Monday, November 25, 2024
Home Authors Posts by John Stewart

John Stewart

Profile photo of John Stewart
3387 POSTS 0 COMMENTS
http://www.news-insurances.com

0 0

Aon Benfield, reinsurance intermediary and capital advisor, today launches its new Solvency II-focused version 5 of ReMetrica, its dynamic financial analysis tool for capital modeling. ReMetrica has evolved to help re/insurers meet the proposed regulatory requirements under Solvency II and to enable more effective year of account reporting for the Lloyd’s market.

The new Solvency II-focused components enable re/insurers to enhance their internal models and deliver accounting reports for regulators.

They include:

– Fair Value Report:  A financial reporting component tailored to ‘fair value accounting’, including fully discounted balance sheets, premium provisions and market value margins;

– Premium Provisions:  Generates the additional reserve items relating to unearned business and non-incepted obligations which are required for fair value accounting;

– Reserving:  An enhanced version of the reserving logic which uses a recognition pattern approach to allow balance-sheet to balance-sheet risk to be captured in a model calibrated on an ultimate-risk basis.

Aon Benfield worked with a group of insurers, predominantly from Lloyd’s, to shape enhanced functions for underwriting year reporting to meet the market’s requirements.  This will allow users to simplify existing models without reducing accuracy. Enhancements allow smaller, more compact models to improve ease of use and deliver the following:

– Calculation of reserves by underwriting year;

– Allocation of reinsurance premiums and commissions by underwriting year;

– Underwriting year reporting components.

In addition, a new reporting component for capturing counterparty-level reinsurance default risk has been developed, as well as improved tools and interfaces including Wizard-style reporting.
Paul Maitland, head of ReMetrica at Aon Benfield Analytics, said: “Solvency II has been a key trigger in the next step of ReMetrica’s evolution. We’ve listened to and worked with both our clients and the regulators to adapt and enhance the software. It helps re/insurers to meet the proposed regulatory requirements while continuing to test different strategies and make informed business decisions.”

Source : Aon Benfield Press Release

0 0

An expert has said people need to check their home insurance in the run-up to Christmas.

Contents and buildings insurance holders must make sure they scrutinise their policy in the run-up to Christmas and possibly compare savings on alternative products if theirs is not up to scratch.

That is if comments made by Mike Powell, insight analyst for general insurance at Defaqto, are anything to go by, as he has said that people should take note of a recent study conducted by the independent financial research company on the state of the country’s home insurance market.
This investigation revealed that while 90 per cent of companies do increase their cover for this time of year, the levels by which they do vary hugely.
“Double check your insurance policy to ensure you have the correct cover you need,” he urged.

Mr Powell added that consumers may not automatically assume they are insured for the presents they purchase for loved ones over the festive period, meaning that spending time to ensure they are covered could be vital.

Source : Which 4 U

    0 0

    The BGL Group today acquired the French insurance price comparison company, Courtanet.

    Founded in 2005 by CEO Jehan de Castet, Courtanet initially offered price comparison services to independent insurance brokers and gained contracts with around half of that market. In 2009, it launched assuremieux.com, a consumer price comparison service for car, health, loan, home and motorbike insurance. In 2010, Courtanet launched creditmieux.com, a price comparison service for consumer loans. The company is Paris based, with 17 staff. BGL and Courtanet’s founder now own the company.

    Peter Winslow, Chief Executive of the BGL Group, said: “We believe that the French general insurance market offers considerable opportunities. It’s a similar size to the UK. Broadband internet penetration is also at similar levels to the UK, yet the French market has been slower to embrace the research and purchase of insurance online. But there are signs that this is changing, as insurers invest in better online systems.

    “Both internet purchase activity and the revenues of aggregators in France are reminiscent of the UK market in 2005. Of course, no investment is without risk, but we are confident that we will be entering the market during a period of rapid growth.”

    Jehan de Castet, Chief Executive of Courtanet, said: “We believe that French consumers should benefit from impartial comparison in order to better choose their insurance products and save substantial amounts every year. French consumers are ready to embrace comparison as a new way to research and buy insurance thanks to the strong growth of insurance online. We are delighted that our knowhow, as evidenced in the latest ranking by “La Tribune” in 2010, has raised interest from a leading UK insurance group. The BGL Group has unique expertise and Courtanet’s customers and partners will benefit greatly from our alliance.”

    Courtanet will continue to operate as a standalone business, under the governance of the BGL Group Board. Jehan de Castet will report to BGL Group Chief Operating Officer, Matthew Donaldson.

