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Sofia Ashmore

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Following a review of its International business, Jelf Employee Benefits is making a further investment in plans to grow its international services. The leading EBC is investing to grow not only its successful iPMI business, but also extending its reach into international services to support its growing corporate, expatriate and individual client base.

Doug Rice has been appointed to the newly created role of Director of International Services and will lead the Jelf growth strategy within the division.

Doug will be responsible for growing and expanding  international services . Reporting to Glenn Thomas MD,  Doug has been interim Director of Healthcare at Jelf for the last twelve months, managing the UK healthcare division. Prior to this, Doug was Sales Director at Cigna and Head of Wellness and Client Management at Bupa. Sarah Dennis will continue in her role as Director of International PMI and will report to Doug as the international services business develops.

Iain Laws has been promoted to the position of Director of Healthcare and will lead the UK healthcare division. Currently Corporate Sales Director at Jelf, Iain has held senior positions at both Enrich in London and the national broker PMI. The sales leadership team consisting of Jason Britton and Jamie Cleall-Harding will report to Iain along with Technical Director Matthew Judge. Iain’s remit will be to lead the UK sales teams across individual, SME and Corporate as well as Health and Wellbeing proposition development.

Both of these new roles are effective from April.

Glenn Thomas, MD Jelf Employee Benefits commented, “As we continue to make significant investments in key areas of growth for employee benefits and the wider Jelf Group, we are building a stronger position from which to serve our group client base. International Services represent one of a range of investments we are making to grow the Jelf story here in the UK and overseas. We will continue to be a leading EB consultancy in the UK and both of these appointments are being made to strengthen our offering and leadership team in Jelf Employee Benefits.”

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Xchanging has named Barnabas Hurst-Bannister as non executive chairman of XCS.

Hurst-Bannister, currently an Xchanging Ins-sure Services (XIS) non executive board member, replaces outgoing XCS chairman Paul Swain with immediate effect.

Hurst-Bannister, who first joined XIS in February 2012, is a senior market figure and a Lloyd’s veteran bringing considerable market experience to XCS. Prior to Xchanging he held numerous roles as chairman including: chairman of Travelers Syndicate Management Ltd; chairman of the London Market Group and also chairman of the Lloyd’s Market Association. In addition he holds a number of non-executive roles in the insurance market and will continue with his role on the XIS board.

Max Pell managing director of XCS said: “I would like to thank Paul for his guidance and support to XCS over the last 11 years, and would also like to welcome Barnabas wholeheartedly to the XCS board.”

Mr Pell continued: “We have seen some significant change in the claims market over recent years, and it is clear that modernisation efforts will continue apace. I am confident that the XCS board can look to Barnabas for insight and advice relevant to the business needs of our existing and future customers.”

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NFU Mutual is warning farmers to review their farmyard security following a sharp rise in tractor and quad thefts.

New figures from NFU Mutual, which insures over 70% of UK farmers, show that the value of tractor claims increased by 35% in the two months to the end of January compared with the corresponding period last year, reversing the downward trend enjoyed since the end of 2012.

The agri-crime wave is not restricted to tractors. Over the two months, to the end of January thefts of quad bikes have also shot up.

The shock rise comes after a prolonged period of falling tractor thefts since they peaked in 2010. It also follows a period of intense activity to improve tractor security and policing which has involved farmers, police forces throughout the UK, the Borders Agency and NFU Mutual.

Over the last two years, manufacturers have started to introduce unique keys to most tractor models, the CESAR marking system has become widespread on new tractors, as has been retro-fitting to older machines.

Clive Harris, who leads NFU Mutual’s vehicle security initiative, said: “The sudden increases in farm vehicle theft is very worrying – particularly as it comes after tractor theft fell by over 32% in the first 11 months of 2012 – a fantastic result.

“High value tractors worth £25,000 or more – and particularly those with front end loaders – are the most commonly stolen tractors at present. Thieves are also increasingly targeting telescopic loaders, quads and utility vehicles.

“Our experience helping country people who have been victims of rural crime clearly shows that theft has an emotional and financial impact on their lives and fortunes.”

For this reason NFU Mutual gives financial and practical support to help reduce crime and improve rural communities.

NFU Mutual is one of the stakeholders who fund the Plant and Agricultural National Intelligence Unit and the ACPO (Association of Chief Police Officers) Vehicle Crime Intelligence Service, which coordinates police in challenging agricultural vehicle theft – resulting in 21 tractors being brought back to the UK last year alone.

Clive warned would-be purchasers of tractors, quads and utility vehicles to ensure sellers had proof of ownership and advised farmers who had quads stolen that thieves would often return a few weeks later to try and steal a replacement machine.

NFU Mutual offers premium discounts of up to 27.5% for members who fit approved security measures including CESAR database registration marking in conjunction with a P5 Thatcham Approved tracking system to tractors.

NFU Mutual is also helping farmers fight rural crime by sponsoring national and regional rural crime conferences; liaising with police and local Farm Watch groups. It runs the annual Country Crime Fighters Awards to promote examples of good security initiatives from individuals, groups and the police.

Farm vehicle security checklist:

– Have CESAR marking fitted to tractors and other farm vehicles

– Consider immobilizers and Tracker devices for high value agricultural vehicles

– If the vehicle has a unique key, always remove and secure cars, tractors, and other vehicles when unattended

– Use security lighting in yards and drives

– Physically secure ATVs by means of suitable locking devices or heavy duty security chains and padlocks

– Park all agricultural vehicles and equipment out of sight in enclosed locked storage when not in use and overnight.

