Specialty network, Jim Bradshaw will take on the role of CEO of Willis Re’s new North America Group, and will be responsible for aligning Willis Re’s Bermuda operation more closely with its U.S. operation, to leverage the combined resources of these businesses to better serve Willis Re’s clients. To further that alignment, James Kent is named Managing Director of Willis Re Bermuda and President of Willis Re North America.

        As Willis Re moves to globally align its Analytics capabilities, it has appointed Rowan Douglas as CEO of Global Analytics. Douglas also will maintain his leadership of the Willis Research Network, the world’s largest partnership between academia and the insurance industry to study natural perils, climate change and other major risks. In line with the globalization of Willis Re’s Analytics business, Yves Provencher is named Managing Director of Global Analytics, responsible for driving greater coordination in product development and ensuring consistent quality of products and output.

        “Willis Re has some of the best talent in our industry, and I am confident that this team of highly experienced senior executives are the right people to further our development as a highly collaborative, client-focused business with a consistent standard of excellence that truly sets us apart in the marketplace,” said Hearn.

        One of the world’s leading reinsurance brokers, Willis Re is known for its world-class, applied Analytics capabilities, which it combines with its Capital Markets and Reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance carriers. The broker’s global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms.

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        Willis Group Holdings Limited, the global insurance broker, will announce its earnings for the third quarter ending September 30, 2009 after the market closes on Monday, October 26, 2009. The Willis earnings release will be available soon thereafter within the “Investor Relations” section of the company’s web site (www.willis.com).

        On Tuesday, October 27, 2009, at 8:00 AM, Eastern Time, Joe Plumeri, Chairman and Chief Executive Officer of Willis Group Holdings, will host a conference call to discuss the company’s third-quarter results and business trends. Interested parties may access the conference call by dialing (866) 803-2143 (domestic) or +1 (210) 795-1098 (international) with a passcode of “Willis.” Media and individuals will be in a listen-only mode. Participants are asked to call in a few minutes prior to the call to register for the event.

        Interested parties may also access the conference call in a listen-only mode via the Internet. To do so they should go to the “Investor Relations” section of the company’s web site and register for the call. A replay of the call will be available through November 27, 2009 at 11:59 PM, Eastern Time, by calling (877) 611-5293 (domestic) or + 1 (203) 369-4862 (international) with no passcode, or by accessing the web site.

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        Aon, the insurance broker and risk adviser has recruited Peter Lewis to the Renewable Energy Practice, within Aon Power.

        Peter will join the team, led by Tom Sexton, in early 2010. He joins from Marsh where he was a key member of the team that had a particular focus on offshore wind, servicing large UK construction projects.

        The Aon Renewable Energy Practice has been in existence since 2008 and focuses on insurance solutions for all renewable technologies including offshore and onshore wind, biomass, solar energy, wave, tidal and geothermal power. The team will have a combined 20 years of dedicated renewable energy experience with the arrival of Peter Lewis.

        Tom Sexton, team leader, Aon Renewable Energy, commented: “We are incredibly excited with Peter’s imminent arrival. He has a strong pedigree and reputation in our client market place and we know that Aon will benefit from his in-depth understanding of the renewable energy industry, dedication and ability to achieve exceptional deals in the market. Our client-base is growing rapidly and we are delighted that we can continue to provide valuable and expert services to the specialist renewable energy industry.”

        Hamish Roberts, CEO of Aon Power said: “Aon has a reputation as the leader in insurance broking for the renewable energy industry we are recognised as so by our clients, peers and markets. Peter will augment the market leading expertise that Tom and his team provide our renewable energy clients. Since launching last year, this team has been appointed on new offshore wind projects with a generating capacity of over 1,700MW.  This addition to the team underlines Aon’s commitment to and success in renewable energy.”

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          AIG said Tuesday it would sell its Taiwan unit for 2.15 billion US dollars as the insurance giant raised money to pay off a huge US government bail-out loan.

          AIG announced that Hong Kong-based Primus Financial Holdings would take over Nan Shan, Taiwan’s number two life insurer, in what observers said was the largest deal ever to take place in the island’s financial sector.

          Robert Benmosche, AIG chief executive officer, in a statement: “(Primus) has pledged to continue Nan Shan’s commitment to its policy holders, agents, and employees, as well as to the people of Taiwan,”.

