innovation News

ACORD’s Innovation Tools Experiencing Soaring Reinsurance Demand

ACORD, the standard setting body for the global insurance industry, is experiencing a massive jump in global reinsurance and other industry interest in its digital products and services, CEO Bill Pieroni said. The increase comes as reinsurers and carriers, already …

WTW Names Shaw as Global Head of Data, Analytics & Innovation, Global Facultative

Willis Towers Watson announced the appointment of Fiona Shaw as its new head of data, analytics and innovation for its Global Fac division. Shaw has extensive insurance, reinsurance and analytics experience having spent 30-plus years at Willis Towers Watson, initially …

Lloyd’s Innovation Accelerator Focuses on COVID-19 Market Response with 3 Insurtechs

Lloyd’s has started work with three insurtech startups to help the market respond to the COVID-19 pandemic. As part of its package of measures to respond to the COVID-19 pandemic, Lloyd’s has expanded the scope, process and timings for new …

Winners Announced for 5th Annual Efma-Accenture Innovation in Insurance Awards

Efma, an association of more than 3,300 retail financial services companies in 130 countries, and Accenture, the professional services company, have announced the winners of the fifth annual Innovation in Insurance Awards during a virtual awards ceremony. The awards competition, …

RMS CEO White: Embracing Change in a Transforming Industry

During her career, Karen White, the CEO of RMS, has had a front-row seat to observe what happens with companies and industries in transformation and how enormous value—and disruption—can be created. While some people are afraid of change, White embraces …

P/C Insurers Score Low for Innovation, While Reinsurers Do Better: AM Best

In an initial test of its new innovation assessment scores, AM Best found that only 1 percent of rated property/casualty insurers merit scores high enough to categorize them as innovation leaders, according to a recent report. The special report, “AM …

Innovation, Economic Growth Depend on Taking Risks, Tolerating Failure: Viewpoint

While concerns loom over an impending recession caused by the spread of COVID-19, policymakers and business leaders have implemented radical strategies, such as slashing interest rates to invigorate the country’s weakened economy. Research and Development (R&D) has long been key …

The Unique Requirements of a Lloyd’s Syndicate-in-a-Box

Lloyd’s developed the concept of a syndicate-in-a-box (SiaB) to make it easier for innovative capital to enter the market, but there are certain requirements and differences compared to traditional syndicates. The first company to announce the launch of an SiaB …

Lloyd’s 1st Syndicate-in-a-Box, Operated by Munich Re, Aims to Be an Innovation Lab

Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost base of the market. One …

The Lowdown: Innovation, Social Inflation, Hot Markets and More…

I recently had the benefit of attending the Society for Insurance Research 49th annual conference, where I was immersed in discussions about data, research, artificial intelligence, machine learning and more. This intimate conference included 200 attendees from 48 carriers and …