– Record machinery serial numbers

– Lock up tools and equipment out of sight

– Keep farm yard gates closed and locked wherever possible.

– Consider installation of remote controlled gates for ease of daily access.

– Join a Farm Watch scheme

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Catastrophe modeling firm AIR Worldwide announced that Peak Reinsurance, a reinsurer headquartered in Hong Kong focusing primarily on the Asia-Pacific market, has selected AIR’s catastrophe modeling solutions to manage its catastrophe risk.

“Catastrophes are a growing concern in the Asia-Pacific region as illustrated by the series of events in 2011, and Peak Re is positioning itself to bring greater value to this underserved region by providing property and casualty treaty reinsurance solutions through the use of modern risk management tools such as catastrophe models,” said Graham Cook, head of analytics at Peak Re. “AIR provides a comprehensive suite of models for the region, including earthquake and basinwide typhoon models, which will help us monitor our accumulations and steer a path toward continued profitable growth.”

AIR’s Asia-Pacific tropical cyclone (typhoon) models feature a comprehensive catalog of simulated storms to provide a complete and scientifically rigorous view of tropical cyclone risk affecting Japan, mainland China, Hong Kong, Taiwan, the Philippines, South Korea, Australia, and India. AIR’s earthquake models represent the most advanced understanding of seismic risk and building vulnerability in the region, including Japan, mainland China, Taiwan, the Philippines, Indonesia, Australia, and New Zealand.

“Adding Peak Re to our growing client base reflects our continued focus on Asia-Pacific’s evolving insurance industry, and, like Peak Re, we continue to bring together regional expertise and knowledge along with geographic proximity to better serve this market,” said Uday Virkud, P.E., executive vice president at AIR Worldwide. “With offices in Tokyo, Beijing, Hyderabad, and now Singapore, we aspire to help regional companies like Peak Re manage their exposure to catastrophes with the help of sophisticated modeling tools that will allow them to truly own their risk.”

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Xchanging, the business process, procurement and technology services provider and integrator announces that the Xchanging sponsored Team GB has won the accolade European Young Entrepreneurs of the Year.  The title was awarded after some gruelling competition against teams from across Europe.  The team will now travel to New York in April to attend the Network for Teaching Young Entrepreneurs Gala Dinner where they will represent Great Britain. The event delivers global recognition for their achievement and the opportunity to network with young entrepreneurs from all over the world as well as American business leaders. 

The Xchanging sponsored team consists of three teenagers from South London: Bethany Garraway and Maliha Asad, both 16 previously of Norbury Manor Business & Enterprise College and Mark Kpatakpa, 15 from St. Joseph’s College.  The three students impressed judges at the European round with their business plan for Sole Sales Ltd, a firm that designs and produces stylish women’s footwear with detachable heels.  The students created and developed their winning idea during a Young Entrepreneurs Croydon Summer School run by The Network for Teaching Young Entrepreneurs in July 2011.

In July, Xchanging sponsored the British leg of the competition, which Maliha, Bethany and Mark won.  In late 2012, the team was named European Young Entrepreneurs of the Year after presenting their business plan for Sole Sales Ltd to a panel of judges at Trinity College Dublin.  They competed against teams from Germany, Belgium, Austria and Ireland.

Julie Lynch, head of relations at Xchanging, commented:  “We are extremely proud of Maliha, Bethany and Mark for being named European Young Entrepreneurs of the Year.  We originally sponsored the competition because of the fantastic and unique opportunity if offers to young people and we are thrilled that Team GB has gone on to win the European title and to represent the UK in New York.”

Usha Kong, managing director of the Network for Teaching Young Entrepreneurs commented, “The judges were enormously impressed with the business plan for Sole Sales Ltd.  Maliha, Bethany and Mark showed unrivalled poise, passion and determination in their presentation and should be tremendously proud of their performance.  We would like to thank Xchanging for both their sponsorship of the competition and their support of the winning team.”

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The last three months of 2012 were the most fraudulent of the year, according to VFM Services.

The quarterly Fraud Index, which compiles data based on the household claims it receives from the insurance industry, reveals that its desktop claims investigators experienced its busiest quarter of the year, and uncovered fraudulent claims which saved the insurance industry a staggering £7.9 million in 2012 alone.

In addition, VFM has introduced a new category into the Fraud Index – multiple items – as conversation management trained investigators are making significant savings by cutting down on exaggeration in claims, particularly in burglary claims, where claims for multiple items are typical .

Steve Jackson, Director at VFM comments: “We always tend to see an increase in fraudulent claims in the lead up to Christmas, as people try to claim for Christmas presents, or for new TVs or furniture, for example, in readiness for hosting the family over the festive period. However, we are also seeing a worrying trend of people claiming for multiple items, often in theft or burglary circumstances and we suspect that people are increasingly ‘adding’ items to a genuine claim in the hope they can get away with it”.

The ‘multiple items’ category contained the most number of claims, with an average claim value of £1,848.99 closely followed by TVs, which had an average claim value of £453.78. The number of TV claims was up by a third (33%) on the previous quarter. Following closely behind was jewellery, with an average claim of £2,179.70, again, an increase of 8 percent on the previous quarter.

VFM uses a combination of psychology, communication skills and conversation management techniques to distinguish between genuine and fraudulent claims.

Of all the claims that were investigated in 2012, a third (33%) were nil settled by the insurer, either because the suspected fraudster walked away after being empathically challenged by VFM claims handlers, or because the claim was repudiated.