    Source : BGL Press Release

    0 0

    Parts of south-west England are expecting their own snow showers after much of the eastern half of the country was blanketed by up to 6in on Thursday.

    The Midlands and London face being dusted tonight and tomorrow.

    Britons have been warned the wintry spell could last for at least 10 days, as biting winds swoop in from the North Sea and night-time temperatures plummet to -6C.

    It is the earliest November snowfall for 17 years.

    In icy conditions last night, a plane with 196 passengers overshot its landing position at Newcastle airport. No one on board the Thomsonfly Boeing 737-800 from Lanzarote was injured, but the airport was closed for a time after the incident.

    Source : Sky News

    0 0

    The proportion of New Yorkers with health insurance provided by their employers has plummeted, according to a new study.

    At the same time, government-subsidized care is taking on a record load, slowing the state’s economic recovery and likely leaving more families uncovered for at least months.

    The rising cost of Medicaid-paid health care is a major driver of state government’s rising deficits, which are forcing cuts in education and other services and prompting layoffs that further slow the economy.

    To read more click here…

    0 1

    AXA UK has appointed Kevin Murray as group COO. Murray reports directly to Paul Evans, group chief executive of AXA UK, and is a member of the AXA UK Executive Committee.

    Murray joined from AXA Equitable Life Insurance Company where he was chief information officer. Previously he has held a number of leadership roles in the technology industry and has significant experience in delivering strategic and cost-efficient IT solutions. Since joining AXA Equitable in 2005, he has made a major contribution at AXA Equitable in North America.

    Prior to joining AXA Equitable in 2005, he served as CIO for Domestic General Insurance and held senior Information Technology positions at both J.P. Morgan and Cap Cities / ABC.

    Commenting on his appointment, Murray said:

    “I am very pleased to join AXA UK and to the get chance to work and make an impact in Europe. It’s a wonderful opportunity to take part in shaping the future of AXA in the UK and expand my experience in business operations. The position gives me the chance to merge technology and operational efficiencies and I am ready and excited to begin this opportunity.”

    Paul Evans, group chief executive of AXA UK, said:

    “We are delighted to welcome someone of Kevin Murray’s considerable talents and vision to our group. He leaves a significant legacy at AXA Equitable and we look forward to his dynamism helping to shape a bright future for AXA UK.”

    Kevin Murray takes up his post with immediate effect.

    Source : AXA Press Release

    0 0

    Forget about superannuation as the multi-trillion dollar growth engine of the wealth management sector. Good old life (or risk) insurance has been outpacing super growth and is expected to continue to do so.

    According to a telling stat in Tower’s full-year results prezzo this morning, the life insurance sector grew 13.7 per cent between 2006-10 and is forecast to surge 11 per cent between 2011-16. The super/wealth sector grew one per cent in 2006-10 — the GFC was a formidable setback for such investment-linked products — and is expected to grow by 7 per cent over the next five years.

    The life sector of course is much smaller than super and also provides default insurance to the big super funds. But why spoil a good story with inconvenient facts? Tower is the only pure-listed life insurer and CEO Jim Minto has been banging on for years about the underinsurance gap in the market. Suffice to say, not everyone has been listening.

    Tower’s full-year earnings came grew to $92.3m for the year to September 30, up 24 per cent on an underlying basis, partly because of healthy new premium growth (with improved margins) and partly because claims rates — which had been ticking up — have returned to more normalised levels.

    Minto says the life sector has been shaking off its legacy as a “dated, conservative” sector.  “This is industry is a lot of fun,” he says. “It’s been good to try to reinvent the life market and have an influence on it.”
    On a less upbeat note, Tower’s status as the third biggest life insurer (up from eighth biggest in 2003) will be upset by the upcoming union of AMP and Axa Asia Pacific.

    While life insurance isn’t AMP or Axa’s key focus, the combined group will still usurp National Australia Bank/MLC as number one provider, pushing Tower into fourth place. On the group risk side, Tower is winning mandates from the industry funds with the non too subtle message: don’t give the work to the bank-owned insurers because when it comes to super they’re the enemy.

    Criterion last had Tower as a buy at $2.15 on May 28, after the first-half results and a surprise rights raising which unduly buffeted the stock.

    Our rating is under review. The results look very healthy and the market liked it at first blush, but often there are actuarial quirks in life numbers which take a while for the experts to winkle out.

