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Survey shows Lloyds Managing Agents facing tough challenges

Mazars has published its annual Lloyd’s Coverholder Management Survey. It found that 55% of Lloyd’s Managing Agents are struggling with resources in their delegated authority teams, a worrying trend given that this figure has risen from 33% since 2010. Meanwhile, 90% believe that the conduct risk regime is not falling away.
Posted on: Friday Mar 23

L&G sponsor Alzheimer's Research #sharetheorange campaign

Legal & General support the launch of Alzheimer’s Research UK (ARUK) second #ShareTheOrange campaign which seeks to raise awareness of dementia and the ground breaking research that is being undertaken to help defeat it. Legal & General has been working with ARUK since 2015 when they helped fund the project ‘Dementia Explained’ which was the development of a website designed to help children and young people who were living with a parent or relative affected by dementia understand what it is and how it impacts the brain. Last year they funded ‘A walk through dementia’, a virtual reality app which helps the user experience and understand the very complex and frightening symptoms that people with dementia have to face.
Posted in: Articles
Posted on: Thursday Mar 22

Virgin Money and Aberdeen Standard agree joint venture

The proposed joint venture will combine Virgin Money’s brand and retail distribution expertise with Aberdeen Standard Investment’s (ASI) strength in asset management together with access to the market-leading technology and digital expertise of ASI. The joint venture is expected to transform Virgin Money’s retail investment proposition, driving significant growth in assets under management and capital-light returns. It is anticipated that ASI will acquire 50 per cent of Virgin Money Unit Trust Managers Limited1 with the transaction expected to complete by the end of 2018
Posted on: Thursday Mar 22

Shareholders challenge value of high risk acquisition deals

According to Willis Towers Watson’s latest Quarterly Deal Performance Monitor (QDPM) global M&A market performance was flat in the first quarter of 2018. Dealmakers on average underperformed the Index by 0.1pp (percentage points) in the last three months, with large (valued at over $1bn) and mega (value at over $10bn) deals especially struggling to add value, as well as cross border and cross regional deals.
Posted on: Thursday Mar 22

Eye, Robot

It may be a staple of Hollywood movies, such as Judge Dredd or Minority Report, to use retina-scanning to make the point that the movie is set in the future or to engender fear in horror movies by having the bad guys remove eyes to get access to retina-scan locked buildings, but reality is catching up as bio-metrics are moving mainstream in many industries in order to control access to particular sections of the building or to monitor hours worked.
Posted in: Articles
Posted on: Thursday Mar 22

Impact of Artificial Intelligence on the reinsurance sector

For the past few years, Artificial Intelligence (AI) has been rolled out with spectacular speed in an increasing number of areas, such as medicine, the auto industry, finance, manufacturing, agriculture and marketing. This expansion lies at the crossroads of three major technological developments: the emergence of big data, the normalization of the interconnection between humans and machines, and advances in machine learning (technology that enables machines to learn from experience).
Posted on: Thursday Mar 22

DC members could be exposed to unintended investment risks

Aon has said that defined contribution (DC) pension scheme members may be exposed to unintended investment risks through the design of their default strategy.
Posted on: Thursday Mar 22

JLT launch new buyout comparison service

JLT Employee Benefits launches a new buyout comparison service and monitoring tool that allows companies and trustees to receive regular bulk annuity quotations from insurers in the marketplace. The service launches with eight pension schemes already fully enrolled, with initial quotations expected imminently.
Posted on: Thursday Mar 22

Amount of people in work past seventy almost doubles

The number of employees that expect to work past the age of 70 has nearly doubled in seven years, from 17% in 2010 to 32% in 2017, according to new research published today from LifeSight, Willis Towers Watson’s UK DC Master Trust. The Global Benefits Attitudes Survey (GBAS) 2017, looks at retirement expectations.
Posted on: Thursday Mar 22

FCA publish their Approaches to Supervision and Enforcement

The Financial Conduct Authority (FCA) has published its Approach to Supervision and its Approach to Enforcement.
Posted on: Wednesday Mar 21

Ten ways you may be invalidating your car insurance

Having car insurance is a legal requirement for motorists, but whether it’s valid or not depends on how accurate the current information your insurance company holds is. Providing false information or failing to update with changes of circumstance, whether accidentally or not, can invalidate your insurance meaning your insurer is able to refuse to pay out for claims, or even cancel your policy. Some types of misinformation may even be classed as fraud and could see you end up in court.
Posted on: Wednesday Mar 21