Steve Jackson continues: “As an industry, insurers are recognising the benefits of investigating fraud, and dedicating resources to investigating claims, and not just high value claims or what appears to be professional organised fraud. We need to continue sending the message that fraudulent claims made by the opportunistic policyholder is not accepted and not something that people think they can ‘get away with’, as it actually costs the industry millions of pounds, and other genuine policyholders will end up paying for it.”

VFM Fraud Index

Ranking –  fraudulent claims by volume Type of claim Average claim value (as of Q4 2012)
1 Multiple items £1,848.99
2 TVs £453.78
3 Jewellery £2,179.70
4 iPhones £394.27
5 Laptops £572.33

Working with the University of Portsmouth, VFM has received the University’s accreditation for its New ERA training course in Conversation Management. Furthermore, VFM is one of the few specialists who can offer Accredited Counter Fraud Technician (ACFTech) qualifications to its clients.

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Insurance professionals living and working in the north of England now have greater access to insurance-based CII face-to-face training. This includes exam revision, and, more significantly, a broad range of technical training courses which were previously only available in London.

The CII’s existing Doncaster training location, run in partnership with DSW management & training consultants, has extended choice beyond financial services courses to now offer CII insurance training, which includes technical non-exam based courses in areas such as claims, underwriting and risk management.

Nick Plastow, CII face-to-face training operations manager, commented: “This represents a huge step forward for studying and qualified members alike based in and around the north of England. We’re committed to maximising members’ access to our diverse programme of leading industry courses to support CII study and Continuing Professional Development (CPD), particularly outside of London, so we’re delighted with this latest development.”

For more information on CII face-to-face revision and technical training courses visit the CII website at www.cii.co.uk/f2f

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Direct Fleet Insurance has appointed Joanne Cassidy to the newly created role of Renewals Manager as part of its expansion strategy to grow its broker and insurer partnerships.

Cassidy will be responsible all renewal business including negotiations with the brokers and the insurer panel members and ensuring a high quality of service and competitive renewals process.

She joins from wholesale broker COBRA London Markets where she was New Business Co-ordinator for motor fleet business. Previously, Cassidy has held account handling, underwriting and administrative roles within the motor fleet market for firms including Houlder Insurance, Highway and HSBC Insurance formerly Corinthian Motor Policies.

Andrew Wallace, Managing Director of Direct Fleet said: “Our unique bidding process for fleet business has attracted increasing amounts of support from brokers and insurers alike. Joanne brings a broad range of very relevant fleet market experience to a role that is of key importance to the business going forward.”

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Fitch Ratings has upgraded Groupama S.A. and its core subsidiaries’ Insurer Financial Strength (IFS) ratings to ‘BBB-‘ from ‘BB+’. Groupama S.A.’s Issuer Default Rating (IDR) has also been upgraded to ‘BB+’ from ‘BB’. The Outlooks on the IDR and IFS ratings are Stable.

The two subordinated debt instruments issued by Groupama S.A. have been upgraded to ‘BB-‘ from ‘B+’ and ‘B-‘ respectively and removed from Rating Watch Negative (RWN) where they were placed on 27 September 2011.

The deeply subordinated notes issued by Groupama S.A. have been upgraded to ‘B-‘ and revised to Rating Watch Positive (RWP) from RWN.

Fitch has withdrawn GAN Eurocourtage’s IFS rating as this company no longer exists following its merger with Groupama S.A. Accordingly, Fitch will no longer provide rating or analytical coverage for GAN Eurocourtage.

The rating actions reflect the material recovery in the group’s solvency at year-end 2012 from the low level reached a year earlier (Solvency 1 increased to 179% from 107%) due to both management actions and recovery in financial markets. Offsetting this positive development, the full year 2012 operating result (i.e. excluding the negative impact from the disposal of subsidiaries) was a loss of EUR255m, mostly due to exceptional charges such as goodwill impairments and restructuring provisions.

The upgrade of the subordinated debt instruments’ rating reflects Fitch expectation that coupons will be paid in the future. As such, the ratings are now in line with Fitch’s standard notching methodology for hybrid securities.

The rating action on the deeply subordinated notes reflects Fitch’s view that coupon payments will recommence and that recovery assumptions on this instrument have been upgraded to Recovery Rating ‘RR1’ from ‘RR2’. The RWP status also reflects Fitch’s expectation that management will resume coupon payments in 2013. Fitch would likely upgrade the rating on these notes to ‘BB-‘ if Groupama resumes coupon payments on 22 October 2013.

The key rating triggers that could result in a downgrade include further non-payment of coupons, deterioration of the group’s financial profile, especially in terms of solvency (Solvency 1 ratio below 130%), as well as its inability to translate measures aimed at improving performance into a positive operating profit in 2013.

The key rating triggers that could result in an upgrade include further improvement in the Solvency 1 ratio (above 180% at year-end 2013) and financial leverage (below 35%) as well as a return to profitability (positive operating profit for the full year 2013).

The ratings actions are as follows:

Groupama S.A.

IFS rating upgraded to ‘BBB-‘ from ‘BB+’; Outlook Stable

Long-term IDR upgraded to ‘BB+’ from ‘BB’; Outlook Stable

Dated Subordinated debt (ISIN FR0010815464) upgraded to ‘BB- from ‘B+’, removed from RWN

Undated Subordinated debt (ISIN FR0010208751) upgraded to ‘BB-‘ from ‘B-‘, removed from RWN

Undated Deeply Subordinated debt (ISIN FR0010533414) upgraded to ‘B-‘ from ‘CCC’,

Revised to RWP from RWN

Groupama GAN Vie

IFS rating upgraded to ‘BBB-‘ from ‘BB+’; Outlook Stable

GAN Assurances

IFS rating upgraded to ‘BBB-‘ from ‘BB+’; Outlook Stable

GAN Eurocourtage

IFS rating withdrawn

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The AXA Commercial Lines & Personal Intermediary underwriting team has received two major accolades for innovative use of technology in its underwriting processes.