    Source : The Australian

    0 0

    Investment performance has become the number one concern for many insurers in the wake of the financial crisis and amid a changing regulatory environment. Swiss Re’s latest sigma study “Insurance investment in a challenging global environment” cautions that a low yield environment coupled with tighter regulatory standards could hamper insurers’ investment returns, leading to lower profits for the industry and higher rates for policyholders.

    The financial crisis has created a new, challenging environment for insurance investment managers. In its aftermath, government bond yields have reached historically low levels that may persist until the global economy truly recovers. Changes in regulatory standards such as mark-to-market accounting and heightened risk charges on certain asset classes could lead insurers to invest more heavily in low-risk, low-return assets. 

    To read more please click here…

    0 0

    Willis Group Holdings (NYSE: WSH), the global insurance broker, announced the appointment of Vic Krauze as Chairman and CEO of Willis North America.

    Mr. Krauze will report to Joe Plumeri, Chairman and CEO of Willis Group, and will serve as a member of Willis’ Executive Committee. Mr. Krauze, formerly President and COO of Willis North America, succeeds Don Bailey, who is leaving the company in December after a transition period to begin a new role for a major U.S. personal lines insurance carrier.

    In addition to Mr. Krauze’s appointment, Willis also appointed Todd Jones, formerly National Partner for the Northeast Region, as President of Willis North America, reporting to Mr. Krauze.

    To read more click here…

    0 0

    From burst pipes to damaged art work, last winter’s extreme weather saw specialist home insurance provider Hiscox experience a 60% increase in the number of freeze related household claims when compared to the same time the previous year. The conditions also impacted road users with more than a third of claims in January 2010 caused by ice related damage compared to none in the previous year. Homeowners should prepare for the unknown; the colder and wetter the weather, the worse the damage can be.

    The coldest winter seen in three decades caught many by surprise with freezing temperatures and heavy snowfall resulting in flood and structural damage to homes. Frozen pipes and blocked gutters led to water damaged homes while the weight of snow on roofs caused some to collapse, particularly flat roofed outbuildings and greenhouses. Car drivers encountered problems on icy roads that created treacherous conditions. With this in mind, home and car owners are being urged to prepare by battening down the hatches for the winter and taking some simple steps to help prevent damage to their property.

    Austyn Tusler, home insurance expert at Hiscox, comments: “Last winter we saw a dramatic increase in home and car insurance claims as a result of the freezing conditions, however some of the damage could have been avoided with some basic preparation. We don’t want people to find out the hard way what damage a cold winter can do, so to help alleviate the inconvenience of property and car damage, Hiscox is offering a few simple tips to keep the frost at bay.”

    As the nation braces itself for the coming winter months there are some simple ways to help safeguard your property:

    – insulate water tanks, pipes and cisterns, especially in unheated areas like lofts or outbuildings

    – check your mains water tap (or valve) is working in case the pipes do freeze so that you are able to contain any subsequent water spill

    – know where your water valves are and learn how to shut them off in the unfortunate event that a pipe bursts at your property

    – if you’re away from home, leave the heating on low to prevent pipes from freezing or bursting

    – if your property is isolated and unoccupied ask someone to check on it regularly during the winter months as Hiscox have seen claims where burst water pipes have continued to pump water for days until it has been noticed and stopped.

    Driving in cold conditions also has additional risks, read a few simple measures to prepare for the freeze:

    – take your car to a mechanic and check out the following: battery; antifreeze level, heater, brakes; and defroster

    – check to make sure your tyres have adequate tread. If the treads are worn, replace them.

    – road salt used on the roads to prevent ice forming can damage your car’s paint. Rinsing it off every once in a while can help, but a good wash and coat of fresh wax will go a long way in preventing corrosion.

    Source : Hiscox Press Release

    0 1

    XL Group plc commented on Standard & Poor’s (S&P) announcement that it has affirmed XL’s ratings and has revised the outlook to “Stable” from “Negative”. Additionally S&P reported that it has changed its assessment of XL’s Enterprise Risk Management (ERM) to “Strong” from “Adequate”.

    XL Chief Executive Officer, Mike McGavick, stated: “We are extremely pleased with S&P’s actions. XL has taken significant steps to concentrate on our core insurance and reinsurance businesses while derisking our investment portfolio and strengthening our ERM. It is gratifying to have these efforts acknowledged by S&P.”

    He added: “With XL’s solid ratings and operating performance, strong capital position, top talent and enhanced ERM, we have demonstrated our competitive resilience and we remain fully focused on providing superior value to clients and investors.”

    XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis.

    Source : XL Press Release

    0 2

    – More advisers feel that the economy is positively affecting their business

    – Intermediaries are turning to new technology to increase business profitability

    – Nearly half of advisers rely on referrals from other professionals such as accountants and lawyers.

    Intermediary research from Aviva’s second quarterly Hot Issues Tracker shows an increasing number of advisers feel more confident about the current economic climate. Nearly a quarter (23%), feel that the state of the economy is positively affecting their business (compared to 15% in June). This second tranche of research also found that advisers feel there is a growing sense of political stability. As the coalition government reaches its sixth month in office, only 16% of intermediaries believe that the new political agenda is a significant business concern compared to 22% in June.

    Greater confidence in the macro economic climate has encouraged intermediaries to focus on their own businesses by looking to increase profitability (26%) and develop their business models (18%). Indeed, 42% of advisers believe their revenue will increase over the next three months. With more effective technology cited by one in five advisers as increasing business profitability, a growing number are looking towards platform adoption (7% compared to 3% in June) and 10% are planning on installing new technology.

    With their future business success in mind, generating new client leads is one of the most important things on the intermediary agenda for the next three months (35%).  In line with the research carried out in June, advisers still think personal relationships are key. Indeed 86% still found referrals from existing clients the best way to generate new business.

    However an increasing number (42% compared to 18% in June) said they also relied on referrals from other professional advisers such as accountants and solicitors. With  the growing number of intermediaries looking to develop their business models ahead of the Retail Distribution Review, the number of advisers who said the size of their business will either remain the same size, or will expand or diversify is high at 86%.

    Simon Badley, director of intermediary at Aviva, comments: “After a period of significant instability, it is encouraging to learn that advisers are feeling more confident about the economic and political climate. The fact that a growing number of advisers are actively looking to develop their business models shows the extent to which the industry is looking to the future. It is also interesting to note the increasing number of advisers looking to adopt technology to drive business profitability.

    “At Aviva, we understand the great number of challenges facing the intermediary community over the next few years and we are doing everything we can to help make this transition easier.  Whether it is helping advisers adapt to the demands of new technology or preparing them for the post RDR-world, Aviva has a range of support tools and services available.  The Hot Issues Tracker helps us to gather feedback from advisers so we can provide this support where advisers need it most.” 

    Source : Aviva Press Release

    0 2

    Retirement prospects for UK workers continued to improve in recent weeks with an increase in projected annual retirement income.  The latest Aon Hewitt DC Index provides particularly good news for 30 year olds who have seen a £403 increase to the retirement income they can expect to receive when retiring at aged 65, growing their annual retirement income to £19,656. This news should be tempered by the fact that although an improvement for 30 year olds, the amount is still considerably less than their estimated annual retirement income of £20,307 recorded six months ago in April 2010 and £20,992 in October 2009.

    The Index also reveals a small improvement to the projected retirement income that 60 and 65 year old people can expect, with their pots benefiting from marginal annual increases of £48 and £32 respectively. The Aon Hewitt DC Index shows that the gains this month are due to the continued rise in stock market values and a slight improvement in annuity rates. The monthly increases are more subdued for older members as they are assumed to only partially invest in stock market funds because of lifestyling and tolerance for risk.

    The Aon Hewitt DC Index follows the projected retirement income of individuals at different ages who contribute 10% of a £25,000 salary to a defined contribution (DC) pension arrangement and have an existing fund (valued as at September 2007) of £15,000 for age 30 and £150,000 for ages 55 and above.

    Retirement income projections

    The projected annual retirement income of typical DC pension investors at different ages (based on data collected on 31 October 2010 compared to the previous month) is as follows:

    – 30 year old: from £19,253 to £19,656 (£403 increase)

    – 60 year old: from £10,643 to £10,691 (£48 increase)

    – 65 year old: from £7,821 to £7,853 (£32 increase)
    Chris McWilliam, senior consultant at Aon Hewitt, commented: “For the second month in a row, employees have seen a welcome boost to their retirement income.  Although this is brighter news following months of gloom, it remains important for members to understand the effect that market fluctuations and the broader economic environment can have on their retirement income. Indeed, with the removal of a default retirement age, workers will appreciate that they have substantially more flexibility over both the timing and manner in which they eventually come to draw benefits. While retirement prospects are improving it is also crucial that individuals understand the need for making meaningful contributions to their pensions over an extended period of time to ensure a healthy pension pot upon retirement.”