          After an auction that lasted several months, Primus beat several rivals for Nan Shan, including Taiwan’s Chinatrust Financial Holding. The deal still requires approval from Taiwan’s government.

          AIG was on the brink of bankruptcy in September 2008 and only survived after the US government offered it a financial lifeline in exchange for an 80 percent stake in the company.

          The insurer, deemed too big to be allowed to fail, now needs to repay nearly 121 billion dollars in US taxpayer aid, according to recent data from the Government Accountability Office, an investigative arm of Congress.

          Primus Financial has promised not to change Nan Shan’s brand or the existing compensation and benefits packages, AIG said in the statement.

          Primus Chairman Robert Morse said: “We have the highest respect for Nan Shan’s dedicated management team, agents and employees who have built the company into the prominent Taiwan institution that it is today,”.

          “We aim to develop Nan Shan into a leading Taiwan-based, pan-Asia financial services company,” he told a briefing in Taipei.

          Analysts pointed out the cost is only about 70 percent of Nan Shan’s net value, which totalled 99.6 billion Taiwan dollars (3.1 billion US dollars) in May.

          “It’s definitely a good bargain,” said Mars Hsu, a Taipei-based analyst with Grand Cathay Securities.

          Morse dismissed rumours that Chinese capital — banned under Taiwan law — was involved in the transaction.

          “We have no (Chinese) funds in this transaction… We will state that again to the regulatory authorities,” he said.

          Meanwhile, Hsu said he believed the Hong Kong consortium had a bigger target behind the deal.

          “I think Primus does not eye Nan Shan only. It may also look to acquire AIG’s life units in South Korea, India and Hong Kong,” he said.

          “It could then integrate them into a big life insurer and list it on the Hong Kong or Chinese stock market.”

          Nan Shan was established in 1963, and now has a network of 24 branches and 450 agency offices, employing a staff of 4,000 and more than 34,000 agents.

          It had a premium income of 219 billion Taiwan dollars in 2008, according to the Taiwan Insurance Institute.

          With AFP – Taipei, Oct 13, 2009

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          European insurance companies are collaborating to ensure that they are not affected by any new regulation on employee bonuses.

          The negative feeling towards bonuses is likely to increase when the profits of large investment banks are announced in the near future.

          The group of major insurers including Andrew Moss, chief executive of Aviva, has been meeting with the intention of co-ordinating efforts with domestic and Europe-wide regulators.

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          Broker insurer MMA Insurance has appointed Ashley Gilroy to the position of Development Manager for the South of England to focus on developing commercial SME business in the region.

          Reporting to UK Business Development Manager Claire Ephgrave, Mr Gilroy will be responsible for developing trading relationships with Southern brokers and promoting MMA’s Commercial Lines proposition.

          Mr Gilroy joins from the Towergate Group where he was PowerPlace Business Development Manager for the South West. He has previously held development roles for commercial property broker Keelan Westall and Allianz.

          Commenting on the appointment, Claire Ephgrave said: “Since we launched the regional commercial team in Reading we have enjoyed some very positive feedback from our southern brokers and Ashley will be able to capitalise on this. As well as 15 years’ experience in the industry, he brings great working knowledge of the region and its brokers. His arrival will enable us to focus on further developing our own business and that of our brokers here.”

          Mr Gilroy added: “MMA brings brokers something that has been lacking in the insurance market for a number of years – a broker only insurer that actively supports clients in profitable account development. This is not an easy task in these difficult trading times and I look forward to the challenge.”

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            What does PPI cover?
            What the insurance covers will vary depending on the sort of repayments the policy is designed to protect, and on the terms of the particular policy.

            The following benefits are typical for different types of PPI cover:

            Mortgage – The insurance covers your monthly mortgage repayments for a set period of time. The maximum number of monthly repayments that the insurance company will make is usually 12, but it can sometimes be 24. This means that after this period you will have to pay your monthly mortgage repayments yourself.

            Credit and store cards – The insurance will generally pay off a percentage of your outstanding balance or the minimum payment each month for up to a year. Check which option is being offered. This means that you may still have to pay any balance left after this time.

            The insurance typically only provides cover for the amount you owe when you make a claim, and not any balance you build up after this.