Celent, an international financial research and consulting firm, has named AXA as a Model Insurer 2013, one of 18 insurers from across the globe to receive the prestigious award. Celent bestows awards to those organisations that can best demonstrate the use year’s best technology initiatives through the use of innovation, best practices and measurable business results.

AXA was also shortlisted for the Innovation through Technology award by the Institute of Risk Management at its annual Global Risk Awards. The international panel of judges recognised AXA for its best practice of risk management through use of technology.

The recognitions were given for the use of the Mapflow risk assessment software as part of the underwriting process. The software enables the underwriting team to use mapping to accurately assess flood, subsidence and terrorism risks for individual buildings, rather than simple postcode underwriting, the current industry standard approach.

David Williams, Director of Underwriting at AXA Commercial Lines and Personal Intermediary comments: “We’re delighted to have received these accolades in recognition of our innovative approach to underwriting, not just in the UK, but on a global scale. The Model Insurer award is testament to the hard work and dedication of all members of the underwriting team, not only for integrating the technology into our processes, but for demonstrating the impact on our overall performance, signifying our position as market leaders in terms of our underwriting capabilities.”

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GAB Robins’ has been awarded Investors in People Bronze accreditation recognising its commitment to employee development and support, and for exceeding the core requirements of the prestigious national quality standard. The Bronze award represents additional accreditation and is achieved by just 5% of Investor in People recognised organisations in the UK.

Commenting on the Bronze accreditation, Kieran Rigby, Chief Executive Officer, GAB Robins, said: “This is a significant achievement for our business and recognises our ongoing commitment to supporting and developing our people to help them deliver a strong technical and customer focused service on behalf of our clients.”

John Telfer, Managing Director of Inspiring Business Performance Ltd, the organisation that delivers Investors in People of London and the South, said: “GAB Robins should be very proud of their achievement, particularly as they have gone beyond the core requirements of the Standard.  I hope they serve as an example to others in the insurance sector of what can be done when staff and managers work together.”

Investors in People is a national quality standard which defines good practice for improving an organisation’s performance through its people. Developed in 1990 by a partnership of leading businesses and national organisations in the UK, the standard helps organisations to improve performance and realise objectives through the management and development of their people.

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The insurance industry will announce at the ABI’s Motor Conference 2013, that car insurance premiums for young newly qualified drivers could fall by around 15-20% if the Government implemented in full the ABI’s Safe Young Driver proposals. The single biggest cause of accidental death of young people aged 15-24 olds dying is in a car, with 40% of 17 year old males having an accident in their first six months of driving.

We are calling for:

– One year minimum learning period for young drivers.

– Limiting the number of young passengers and restrictions on night time driving for young drivers for an initial period after passing their driving test.

– Zero blood alcohol driving limit for an initial period after a young person passes their driving test.
Currently the Government is considering measures, including the ABI’s proposals to improve young driver safety.
Otto Thoresen, the ABI’s Director General, said: “Every car crash is a personal tragedy for those involved, family and friends. Sadly young newly qualified drivers are at a much higher risk of having a serious crash on our roads which is reflected in the cost of their car insurance. Insurers want to see young drivers become safe drivers which in turn will result in more affordable premiums. If the Government implemented the ABI’s proposals lives would be saved and the cost of car insurance for young drivers could reduce by 15-20%.”

Andrew Parker, Partner at DAC Beachcroft, who are partnering the ABI at the Motor Conference, said:  “Much of the recent debate on the cost of motor insurance has been about excessive legal costs, but the toll of death and serious injury involving young drivers urgently needs to be tackled. These sensible proposals show that the industry wants to help – but insurers cannot solve this on their own.”

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The Law Society said that it regretted the failure of a High Court action brought by the Association of Personal Injury Lawyers (APIL) and Motor Accident Solicitors Society (MASS) against the Government, which sought to overturn its decision to reduce legal costs recoverable by people injured in road accidents.  The Law Society had intervened in the case, on behalf of its 160,000 solicitor members.

Desmond Hudson, Chief Executive said : “We remain deeply unhappy with the new recoverable costs rules and the process by which the Government made its decision. However it was clear that the decision, however unfair we considered it to be, was going to be difficult to challenge. We will continue to impress upon Government the need to ensure that those injured through no fault of their own need to be able to seek redress, without putting themselves in severe financial difficulties.”

The High Court ruled that the Government’s decision (to reduce the fixed costs recoverable by claimants, where the pre-action protocol for low value personal injury claims in road traffic accidents applied) was properly reached.

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Companies could save millions of pounds if they followed 18 key success factors for outsourcing products and processes, according to researchers at Portsmouth Business School.

Outsourcing allows companies to achieve major benefits they would not be able to achieve otherwise, but the gains are not guaranteed and the risks are high.

The business world is littered with examples of outsourcing not working. Lego, the world’s fifth largest toy-maker, decided to outsource most of its manufacturing activity to help turn its fortunes around and two years later, the company brought its manufacturing back in-house. And Boeing outsourced most of the manufacturing on its new 787 Dreamliner to more than 50 suppliers worldwide, but after major delays and engineering problems, the company brought all major production back in-house.

