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Current Progress in Connected Claims Investment

Welcome to the second piece in our series about Connected Claims transformation. For this report, Insurance Nexus surveyed and interviewed over 600 executives from the insurance sector worldwide to find out how the industry views the challenge of creating a connected ecosystem within claims, where the challenges lie and what expectations are in the near to long-term.

Posted on Monday Feb 18

Government fires starting pistol for collective DC schemes

The Department for Work and Pensions (DWP) published a consultation on implementing collective defined contribution (CDC) schemes which closed on 16 January. This came following a request from Royal Mail for UK legislation to be amended to allow CDC schemes. Unlike traditional pure defined contribution (DC) schemes, where the member bears the bulk of the risks, and defined benefit (DB) schemes, where the employer takes on the risks, CDC schemes allow risks to be shared between members.
Posted on Friday Feb 15

Can you spot the Investment Scam

Can experienced investor Alvin Hall spot the scam when pitched three potential investment opportunities?
Posted on Tuesday Feb 12

What are the End Game Options

Over the last few years, strong market returns and positive mortality experience (from a pension scheme’s perspective, if not its members’) mean that a number of pension schemes are now firmly in the end game, and are considering solutions such as CDI or buyout. This piece is intended to be a brief run-through of the possible options.
Posted on Tuesday Feb 12

Taking Responsibility for Claims Transformation

The arguments surrounding the need for change in the insurance industry have largely been won. In recent years, dramatically increasing regulations, competition and customer expectations, along with dwindling resources and technical skills shortages have combined to produce an environment of uncertainty. All too often, insurance carriers have tended to push what they have been able to produce, rather than respond to what the customer demands.In a setting where that demand is changing radically, it is more important than ever that carriers step back and listen to customers. Enter ‘Connected Claims’.
Posted on Friday Feb 8

IFoA on the impact of Genomics for actuaries

IFoA video on the impact of Genomics for actuaries featuring Peter Joshi, John Taylor, Angus MacDonald and Alan Watson
Posted on Wednesday Feb 6

Alexa should I do a fund switch

Among the biggest sellers last year for Christmas gifts were voice-controlled assistants that allow people to control various operations in their houses from the comfort of their own sofas. Alexa from Amazon is the most famous but other tech companies, such as Apple, Google have similar devices now, which respond directly to the owner’s voice and carry out basic tasks such as playing music, timing dishes being cooked, answering general knowledge queries and providing news and weather information.
Posted on Wednesday Feb 6

What does 2019 have in store for the LGPS

2018 was another eventful year for pensions. In the LGPS we saw three new sets of regulations passed introducing exit credits, equalisation of survivor benefits and new powers for MHCLG to issue statutory guidance.We also saw possible employer cost cap breaches, increased scrutiny from The Pensions Regulator (TPR) and Section 13 valuation reviews by the Government Actuary’s Department (GAD).
Posted on Thursday Jan 31

Willis Towers Watson on Risk Protection and Managing Stress

Willis Towers Watson video on Risk Protection and Managing Stress
Posted on Wednesday Jan 30

Do the new SAPS 3 mortality tables give a confusing message

In December 2018 the Continuous Mortality Investigation (CMI) published the ‘S3’ series mortality tables based on Self-Administered Pension Schemes (SAPS) data between 2009 and 2016, showing fewer deaths than expected compared to the ‘S2’ series mortality tables.
Posted on Wednesday Jan 30

Navigating DB Consolidation in uncharted waters

Today I jump in my car switch on my SatNav and GPS guides me to where ever I want to be on the planet to within a few feet – wonderful tech! Go back prior to 1973 and most of us were still planning routes on Ordnance Survey maps and A-Z guides. Those of us that sailed also had to rely on sextants, wonderful precision instruments that date back to John Bird in 1759. However, both options seem a bit of a luxury compared to navigating the uncharted waters of the new breed of DB consolidation!
Posted on Monday Jan 28

It aint what you do its the way that you do it

....that’s what gets results…. I may be showing my age with this Bananarama song but it’s really appropriate now we’ve started to see the first DC Chair’s Statements being published under the new Regulations. Chair's Statements were originally intended as member documents. But we all know that, in reality, these are not member documents and trustees need to treat them as compliance documents.
Posted on Tuesday Jan 22

Allowing for climate related risks

Allowing for climate related risks when setting long term financial assumptions
Posted on Monday Jan 21