            Loans – The insurance will cover your monthly repayments for the loan – generally for 12 or 24 months. After this period you will have to pay your monthly loan repayments yourself.

            If the insurance for any of these products contains life insurance, then the cover will generally pay off the balance of the debt covered if you die. If the claim is for disability, the monthly repayments may be paid to the end of the life of the loan.

            How will I know what I’m covered for?
            You should read the key policy information that come with any policy you take out.

            This sets out, amongst other things, the main features and benefits of the policy as well as any significant or unusual exclusions and how long the cover lasts. If unclear ask the salesperson to go through it with you and make sure you’re happy before you take it out.

            How much will it cost?
            Remember interest rates and APRs for loans, mortgages and credit/store cards do not usually include the cost of the PPI policy, so comparing interest rates on their own will not be helpful if you are taking out PPI.

            The salesperson must tell you how much the insurance will cost you separately from the cost of the loan, over the life of the policy. They must also tell you whether buying the policy is compulsory. You can pay by a single upfront premium, or regular monthly premiums. The single premium can be added to your loan, thereby increasing what you borrow. A regular premium is a set amount you pay each month.

            The salesperson is likely to quote you a monthly figure for the PPI whether they’re quoting for a single or regular premium. If you take out a single premium bear in mind that, as it’s normally added to your loan, you’re being charged interest on that as well. A regular premium may be cheaper because you will not be charged interest. If in doubt, ask the salesperson to clarify what sort of premium they are quoting for.

            What’s in the small print?
            Like all insurance, PPI policies will generally include a number of exclusions or conditions that will prevent you from claiming on the policy. Make sure you understand which illnesses are not covered – see below. Also, you may not be eligible to take out a policy in the first place – say, if you:

            • are under 18 or over 65;
            • work less than 16 hours a week;
            • are employed on a temporary or contract basis; or
            • are aware you may become unemployed.

            If in any doubt, ask the salesperson to explain any parts of the policy that you may not be able to claim on (the exclusions and eligibility conditions). Be sure you understand the exclusions before you buy the insurance.

            I have an existing medical condition. Will I be able to take out PPI?
            Yes, but you will not typically be able to make a claim for a medical condition you were aware – or should have been aware – existed at the time you took out the policy, or sometimes earlier. You would normally be able to claim for other illnesses that occur after you take out the policy. Make sure you read the exclusions to the policy.

            Do I have to take out PPI and what would happen if I didn’t?
            No. If the firm insists on PPI cover to get the loan, you should consider whether you really want to take the loan with that lender.

            Think about the cost of PPI and the amount that will be paid out if you make a claim on the policy. Check whether payments from a PPI policy would affect the benefits that could be paid from any other protection insurance that you already have.

            If you don’t take out PPI think about how you would pay the loan, mortgage or credit/store card payments if you were sick or had an accident and were unable to work or became unemployed.

            Can I cancel the policy if I change my mind?
            You can cancel the policy within 30 days of taking it out, depending on the terms of the policy, and get a full refund of any money paid.

            If you have a single premium policy and you cancel after this initial cancellation period, you will usually find the refund you get is not in proportion to the remaining policy term. So you could get less back than you might expect.

            Check with the salesperson or in the policy documents what refund you would get and how it would be calculated.

            Will I still have to pay for PPI cover if I terminate a car loan?
            On some occasions you may owe money for the PPI you bought to cover a loan, even if you repay the loan early. For example, this would apply if you take out a loan to pay for PPI at the same time as taking out a hire purchase (HP) agreement – or loan – to buy a car. If you terminate the HP agreement for the car early you may find you still owe money on the PPI.

            I bought PPI with my loan or credit when I applied online, but I didn’t ask for it – what should I do?
            Some firms offer PPI to customers when they apply for their loan or credit online – and this is sometimes selected by default on the forms. If you bought PPI in this way but didn’t ask for it you should follow the complaints process below.

            Related articles on Payment Protection Insurance :

            Where might you get it from?

            What are the main PPI (payment protection insurance) features?

            Payment protection insurance : what you should know ?

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            Figures released by RDT illustrate that it has been a thriving year for the company despite current gloomy economic operating conditions, with interest levels in its Landscape.NET suite of products increasing significantly. The insurance administration solutions specialist has successfully converted over 70% of new business opportunities, increasing its yearly revenues by over 50%.