Dr Alessio Ishizaka, a specialist in Operations and Systems Management at Portsmouth Business School, and his co-author, BA Business Studies student Rebecca Blakiston, have designed the 18 C’s model to increase the gains and alleviate the risks. In it, they urge businesses to give serious and continuous attention to their outsourcing arrangements.

Their research is published in the journal Industrial Marketing Management.

Dr Ishizaka said: “The rewards of outsourcing can have a huge impact on any company’s bottom line, and a long-term relationship between client and supplier can create a feeling of trust which, in turn, promotes performance.

“But too many see it as just a cost-cutting exercise and don’t invest time and management in building and maintaining excellent relationships with those they outsource to.

“This negligence helps explain the high failure rate that continues to plague many companies trying to outsource activities. You could say some are doomed to fail.”

Dr Ishizaka’s and his student’s model is based on an in-depth study of a multi-national pharmaceutical company which, in 2002, outsourced five activities and, by 2007, was outsourcing 16 activities – a 527 per cent increase in the outsource value. The company also saw a 30 per cent drop in in-house facility management costs in the first three years.

The 18 C’s model shares the responsibility for success between the client and service provider. It specifies that the client needs commitment from senior management, has clear aims and objectives, confidence and a good team working environment.

The service provider needs to be able to provide the “right sort of staff; people who know the business”, have clearly defined roles, client knowledge, be consistent, undergo continuous improvement succession planning, be customer focused and offer continuity.

There also needs to be a cultural fit between the client and the service provider, two-way communication and a connection at the top of the business. The contract needs to be flexible, allowing room for growth and change, and of a suitable scale, so that the most senior members of staff in both client and provider companies are able to talk to each other direct.

Dr Ishizaka said: “Outsourcing has become a widespread management strategy, but management of the relationship is essential to ensure it is successful long-term.”

Lego and Boeing both had difficulties with their outsourcing arrangements and both opted to bring production back in-house as a result.

In 2004, Lego was facing the largest financial crisis in its 70-year history. Among the many initiatives to turn the company’s fortunes around, it outsourced a major chunk of its production to an American company based in Singapore which, in turn, managed much of its injection-moulding and packing in its supplier’s factories in Mexico and Hungary. Three years later, Lego ended the outsourcing agreement due to continued and on-going problems. The outsourcing arrangement may not have worked, but it taught the toy maker valuable lessons, including the need to embrace a global manufacturing model. In 2009 Lego recorded one of the highest profits in its history.

Boeing had for decades been responsible for some of the biggest advances in aviation and, in 2003, began developing the carbon-composite lightweight Dreamliner, planned to enter service in 2008. Boeing outsourced about two-thirds of the development and manufacturing of parts to a global network of suppliers but problems became apparent in 2007 when engineers assembling the first Dreamliner found a gap between two sections, each manufactured by different suppliers. In 2008 more delays were reported, including problems with the global supply chain. In 2011, the Dreamliner won certification to carry passengers but due to fires, leaks and battery problems, the airliner was grounded worldwide in January 2013. Boeing has now brought major production back in-house.

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Friends Life announced that its full auto-enrolment solution is now live. The solution includes a purpose-built online hub (assessing employers’ payroll and HR data against the regulations) plus a suite of communications (assisting the employer in fulfilling their duty to provide enrolment information to employees) and a range of default investment solutions (to suit the requirements of different employers and member profiles).

The combination of online hub, employee communications support and default investment options will together provide a complete support package for employers as they reach their ‘staging date’ for ensuring they have met their responsibilities as required by the new reforms.

Friends Life has had interest in the full auto-enrolment solution from its existing corporate clients, with more than 50% of clients staging in the first half of this year opting to use the service. The first scheme has gone live, and the first corporate platform client is expected to go live in March.

The Friends Life Enrolment Hub will:

– Enable employers to enrol jobholders into a new or existing Friends Life pension scheme, or a combination of both;

– Decide which employees are eligible for scheme membership and contributions at each pay period, and those that are not while providing reasons for ineligibility;

– Produce analysis and management information for employers so they can fulfil their reporting to duties, including regulatory requirements.

Employer communications support includes:

– A suite of individually tailored communications issued at assessment and postponement stages directly to the employee by Friends Life on behalf of the employer;

– Communications specifically tailored to the five different categories of worker* and tied in with wider information about the company pension scheme.

Default investment options under auto-enrolment include:

– A range of three ‘My Future’ default solutions for the employer to chose from;

– Default solutions designed to complement different scheme profiles, with investment sophistication and cost considerations built in;

– Additional options to offer bespoke investment solutions to employers and trustees having taken independent investment advice.

Colin Williams, Managing Director, Corporate Benefits at Friends Life said: “Making auto-enrolment work isn’t just about the complexities of reviewing the employee base for eligibility and contribution levels at every pay date. On top of managing data, potentially from multiple payroll and HR systems, employers need to ensure they communicate with their employees and ensure each individual understands what enrolment means.  Otherwise, contractual obligations may be met but the ultimate aim of auto-enrolment, to engage employees with long term saving, will be lost.

“Our solution is therefore about easing the burden for employers across all aspects of auto-enrolment. This means not just providing support in data sorting but providing tailored communications directly to employees on the employer’s behalf. We’ve also come up with three default investment options, recognising that different employers have different scheme requirements when it comes to investment sophistication and scheme budget, while still supporting those who prefer to use professional investment advice.