One more year so can we stop thinking about IFRS17 for now

On 14 November 2018, the IASB announced a deferment of the IFRS17 implementation date by a year, with some still calling for a two year delay.You could almost hear a collective sigh of relief as more and more insurers begin to turn their attention to what is turning out to be a more complicated accounting standard than they first thought.
Posted on Monday Jan 21

Mean Reversion in Equities

A common argument in favour of equity investments is that, even though they go down, they will bounce right back up again. Commentators may advise “riding out the storm” after a fall, or “getting out at the peak” after a rally. Effectively, this implies mean reversion.The trouble is, there is no one clear definition of mean reversion, and the term covers a variety of nuances.
Posted on Thursday Jan 17

How to get the most out of your insurance consultant

More than half of UK life insurance companies (59%) will spend more on actuarial consultants in the next year. This is one of the key findings of our recent ‘Perspectives on Value’ report which canvasses 100 leading voices from 45 UK life insurance firms. However, while utilisation of external consultants is rising, our research indicates inherent weaknesses in the procurement process presents obstacles to insurance companies achieving better outcomes and value for money.
Posted on Monday Jan 14

Video of what a cyber attack looks like in the real world

Hackers and their scams live behind keyboards. Invisible and faceless. Hiscox show how it would look ff cyber crime happened in the physical world, this is how it would look.
Posted on Friday Jan 11

Make your New Years resolution to be Scam Smart in 2019

Two years on from the government’s announcement that it intended to ban pensions cold-calling in order to end the appropriation of millions of pounds of people’s pension funds by scammers, the regulations introducing the ban have finally been approved by Parliament, and is now in effect. The day after the ban was approved, The Pensions Regulator (TPR) announced an investigation into a suspected pension fraud, where 370 people were persuaded to transfer around £18 million into eight different ‘sham’ pension arrangements.
Posted on Thursday Jan 10

Discussion from the IFoA on the CMI S3 Mortality Tables

Discussion video from the IFoA on the CMI S3 Mortality Tables
Posted on Wednesday Jan 9

Inside the DB Pension Scheme Universe

Last month, the Pension Protection Fund (PPF) published the Purple Book 2018, a report giving the most comprehensive view available of the UK’s defined benefit (DB) pensions landscape. Using DB scheme data collected by The Pensions Regulator and information collated by other key UK statisticians, the Purple Book 2018 revealed a continuation of significant risk in the DB universe, despite an increase in its aggregate funding level.
Posted on Monday Jan 7

Whats new in Pensions in 2019

The big question underpinning most things in 2019 is what is going to happen in relation to Brexit? Are we really leaving the EU on 29 March? If so will it be with or without a deal and what will be the economic consequences as a result? I feel certain we can count, in any scenario on at least some market turmoil and uncertainty for which pension funds will have to prepare and cope with as best they can.
Posted on Thursday Jan 3

Wearables and health apps from promises to solutions

Consumers are faced with a vast array of wearable health products and platforms, but which ones will prove to be solutions for the insurance industry? The Wearables and health apps: moving from promises to solutions conference, hosted by the Swiss Re Institute and Swiss Re Life and Health brought together companies impacting the Life and Health sector.
Posted on Wednesday Jan 2

ACA Pension Trends Survey

In the final report summarising the results of the ACA’s 2018 Pension trends survey, the Association of Consulting Actuaries (ACA) has found support for only a small increase in minimum automatic enrolment (AE) pension contributions after 2019, despite three-quarters of employers forecasting that scheme participation rates will not fall when minimum contributions increase next April.
Posted on Wednesday Jan 2

NHS epidemic as workers face retirement poverty

A recent Freedom of Information (FOI) request by the Health Service Journal found that 245,561 NHS staff had opted out of the NHS pension scheme in the last three years. This figure represents around 16% of the active membership of the scheme according to Royal London calculations. Additional FOIs tabled by Royal London to the Teachers’ Pension Scheme, the Civil Service Pension Scheme and the Armed Forces Pension Scheme found much lower levels of opt-out.
Posted on Monday Dec 31

A useful servant or a dangerous master

There is no doubt that technology is a key driver in most, if not all, industries and that the pace of change continues to accelerate. We may fondly imagine that we are up to date only to discover a colleague – or more tellingly our children – are using a new app to do something that you have spent hours on in mere seconds.
Posted on Thursday Dec 27

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