            This business growth bucks predicted trends for 2009, with many commentators expecting that insurers would be tightening purse strings as a result of the current economic climate. Conversely, RDT has found that many insurers are taking stock of their business modules and processes and analysing the level of risk for each of their divisions.  Many are finding that their legacy administration systems are labour intensive, costly and out of date, making productivity insufficient – both financially and in terms of resource.  This has led to a review of associated costs for upgrading to new technology that organisations are beginning to recognise can aid them in recession-proofing their business.

            RDT Landscape’s commitment to the Microsoft platform ensures that its technology is at the cutting edge of new advancements. Its ability to be tailored to suit individual insurers’ needs mean that Landscape can be installed and act in a similar way to an in-house built system.  RDT customers also benefit from the ability of being able to collaborate with other organisations to develop new functions.  This collaborative approach makes the Landscape solution particularly attractive to insurers during the current climate.  RDT has consolidated this trend towards customer collaboration with the creation of a series of ‘User Forums’ to enable its customers to come together to discuss key learnings and future developments.  This kind of collaboration is unique within the market and is not a service that can be realised through in-house solutions.

            To handle the increased demand for its products and services, RDT is in the process of recruiting additional business analysts, developers and project managers.  Plans are also in progress for relocating to new, larger premises.  RDT prides itself on the level of commitment and customer service that it offers its clients and every measure has been taken to ensure that the company grows at a steady speed, supported by the recruitment of only ‘best in the business’ staff.

            Mark Bates, Chief Executive of RDT concluded:  “2009 has been a very successful year for RDT, with insurers noting the importance that technology has on their business. The future of the insurance sector looks to be much more reliant on new technology as the next generation wishes to communicate electronically with service providers.  Insurers must continue to embrace the developments within the sector with the implementation of solutions such as Unified Communications, Web Services and Customer Relationship Management (CRM) tools.  We look forward to the economic climate improving and witnessing the way in which the sector embraces these developments, as we believe that immense changes will be made to the sector as a whole”.

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            Legal & General is now offering single life policies to people who would previously have had their joint life policy cancelled as a result of non-disclosure from their partner.

            Traditionally in cases where a joint life policy is taken and one of the policyholders dies during the term, if evidence of reckless or deliberate non-disclosure were to come to light then the claim would be declined and the policy would be cancelled leaving the surviving policyholder with no cover. This person could then potentially face much higher premiums if they were then to apply for a new policy and their health had deteriorated in the intervening period. Legal & General will now offer a single life policy and the premiums would be the same as if that person had taken out a single life policy originally, rather than a joint one.

            Russ Whitworth, Underwriting and Claims Director for Protection said: “Admittedly it is pretty rare for us to cancel a joint life policy as a result of significant non-disclosure, but it does happen. In this scenario the surviving partner is left with no cover through no fault of their own and so we have taken steps to help these people. We think that it is fairer to set up a single policy and then only charge them the premium that they would have paid at the time than to make them apply for cover all over again.”

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            Groupama wins Group PMI Provider category

            Groupama Healthcare scooped the 2009 Cover Excellence Award for Best Group PMI Provider at a glittering ceremony staged at Arsenal’s Emirates Stadium on 8th October.

            Says Laurent Matras, Groupama’s Managing Director: “The Cover Excellence Awards are hotly contested and voted for by specialist PMI brokers. Groupama Healthcare beat off the strong challenge of some of the UK’s largest health insurance providers including market leaders, BUPA and AXA PPP, so the award is a very special accolade that marks the significant achievements of the team in Letchworth.”
            Excellent customer service

            Aside from innovative and award winning products, Groupama Healthcare also has a great record for providing high quality customer service to brokers and customers. Customer claims satisfaction results average 97%, and recent technological advancements, such as the innovative “EasyAdmin” system allows brokers to access the company’s systems directly to make administrative policy changes.

            Laurent Matras added: “We are absolutely delighted with this win. This is the first Cover Award achieved by Groupama and is richly deserved by the whole team for their continuing commitment to excellence.”

            The Cover Excellence Awards are organised by Cover Magazine the leading trade title for the health insurance and protection industry.

            Groupama Healthcare has also been nominated in four categories at the Health Insurance Awards later in October.