 “2013 is set to be a big year for auto-enrolment as employers with between 500 and 50,000 employees go-live with the new reforms. It will also be a big year for many employees as they are enrolled into a work based pension scheme for the first time. It’s crucial that we keep them in mind through and beyond the staging process, to realise the potential in an era-defining change for workplace pensions.”

The five categories:

– Eligible jobholder

– Non-eligible jobholder

– Entitled worker

–  Non-qualifying member (existing member of the scheme not paying in at the minimum level)

– Qualifying member (existing member of the scheme already paying in at the minimum level)

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Cooper Gay Swett & Crawford (CGSC) has announced the appointment of Shaun Hooper as President and CEO of its wholesale, reinsurance broking and underwriting operations in North America.

Hooper joined CGSC in July 2009 as Head of Group Operations and was appointed Chief Executive Officer of Cooper Gay, CGSC’s Lloyd’s and London market broker, in early 2011.  In April 2012, he assumed a wider role within CGSC and led the commercial development of its global operations. Hooper replaces Neal Abernathy who has left the business to pursue other opportunities.

In his new role, Hooper will have overall responsibility for CGSC’s prominent US brands, Swett & Crawford and Cooper Gay Re, as well as its underwriting businesses, including J H Blades & Co, Creechurch International Underwriters, Energy Technical Underwriters, Loxley and Managed Care.

CGSC’s US wholesale broker Swett & Crawford has implemented further management changes to support its growth strategy.  Mike Brennan, previously a Corporate Sales Director/Division Leader, has been promoted to a new role of CEO of Wholesale and will take responsibility for all aspects of the wholesale business in the US.  Michael Ruhe, also previously a Corporate Sales Director/Division Leader, has been appointed President of Sales, with responsibility for developing and growing the revenues and wider sales capabilities of CGSC’s US businesses.  Both will report to Hooper.

Toby Esser, CGSC Group Chief Executive Officer said:  “I would like to take this opportunity to thank Neal for his professionalism and dedication when building Swett & Crawford into the leading wholesale business it is today.  Under Shaun’s leadership, and with the guidance of his strong management team, we intend to build on these solid foundations and drive forward our growth plans for CGSC’s US wholesale, reinsurance broking and MGA operations.”

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Gallagher Heath has agreed to white-label Lorega’s range of Loss Recovery Insurance products and launch Gallagher Heath Assist.

Aimed at its corporate clients, in the event of a loss Gallagher Heath Assist will pay for the unlimited support of an independent expert Chartered Loss Adjuster to fast-track the preparation, negotiation and settlement of material damage and business interruption claims.  This high level of service proved to be particularly helpful recently, for Lorega policyholders deluged by flood water.

In addition, Gallagher Heath SME clients with an underlying insurance premium of below £2,500 will be offered Lorega 10, a lower cost product offering up to 10 hours of expert advice in the event of a claim.

Industry estimates indicate that many companies suffering a major insurance loss never recover, clearly highlighting the need for an independent expert, to help the policyholder through, what is for many, a business critical time.

Mark Williams, Regional Managing Director for Birmingham, Leeds and Manchester Retail offices of Gallagher Heath said: “When claims arise it is essential that our clients receive the expert support they need to expedite their claims and get their businesses back to normal as soon as possible.  Lorega has a well-earned reputation for quickly delivering claims excellence on the ground, where it counts, and we are delighted to offer Gallaher Heath Assist, based on their expertise, to our clients”

Neill Johnstone, Managing Director of Lorega said: “The recent bad weather has shown that nature can be as damaging to a business as fire or theft but, whatever the cause, our national team of independent Chartered Loss Adjusters will be on hand to make a real difference by supporting the client and settling the claim as quickly as possible.”

Johnstone continued: “Unfortunately, in these tough economic times it is imperative that claims are pro-actively managed to avoid severe financial issues that could ultimately lead to closure of the business.  We are therefore delighted that Gallagher Heath has selected Lorega as the provider of its new assistance services as together we can successfully support affected policyholders and keep their businesses trading.”

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Allianz in Central and Eastern Europe (CEE) reported solid results in 2012. Despite the difficult overall environment, total revenues of 3.7 billion euros were nearly at the previous year’s level of 3.8 billion euros. Operating profit of 296 million euros was ahead of the 295 million euros achieved in the previous year. Strong performances in Life and Health insurance in particular compensated for a challenging year in Property and Casualty insurance due to depressed markets throughout the region.

“The results for 2012 are in line with our expectations, especially considering the slow growth and the economic dependency of CEE on western Europe. In fact, we outperformed the market,” said Manuel Bauer, Member of the Board of Management of Allianz SE responsible for growth markets. “There are early signs that the world economy is emerging from its recent sluggish period. In the course of this year, some experts expect Europe to see a modest pickup in economic momentum, which would also help to bolster growth in CEE. Our well-positioned companies in the region would be amongst the first to benefit from this trend.”

Property and Casualty insurance robust and well positioned

Gross premiums written in the Property and Casualty business in CEE for 2012 amounted to 2,393 million euros compared to 2,563 million euros in 2011, which corresponds to a decrease of 6.6 per cent. On an internal basis this reflects a decrease of 4.9 per cent.

The development in the Property and Casualty business was driven by selective underwriting to improve the profitability of voluntary medical insurance in Russia, persistently tough economic conditions across the CEE region, the highly competitive environment in motor business especially in Hungary and Poland, and lower volumes of industrial property business in Russia.

At 175 million euros, the operating profit of the Property and Casualty business in CEE remained close to the previous year’s level of 178 million euros. The combined ratio for 2012 was solid at 96.9 per cent, after 96.6 per cent in the previous year.