    Source : Aon Hewitt Press Release

    0 1

    Top US House Republican John Boehner on Thursday vowed quick action next year to try to roll back President Barack Obama’s signature overhaul of the US health care system.

    “You’ll see us move quickly enough,” said Boehner, who is set to replace Democratic Representative Nancy Pelosi as Speaker when Republicans formally take control of the House in early January.

    Republicans believe Obama’s health care overhaul “will bankrupt our nation” and “believe it needs to be repealed and replaced with common-sense reforms to bring down the cost of health insurance,” said the Ohio lawmaker.

    Rolling back the sweeping measure has been a rallying cry for US conservatives, especially the “Tea Party” movement that helped power massive Republican gains in November 2 elections. But with Democrats in control of the Senate and Obama holding the White

    House, outright repeal is impossible, and experts predict Republicans will try a more piecemeal approach, including denying funds to implement key measures. Boehner’s comments came a day after a private foundation released a survey that gave US health care poor marks in a study of health care systems in 11 wealthy countries.

    The New York-based Commonwealth Fund study found that a third of US adults “went without recommended care, did not see a doctor when sick, or failed to fill prescriptions because of costs,” it said.

    That compared to as few as five to six percent in the Netherlands and Britain, according to the study.

    Washington, Nov 18, 2010 (AFP)

    0 0

    Duck Creek Technologies, Inc. (Duck Creek), a provider of innovative software and services for the insurance industry, announced it has signed an agreement with The Insurance Corporation of British Columbia (ICBC), to license Duck Creek Rating.

    ICBC is a provincial Crown corporation established in 1973 to provide universal auto insurance to British Columbia motorists. They are also responsible for driver licensing, and vehicle licensing and registration.

    ICBC was seeking new rating technology to help improve its flexibility and speed to market for new products and rating changes to respond more quickly to customer needs.

    “There are many vendors in the insurance technology marketplace. We wanted to make sure that we chose the right business partner for ICBC and our customers, considering costs, technology, and the culture of the company we would be working with,” stated Kellee Irwin, vice president, underwriting, ICBC. “We felt that Duck Creek was a great fit in all areas.”

    “We are pleased that Duck Creek was chosen by ICBC to provide its new rating system,” commented Steve Hall, Duck Creek’s president and CEO. “ICBC’s commitment to their customers is unparalleled. We are looking forward to partnering with their team on this project.”

    Source : Duck Creek Rating Press Release

    0 0

    A British court ruled Monday that only one veteran out of more than 1,000 who blame health problems on British nuclear tests in the South Pacific in the 1950s is entitled to seek compensation.

    High court judges accepted the bulk of the government’s appeal against a decision in June 2009 which stated that ten test cases out of 1,011 claims could proceed to a full trial, by ruling that only one case could go forward.

    The ex-servicemen claim they suffered cancer, skin defects and fertility problems because of involvement in the tests in Australia, Christmas Island and Monte Bello Islands between 1952 and 1958.

    The three judges ruled that nine of the ten cases referred for trial were lodged outside the legal time limit and also said the veterans had no evidence to prove their illnesses were caused by radiation exposure.

    Only the case of the late Bert Sinfield will be allowed to proceed. However, the veterans are likely to appeal, according to their lawyer, Neil Sampson, who said: “We are digesting the full judgment and anticipate making an application to the Supreme Court to overturn today’s decision.”

    Andrew Robathan, a junior defence minister, welcomed the court’s judgement and said that while the government recognised the “invaluable contribution” the veterans had made, their claims had been “extremely weak”.

    “While I have tremendous sympathy with anyone who is ill, the court accepted arguments that the general merits of the claims were extremely weak and said that the claimants had produced no evidence to link illnesses with attendance at the nuclear test,” he said in a statement.

    “We recognise the invaluable contribution of all service personnel who took part in the nuclear testing programme. We are grateful to them for the part they played in ensuring UK security.”

    He added that a war pension was available for all former British servicemen suffering from an illness or injury attributable to their time in the military.

    London, Nov 22, 2010 (AFP)

    0 0

    XL Insurance, the global insurance operations of XL Group plc, announced the appointment of Najib Bousakr as Financial Lines underwriter based in London.

    Mr. Bousakr has 10 years’ of experience in the Financial Institutions insurance market, with a focus on Southern Europe, Latin America and the Middle East. Most recently he was Financial Lines underwriter at Munich Re, having previously worked as a broker at Willis and AON.