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              President Barack Obama’s health reform drive got a shot in the arm Thursday as a Senate panel scheduled a key vote and the House of Representatives made progress toward finalizing a bill.

              The Senate Finance Committee set for Tuesday a vote that would end several months of debate to reach a compromise on the health care overhaul that is a domestic priority of Obama’s young administration. The Democratic majority hopes to gain the support of at least some Republicans.

              The decision came a day after analysts at the non-partisan Congressional Budget Office (CBO) said the draft bill would reduce the budget deficit by 81 billion dollars over 10 years at a total cost of 829 billion dollars.

              The findings paved the way for a floor debate and vote in the full Senate. Republicans, who have warned the bill could raise costs and increase the budget deficit, had required the budget estimate before they cast a vote.

              Senate Democratic Majority Leader Harry Reid said on the chamber’s floor: “Today we stand closer than ever to fulfilling that fundamental promise, the one for which we have fought for more than 60 years,”

              Obama has placed his political viability on the line to reform a health care system beset by fast-rising costs that leave 46 million people in the United States without coverage.

              Key House Democrats are seeking to merge three bills for a debate and vote in the full chamber.

              House Speaker Nancy Pelosi said lawmakers were “coming around the curve” on the health care debate after hundreds of hours of meetings and would submit three versions of the bill that include a “public option” to the CBO for a cost analysis.

              The option is a new government-run insurance program Obama and liberal Democrats have said will increase competition in the insurance business, thus driving down costs. Republicans counter that the plans will instead drive up costs.

              “There will be the votes for a public option and now it’s a question of which one,” Pelosi told reporters.

              She also promised that “we will not take a bill to the floor, the president will not sign a bill that adds a dime to the deficit.”

              Both chambers of Congress will need to reconcile their versions before sending a bill for Obama to sign into law.

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              Research commissioned by AXA Insurance in association with the British Chambers of Commerce (BCC) reveals that over half a million people[1] are uninsured in their workplace and only a third of businesses[2] (34%) understand their legal requirement to cover employees through employers’ liability insurance.

              Alongside this, a worrying number of businesses are looking to reduce or cut out insurance cover altogether as the recession bites. In the last year, around 15% have considered cutting back on their insurance while five per cent have already cut back their level of insurance cover. When it comes to making cuts to save money, reducing the level of insurance cover is almost as likely to be a target as the company’s tea and coffee (with 35% and 39% respectively).

              However, AXA warns this is a dangerous false economy as 13% of businesses have less than £1,000 disposable cash and 48% have less than £10,000. This means that without proper insurance, companies would be left extremely vulnerable in the event of a claim – which around one in nine[3] businesses are likely to make each year. Average claims costs for the three most common claims are around £49k for business interruption, £36k for fire and £3.5k for theft.4

              (Mis)Understanding Insurance

              The research carried out among hundreds of British businesses across all sectors shows that ignorance is rife. Aside from nearly two thirds not understanding their legal obligations in relation to employers’ liability cover, only 11% of employers understand that if a company van or other vehicle is made available to employees then the employer is legally obliged to insure it. Only 37% understand completely what premises insurance is for while this figure drops to 26% for equipment and contents and 30% for public liability.

              Business Interruption (BI) cover, which will pay out if you are unable to operate as normal or have to close your business due to an insurable event, was misunderstood with nearly a third (31%) having no or little understanding and 15% wrongly thinking that it is legally compulsory. 14% wrongly think that BI is available if employees can’t get to work because of severe weather, and only 24% realised that BI could cover you if you had to close your business because of a power cut5. Seven per cent also wrongly believed that they’d be covered if they had to shut their business because employees got swine flu and six per cent if business was lost because of the recession.

              Less than half of employers have read their insurance documentation (49%) and only 23% keep it in a secure filing system either on or off site. Four per cent of employers admitted to not having a clue on what they are actually covered for.

              Employee Viewpoint

              Despite the fact that employers have gaps in their understanding, 89% of employees were aware of insurance covering them for accidents at work, although over a third (36%) had never been given any information about their employer’s insurance programme. AXA advocates that employers continue to prominently display their Employers’ Liability Certificate as well as making this available electronically.

              Four per cent wrongly believed they’d be covered for discriminatory behaviour from colleagues and three per cent for accidents on the way to and from work.