“The economy in CEE is still influencing the revenue development in our Property and Casualty business. Nevertheless, we managed to retain our market share and keep our position in this important segment. This shows we are a strong player in this region. In addition to this, Allianz’ global lines benefited from our good position in CEE with offers of additional services like assistance and credit insurance, as well as expertise in large corporate and specialty risks. It’s a unique value proposition no one else in the region can offer,” commented Bruce Bowers, regional CEO of Allianz in Central and Eastern Europe.

By Spring 2012, Allianz in Russia finished the integration of its three Property and Casualty companies which had started in early summer 2011. Since April 2012, the company has been active under the single Allianz brand in Russia. Customers will now benefit from high-quality service and products being offered under one roof.

Bruce Bowers: “We have managed to integrate these companies in a very short period of time, bringing together the best of all three. This is something I am proud of. We now have a solid platform to build on in this fast-growing insurance market, where we anticipate double-digit growth. We are ready to fully participate in that growth.”

Life and Health insurance grows strongly

Total premiums in the Life and Health business increased by 5.7 per cent to 1,176 million euros in 2012 from 1,113 million euros in 2011. Internal growth amounted to 7.9 per cent.

This positive development was driven primarily by Poland, where significantly higher volumes of life deposit business written early in the year more than offset declining unit-linked sales. Premiums in Allianz Russia also increased significantly through bancassurance sales. In the Czech Republic Allianz achieved higher single premium revenues from investment-oriented products and an ongoing positive trend in the sale of traditional products.

Operating profit amounted to 80 million euros in 2012 compared to 77 million euros in the previous year. This corresponds to a 3.9 per cent increase, that was mainly due to increased sales of more profitable traditional life products, especially in Slovakia and the Czech Republic, and positive effects from a change of accounting treatment for commissions in the Czech Republic triggered by strong revenue growth.

“There is absolutely no question that life products are an essential means of  providing for financial security in the societies of Central and Eastern Europe. Average ages are increasing at the same rate as in western Europe, even faster in some countries,“ commented Bruce Bowers. “Allianz is well-recognized for its world-leading expertise in this field. This is why we are a market leader here and continue to have a lot to offer our customers in the region.”

Pension Fund and Asset Management customer base increases by 10%

In the pension fund business Allianz in CEE continued to improve its leading position in the region.The client base increased to 4.6 million in 2012 compared to 4.2 million in 2011. The Allianz pension fund in the Czech Republic recorded the largest number of new clients. This success was based on a strong track record and the new pension reform.

At the end of 2012, assets under management reached 8.7 billion euros compared to6.6 billion euros in the previous year. Especially pension funds in Poland, the Czech Republic, Slovakia and Croatia contributed to this development.

Pension fund and asset management business in total contributed an operating profit of 33 million euros in 2012 compared to 32 million euros in the previous year. The cost-income ratio improved to 53.0 per cent, compared to 54.3 per cent in the prior year.

“These products are an essential complement to traditional life insurance, which is why I am so glad we have such a variety for our customers to choose from to meet their saving and old-age provision needs,” commented Manuel Bauer. “This complete range of high-quality products for everyone from individuals to large corporations makes us unique in the region, underpinning our leading position.”

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At a time of continuing economic hardship, the chance to make some extra money in making fraudulent insurance claims continues to prove an irresistible temptation for too many people. Unlike many ‘white collar’ crimes, prevention is not just about tracking down organised criminal gangs but also identifying the many thousands of opportunistic individuals who look to take unjustifiable advantage in making exaggerated claims on their insurance policies.

The Insurance Fraud Bureau (IFB) reported that, in 2011, insurers exposed 139,000 dishonest claims worth almost £1 billion. The biggest area of abuse was in the motor vehicle industry, where false insurance claims totalled £541 million. The second most vulnerable sector was that of home insurance, in which dishonest claims cost the industry £106 million.

This is however just the tip of a much bigger iceberg. The IFB estimates that a further £2.1bn remains undetected every year, despite substantial investment in anti-fraud technologies and an increased focus on identifying and preventing cross-industry fraud.

It is not, as many perpetrators try to claim, a victimless crime. Deception on this huge scale adds an estimated average £50 to every annual premium – placing a substantial financial burden on everyone taking out an insurance policy, as well as creating massive problems for the industry.

In addressing this challenge, electronic data capture and management can help insurers tackle soaring levels of insurance fraud through enabling greater transparency and control, at the same time establishing more efficient claims management processes.

Speed and efficiency

In the fight against fraud, document capture and electronic data management solutions play a central role in significantly increasing the speed and accuracy of claims handling, as well as providing insurers with greater visibility and more time to identify and investigate questionable claims.

Adopting a capture solution to automate the electronic conversion and classification of claims correspondence as soon as it enters the business will ensure that data can be delivered instantly to the right work stream, which cuts down waiting time and makes the whole process much quicker. Similarly, by automating paper-based processes, this enables employees to store, retrieve and share new claims files and add subsequent updates more effectively.

Currently, dubious claims can take so long to be processed that they are often settled rather than investigated, in order to ensure that the insurer remains compliant with regulatory demands to handle all such claims within a specified period. Automated data management overcomes this problem by ensuring a more efficient way of operating which minimises delays in handling questionable claims.

Effective document management can also significantly reduce the risk of losing critical data or documentation, another contributory factor to potentially false claims being missed.