Aon appoint new Chief Risk Officer

Aon UK Ltd has confirmed the appointment of Matt Kimber as Chief Risk Officer (CRO).
Posted on: Wednesday Mar 21

Technology transforming the travel insurance industry

The move by the Co-op to marry technology with unlimited medical expenses - with its first foray into the travel insurance market - has been hailed as the shape of things to come by Aquarium Software. The travel insurance technology specialist says that in addition to being a first for the general insurance market, the ability to speak to a doctor before and during a trip via smartphone is just one more example of how technology will transform the sector in the years ahead. The move to pay medical expenses up-front is big news, with holidaymakers currently having to claim back retrospectively – with the average travel claim standing at over £2,000.
Posted on: Wednesday Mar 21

Planning for retirement more difficult than naming a child

New research by Columbia Threadneedle Investments found that people about to retire are struggling to navigate the complex task of planning for retirement and making decisions about how to convert their pensions savings into income. Many consider planning for retirement among the hardest decisions in life – harder than naming a child or buying a house – and believe that their savings may not last them throughout retirement.
Posted on: Wednesday Mar 21

DWP White Paper still a shade of green says Aon

Aon has said that although the Department for Work and Pensions (DWP) White Paper has defined the areas of focus for the DWP and the Pensions Regulator (tPR), many of the issues raised will require further consultation.
Posted on: Tuesday Mar 20

Octo partner with RCI Bank to provide telematics services

Octo Telematicshas announced that it has entered into a global partnership with RCI Bank and Services, the finance company from Groupe Renault to provide its telematics services and advanced big data analytics to enhance the driving experience of drivers worldwide.
Posted on: Tuesday Mar 20

Is the Civil Liability Bill just a bill to cut car insurance

Injured people will take the biggest hit to their rights in recent memory under the terms of the Civil Liability Bill, a leading lawyer from APIL said.
Posted on: Tuesday Mar 20

Additional comments on DWP whitepaper on DB Pensions

Aditional comments from JLT Employee Benefits, Xafinity Punter Southall and Sackers pensions on the DWP whitepaper on protecting DB pension schemes
Posted on: Tuesday Mar 20

Helping DC members achieve better outcomes

Nest feature Steve Utkus, Center for Investor Research from Vanguard followed by Shlomo Banartzi, Professor at the University of Californai Los Angeles (UCLA) Anderson School of management speaking about helping DC members achieve better outcomes
Posted in: Articles
Posted on: Tuesday Mar 20

Frank Field and the work of his committee

The Work and Pensions Select Committee have been a busy bunch. At a glance they have around 12 inquiries on the go around various areas of pensions, benefits and modern working practices.There are three that may yet have a direct impact on the occupational pensions industry and give some signs for future regulation and/or legislation.
Posted in: Articles
Posted on: Tuesday Mar 20

Pension schemes will have to provide a Chairs statement

Commenting on the White Paper’s message that the government will come down heavily on employers who act in a way that is detrimental to their pension scheme, Clive Fortes, Partner, Hymans Robertson says:
Posted on: Monday Mar 19

Comment on DB pensions whitepaper from Aegon and Aon

Comment from Kate Smith from Aegon and Lynda Whitney from Aon on the DWP White Paper, ‘Protecting Defined Benefit Pension Scheme’
Posted on: Monday Mar 19

The pensions yo yo returns as pensions index remains stable

The pensions ‘yo-yo’ surfaced again in February 2018, with the PPF 7800 Index falling back from its near 4-year record high last month. In contrast, First Actuarial’s Best estimate (FAB) Index remained stable for the fourth consecutive month.
Posted on: Monday Mar 19

Insurance Europe develop GDPR data breach template

Insurance Europe has developed a template that could help companies meet the obligation under the General Data Protection Regulation (GDPR) to notify their competent supervisory authority about personal data breaches.
Posted on: Monday Mar 19

Key pension trends highlighted in new Aon survey

Aon Employee Benefits has published the results of its Benefits and Trends Survey 2018 which sheds new light on key areas of focus for UK pension schemes.
Posted on: Monday Mar 19

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