              Doug Barnett, head of customer risk management at AXA says: “These statistics should be a wake up call to all businesses and the insurance industry alike. With the economy as precariously positioned as it is at the moment, the last thing needed is more businesses needlessly going to the wall because they are not properly insured.

              “We have taken the findings of this research very seriously and have produced materials that can be used by AXA to help get our message across to business owners and management that insurance is an absolutely vital component of any successful business.”

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              Many of us live day-to-day without thinking about what we would do if the unexpected happened. But how would you or your family cope financially if you were to lose your job or become ill? Use the following checklist to take stock of your current situation and help you identify any areas where you feel you may need some or additional cover.

              • Do you need insurance? Use the Budget calculator to help you get a clear view of the money you’ve got coming in against all your outgoings. This will help you work out how you would cope if you had to pay for replacing items that were stolen or damaged, or how you would manage if you lost an income.
              • What would happen if you or your partner became seriously ill or disabled? There are insurance products, sometimes known as protection insurance, that pay out in these instances but they usually only pay out for a limited time and don’t cover all illnesses. Always check the exclusions before you take out a policy. You can find out what different protection insurance covers and when you might need it in Protecting your income or borrowing.
              • What would happen if you or your partner died suddenly? Could you or your family manage without the income? Life insurance is about providing some financial security for people who depend on you if you died. It’s also a good idea to check what your pension plans would pay out if you died.
              • Are you a home owner? If your home was destroyed by a fire or flood you would still have your mortgage to pay. Most mortgage providers insist that you take out buildings insurance with your mortgage but it’s worth checking that the amount covered is enough to rebuild your house.
              • What about your belongings? Whether you own your home or are renting, it’s your responsibility to cover your belongings. Contents insurance covers the loss of or damage to the contents of your home – for example, furniture, electrical items such as TVs, computers, radios, and smaller items like cameras, jewellery, briefcases and other items you carry outside of your home. Take time to work out the value of your belongings as it’s all too easy to under-insure.
              • Do you own a car? The law insists that you have basic motor insurance if you drive but you may want to increase your cover, for example to replace a written-off car.
              • Do you have pets? Animals can present you with nasty surprises in the way of vet’s bills. Pet insurance can pay towards a vet’s bills and some will pay for you to advertise if your pet has been lost; or for kennel/cattery fees if you suddenly have to go into hospital.
              • Are you going on holiday? Travel insurance can cover you against mishaps while you’re abroad, from lost luggage and theft to flight delays as well as medical bills. Make sure you read the policy summary for exclusions – there are bound to be some.

              Before you take out any insurance always remember to check the details of the policy so you are sure it covers you for what you need it to.

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              Most insurance is not compulsory. It’s up to you to decide what you may need cover for and you may want to get financial advice to help you do this.

              Based on your answers to the checklist and bearing in mind what cover you have already, consider what kinds of insurance are important to you.

              • But first – if you’ve already got some cover, check:

              – that it covers you for what you think it should – check the exclusions in the policy summary and make sure you’ve included any important information;
              – the level of what is covered and tell the insurance company if your circumstances have changed, such as whether you’ve moved or you want to increase (or decrease) your cover; and
              – whether it covers you for more than you bought it for – home contents insurance may cover you for losing credit cards while away from home or legal expenses cover may pay towards certain home-related legal disputes.

              • Once you’ve decided that you want to buy insurance, get a few quotes from different companies. Make sure you compare like with like and don’t buy on price alone – check what it covers and what’s left out (the exclusions). If using comparison websites, bear in mind that none of these cover the entire market, and some larger insurers are not represented on any of the websites. Also, some websites may ask you fewer questions in order to speed up the process and instead will make a number of assumptions about you, so you must make sure that you check these are correct and update them where necessary.
              • Use the key policy information that companies will send you to shop around and compare policies’ features and costs as well as the service you get from the insurance broker.
              • Get financial advice if necessary. You can usually find mortgage, insurance or investment advisers on your high street, or your family or friends might recommend one. There are also a number of organisations that can give you a shortlist of financial advisers in your area.
              • Use a regulated firm. Firms that give financial advice have to be regulated by us, or be the agent of a regulated firm. They are then placed on our Register and have to continue to meet certain standards. Always make sure that the firm you use is on our Register and is allowed to give financial advice before handing over your money. If they aren’t regulated by us and things go wrong, you won’t have access to complaints and compensation procedures. Check that the firm is on FSA Register.
              • Always ask questions if you’re not sure about anything – you could start with these:

              – What will the policy cover me for?
              – What won’t it cover?
              – What else do I need to know about this policy given my particular circumstances?
              – Do I need to buy this insurance or am I already covered by an existing policy?
              – Is there another insurance product that I should consider which better suits my needs?
              – Could I get more or better coverage and will it cost me more?