    Gerard Bloom, Chief Underwriting Officer Financial Institutions at XL Insurance, said: “Since the beginning of the year we have built an experienced team of underwriters covering financial institutions in the UK and Continental Europe. With Najib’s appointment we are expanding to better meet the growing demand, especially from clients in Latin America and the Middle East.

    “In this challenging economic climate we are seeing continued interest from hedge funds, asset managers, private equity firms, insurance companies and banks, who appreciate being served by a dedicated Financial Institutions underwriting team.”

    Source : XL Press Release

      0 0

      The one in six Europeans with a disability should be able to cross EU borders carrying a single card offering bloc-wide entitlements from next year, the European Commission said Monday.

      A disabled parking card from one country, for example, would work in another, according to a plan to create a barrier-free Europe for the 80 million people with disbailities announced in Brussels.

      “This figure is likely to go up as the European population ages in the next 20 years or so,” said commission spokesman Matthew Newman.

      Along with mutual recognition of national disability cards, the 27-nation bloc will seek by 2015 common rules and standards to make services accessible to the disabled and improve their lives.

      In austerity-driven Europe, the measures in parallel are expected to have a knock-on effect on the economy, bolstering the market for assisted devices and services which is currently estimated at more than 30 billion euros a year.

      “We help people and we’re helping the economy,” Newman said.

      Deaf European parliamentarian Adam Kosa, a conservative from Hungary, said he welcomed the move and called for further efforts in developing the use of sign language and Braille as well as improved training to help people with disabilities join the jobs market.

      Brussels, Nov 15, 2010 (AFP)

      0 0

      A new service enabling motor insurers to cross check vehicle credit hire periods and reduce claims leakage by identifying fraudulent arrangements has been launched by CRIF Decision Solutions Ltd, part of the CRIF Group.  Insurers registering for the service prior to 1st December 2010 will benefit from a six months free trial.

      The motor insurance industry spends £600M on vehicle credit hire every year and significant cost savings can be generated by accessing vehicle credit hire specific intelligence. Currently, ‘overlap days’ where two insurers are charged for the hire cost of the same replacement vehicle, typically at the end of one rental period and the beginning of another, add unwarranted additional days of hire and associated costs to insurers.

      The service is available to all motor insurers and their delegated authority partners, requires no technology outlay and is swift and simple to use requiring only web browser internet access.  Licences, allowing unlimited searches and with no restriction on user numbers per registered organisation, are available on an annual basis.  Six monthly and quarterly licence options are also available.

      Registered users sign in, input the credit hire vehicle registration number and the period of hire and the system searches for matches.  Where a matching ‘overlap day’ is identified the user can contact the other insurer or the vehicle credit hire organisation directly and determine a course of corrective action.  When no match is identified but a subsequent entry by another user highlights a later match, an alert is also automatically sent to the insurer with the earlier entry.  The system is built to be self generative as users input data and will ultimately store historic data.

      91% of ‘traditional’ motor fraud cases include an element of credit hire.  LV= which has been working with CRIF to trial the service found numerous cases of overlapping. In addition, anomalies highlighted by CRIF’s vehicle credit hire intelligence alerted the insurer to undertake further investigation into four cases leading to the identification of organised claims fraud with a combined value of £80,000.

      Roger Walsh, Associate Director, CRIF Decision Solutions Ltd comments:  “The lack of cross industry intelligence and controls relating to vehicle credit hire make this area an attractive weak spot for fraudsters and vehicle credit hire fraud is consequently on the increase.   Following consultation with insurers, the development and launch of this new service is set to close this intelligence gap, support fraud reduction efforts and decrease claims spend.  The insurance industry is becoming ever more sophisticated in fraud detection and prevention measures and collaborative data sharing underpins many successfully deployed counter fraud strategies. The data stream generated by this initiative will enable us to provide further value add services to the industry and will also be made available to the Insurance Fraud Bureau to support the industry’s collective strategy on cross industry organised fraud.”

      Source : CRIF Press Release

      Prev1...151152153...170Next Page 152 of 170

      POPULAR POST

      Seroni Interactive is an independent publisher of information BtoC and BtoB sites in banking and insurance & specialist digital content. Our productions of brand content possible to affirm your image, positioning, demonstrate your expertise and create a traffic or a hearing and therefore advertising exposure for your brand.
      Contact us: contact@news-insurances.com

      SOCIAL

      34FansLike
      6Subscribers+1
      965FollowersFollow

      Popular category

      © Seroni Interactive