All this is backed by a full audit trail, providing the insurer with an accurate timeline of compliance quality. As the burden of proof lies with the insurer, this also helps to substantiate that the process was handled properly, should the disputed claim result in litigation.

Customer experience

Not only does electronic document capture and management provide valuable support in the war on fraud, it can also help achieve faster customer response times in driving up customer retention levels.

Making available timely, transparent and accurate information benefits claim handlers by ensuring that they have all the correct and relevant data they need when dealing with any case, whether suspicious or legitimate. This also ensures that the customer experience is faster and more responsive and enables substantiated claims to be paid out faster.

Combating fraud is now on the agenda of every insurance provider. They recognise that failing to increase vigilance because they don’t have the right operational practices in place could have a significant impact on their competitiveness. Document capture and management technologies also offer the opportunity to meet compliance, governance and legislative demands, as well as delivering improved productivity.

Industry-wide intelligence

Today, there is increasing pressure to create an industry-wide response. Phil Bird, director of the Insurance Fraud Bureau, believes that greater collaboration – for example, pooling data intelligence among insurers – could go a long way in helping to combat fraud.

To achieve this, Bird has proposed the establishment of “a consistent industry standard for intelligence sharing,” and has urged insurers to “look beyond fierce competition and show the industry’s appetite to work together in reducing fraud, a problem from which no single insurer is immune.”

A shared facility with large-scale data sets would help more insurers identify such fraudulent activity as quote manipulation or third-party fraud. And, with the cost of settling suspected fraudulent claims inexorably increasing in the UK, there is a growing recognition that doing nothing is no longer an affordable option.

by Mark Kirpalani, managing director, Capital Capture

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According to catastrophe modeling firm AIR Worldwide, Tropical Cyclone Rusty formed only on Saturday, February 23, but grew rapidly and intensified due to low wind shear (5-10 knots) and very warm waters off the northwestern coast of Australia (31-32° C). It is expected to intensify further as it approaches the coast as the upper level environment remains highly conducive for development. Rusty is expected to make landfall near Port Hedland around 6 p.m. WST on Wednesday Feb. 27 (5 a.m. EST, Wednesday 2/27) as a severe tropical cyclone—a Category 4 storm by the Australian system of cyclone classification (approximately equivalent to a Category 3-4 storm on the U.S. Saffir-Simpson Scale). At this time, significant insured losses are not expected from this event, primarily because of the regions stringent building codes.

“Tropical Cyclone Rusty, a huge, powerful and very slow-moving system, is poised to strike the Pilbara coast in Western Australia,” said Dr. Peter Sousounis, senior principal atmospheric scientist at AIR Worldwide. “Very destructive 10-minute sustained winds of up to 165 kph with gusts near 200 kph will hit the coast well before the eye of the storm makes landfall to the east of Port Hedland. Even though Port Hedland is expected to be on the right-hand side of the storm, because of the clockwise rotation of cyclones in the southern hemisphere, it will be on the weak wind side.”

Dr. Sousounis continued, “The slow movement is a concern from a flooding standpoint, as satellite derived rainfall estimates over open water have been on the order of 200-300 mm. Thus, as well as wind damage, the heavy rain associated with the storm is likely to cause flooding as the system proceeds inland. Also, Rusty’s intensity, size and slow movement will also likely lead to a dangerous storm tide and damaging waves resulting in coastal flooding. Port Hedland in particular is vulnerable to storm surge—even a weak to moderate cyclone close to high tide can cause significant inundation, such as that experienced in 1939.”

According to AIR, Australia’s cyclone season runs from mid-December to April, and peaks in February. Tropical cyclones tend to occur far more frequently near the northern half of the continent, and the Pilbara coast is impacted more than any other part of Australia—experiencing an average of about one cyclone every two years. Since 1910, Port Hedland has experienced gale-force winds from 49 cyclones, seven of which caused destructive gusts in excess of 170 km/h.  Cyclone Joan produced the strongest gusts ever recorded at Port Hedland (208 km/h) in 1975.

According to AIR, because it experiences so many tropical cyclones, the area is well prepared to cope with them through stringent building codes and effective response plans. Australian building standards divide the country into four wind speed zones, of which region D covers this small portion of the western coastline where stronger storms typically impact most frequently. New Wind Design Guidelines were phased in throughout the country between 1976 and 1985. The most destructive tropical cyclone to strike the area since Joan in 1975 was George, which delivered wind gusts estimated to have reached around 200 km/h in March 2007. In the Port Hedland area most residential and commercial structures performed well, and structural damage was sustained by fewer than 2% of buildings, most of which proved to have weaknesses due to poor maintenance.

Most of Australia’s residential buildings are single family homes, either wood frame or masonry, with many having brick veneer. The ratio of wood to masonry buildings varies by region, with masonry being more likely in Western Australia. Residential roofing is typically metal, and is the principal source of wind damage in many cases. Port Hedland has a number of trailer (caravan) parks for visitors and residents, and these are particularly vulnerable to damage.

According to AIR, the commercial and industrial building stock in Australia is predominantly concrete and steel, with concrete making up about 60% of commercial/industrial stock across the country. Prior to most storms on the Western Australia coast, these facilities usually secure their structures and contents from damage. However, commercial and industrial buildings constructed of light metal framing will be the most susceptible to significant wind damage.

Dr. Sousounis concluded, “As well as damage to structures along the coast and well inland caused by its high winds, Tropical Cyclone Rusty’s slow progress and unusually heavy rains will lead to flooding inland along major river systems. Flood warnings have been issued for De Grey River catchment and West Kimberley, including Cape Leveque.”

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