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              Insurance can cover your outgoings if you are unable to work for any reason. Here we explain what the types are and what you need to know about each of them.

              Once you take out any kind of loan, it’s very important that you make all the repayments in full, and on time. If you fail to do so you could lose your home if it’s a mortgage or your loan is secured on it. It could also affect your credit rating – see Loans.

              Sometimes, however, the unexpected happens. For example, you might lose your job through redundancy, or find yourself unable to work due to long-term sickness. By law, an employer must pay most employees statutory sick pay for up to 28 weeks though this will probably be a lot less than full earnings. After that, you would probably have to fall back on State benefits. These are limited and means-tested, which may mean you won’t qualify. If you are self-employed, you have no employer to help, so you would have to turn to the State.

              This is when insurance to protect you or your family’s income or borrowing can be useful. Listed below are some examples of products and why you might find them useful.

              Critical illness (CI)

              What’s it for? Pays out a lump sum if you’re diagnosed with a critical illness, such as cancer, a stroke, MS, a major organ transplant, coronary artery bypass, heart attack or kidney failure. You can use the payout to pay for medical treatment, pay off your mortgage or anything else.

              What do you need to know? You need to read your insurer’s terms carefully, not just for the range of illnesses they cover but also their type. For example, while a heart attack may be covered, a cardiac condition such as angina may not. Also not all types and stages of cancer are covered.
              For a claim to be successful, you normally have to survive a month following the diagnosis.

              Mortgage payment protection (MPPI) – also called accident, sickness and unemployment insurance

              What’s it for? A typical policy will start to pay your mortgage repayments one month after your income stops due to redundancy, accident or illness, and continues to pay for 12 months.

              What do you need to know? You don’t have to have this type of cover at all (unless it’s a condition of your loan) and you certainly don’t have to buy it from your own lender, so shop around for the best deal for you.
              Check if any medical problems you may have had in the past would be excluded if they cropped up again.

              Payment protection insurance (PPI) – also called accident, sickness and unemployment insurance

              What’s it for? To help you keep up your loan repayments, for example on a loan or credit card, in the event you can’t work because of redundancy, accident or illness. A typical policy will start to pay an agreed amount one month after your income stops due to redundancy, accident or illness, and continue to pay for a set time – usually 12 or 24 months.

              What do you need to know? You don’t have to have this type of cover at all (unless it’s a condition of your loan) and you usually don’t have to buy it from your own lender, so shop around for the best deal for you. If you do buy it, look at the conditions carefully. For example, what if you wanted to cancel the cover after a few months? And if a medical problem you’ve had before crops up again, will they still pay out? Also check whether you’ll have to pay interest on your single premium. This happens where the single premium is added to your loan, which means you will be charged interest on it as well.

              Life insurance

              What’s it for? Pays out a lump sum if you die.

              What do you need to know? With some types of cover, called Pension Term Assurance (PTA), you used to get tax relief on the premiums paid into it. This may no longer be available on policies taken out after December 2006.

              Mortgage protection life cover (term insurance)

              What’s it for? Pays off the mortgage loan if you die.

              What do you need to know? Endowment mortgages automatically include life cover. If you have a repayment mortgage (so the amount you owe gets smaller over the years), you can buy cover that reduces as the debt reduces.

              Income protection (or Permanent Health Insurance – PHI)

              What’s it for? Replaces part of your income if you are unable to work for a long period of time because of illness or disability.

              What do you need to know? It continues to pay out until you can return to some kind of paid work or reach retirement, whichever is sooner. PHI products have a waiting period before they will start to pay out. The longer you agree you’ll wait, the lower your premiums so it is important you find out what income you can get from your employer, and other insurance (such as mortgage payment protection) you can get in the event of illness or disability. This cover might not be available to you if you have existing health problems or a dangerous job.

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