Cloud-Based Insurtech Startup Insly Raises €2.2M ($2.7M) in Funding

Insly, a cloud-based insurance platform, announced an investment of €2.2 million (US$2.7 million), led by Concentric and Black Pearls VC.

Founded in 2015, Insly offers insurance policy management for insurance brokers and agents, as well as MGAs and wholesale. The London-based company said its goal is to make insurance easy to understand, manage, and buy for both service providers and end users.

Insly said it serves 180 customers in 40 countries, with close to €2 million euros ($2.5 million) of revenue in 2017.

The raised funds will go towards developing the platform further, scaling the business and expanding into new markets, the company added.

“We have proven the value of our product on several markets,” said Risto Rossar, CEO of London-based Insly.

“It is now a matter of scaling it all up. We will strengthen our position in the MGA and P/C insurance companies segment as well as continue with the geographical expansion.”

“Although our main focus in terms of the MGA business remains in the UK, we now serve MGA-type customers elsewhere as well, with particularly good up-pick in Canada,” commented Insly’s CCO Ott Kell.

“We have been keeping an eye on the insurtech landscape for some time and it has been a challenge to find a company that has a long-term vision and an actual, proven value proposition,” says Kjartan Rist, managing partner of Concentric. “Insly has shown its capability to change the archaic insurance industry.”

The investment round also was supported by the National Center for Research and Development from the Polish side, and the London Co-Investment Fund from the UK side.

About Concentric

Concentric, with offices in London and Copenhagen, is an investment partnership investing in digital technology companies across Europe. It supports innovative businesses that can defend a leading market position and companies with a proven product and business model.

About Black Pearls VC

Headquartered in Gdansk, Poland, Black Pearls VC is an early stage venture capital firm, focused on supporting the best entrepreneurs in Poland and the Baltic Sea Region, who develop deep-tech and enterprise software businesses.

Hamilton Re’s Chief Underwriting Officer Lefebvre to Leave Company

Hamilton Re Ltd., the Bermuda platform for Hamilton Insurance Group, announced that Claude Lefebvre, chief underwriting officer, Partnerships & Casualty Reinsurance, will be leaving the company to pursue other interests.

Lefebvre, who was a founding member of Hamilton Re, has agreed to stay on in his current capacity until the end of March to facilitate an orderly transition, after which he will remain available to the company while completing his period of garden leave.

“Claude’s role in founding and building Hamilton Re has been meaningful,” said CEO Kathleen Reardon. “He
was instrumental in assisting us in building a market reputation for superior client service.”

“Hamilton is grateful for Claude’s many contributions to Hamilton Re over the past six years and we wish him the best in his future endeavours.”

Chartered Insurance Institute Is On The Move

If you want to take two steps forward, sometimes you have to take one back – and that’s what the Chartered Insurance Institute ( CII ) has done with its planned office move.

The industry body has one eye on the past and one eye on the future with its selection – heading next door to the original site of the Lloyd’s Coffee House, at 21 Lombard Street, 1st Floor, EC3V 9AH.

While it may be tipping its hat to the history of the sector, the CII is keen to emphasise that the move represents a push towards modernisation as the location provides an open plan and technologically sound base from which it can operate.

“I’m really pleased to confirm our new office at 21 Lombard Street,” said CII chief executive and Insurance Business columnist Sian Fisher.

“This is a contemporary, fully-functional and modern office space that will allow us to continue to welcome our members and help us overcome some key operational challenges facing our current office in Aldermanbury.

“We have committed to modernise our organisation in order to keep relevant to our ever-developing profession. Our new office is open plan, light and bright, fitted out with modern technology and in the centre of things.”

The new office is set to boast a dedicated conference space for up to 50 people for CII events as well as a contemporary area for staff and visiting members called the Knowledge Lounge. This will be a touch-down working space with access to the Knowledge Services and online resource centre.

As for the Aldermanbury building, it is being sold to the City of London which is looking to protect it. It will be closed for refurbishment from September 28.

Endeavour Launches Deductible Buyback Program for Construction Wraps

Delegated authority specialist and Lloyd’s broker Endeavour Insurance Services has launched a subcontractor deductible buyback program for large construction wraps designed to support local contractors in the USA.

Distributed through Endeavour’s local USA partner via an online web portal, the wrap deductible buyback reduces costs for general contractors, while protecting the financial interests of subcontractors.

Wraps are often involve multiple parties, including construction contractors, developers, joint venture partners and others connected to the project.

According to Endeavour, local subcontractors can sometimes be put into a potential adverse financial position, or even lose out on projects, as a result of multi-layer deductible programs controlled by the lead contractor, containing deductibles that are unaffordable to smaller sub-contractors.

This buyback program reduces this deductible to a more realistic level for subcontractors, while still protecting their income should issues arise on the project.

Featuring follow-form wording, the policy pays the difference between the deductible of the wrap and the insured’s retention, subject to a maximum amount payable. The lead contractor in the wrap can be protected as well: if all the subcontractors buy this cover it reduces their risk to deductibles and enhances their credit control.

A web portal administered by a local Endeavour partner is used to trade the business with all documents processed electronically.

Founded in March 1999, Endeavour Insurance Services specializes in the placement of business produced by North American and European agents handled under delegated authorities.

Now employing 44 people in its London office, Endeavour has four divisions supporting business from the USA; Canada, Europe and the Rest of the World; Facultative Reinsurance; and Cyber.

Endeavour is an accredited Lloyd’s Broker.

IAT Insurance Acquires Excess and Umbrella Business from Rockhill Insurance

IAT Insurance Group (IAT) has reached a definitive agreement to acquire the renewal rights and certain associated assets for a book of surplus lines excess and umbrella insurance business from Rockhill Insurance Group. Rockhill is a subsidiary of State Auto Mutual Insurance Company.

Financial terms were not disclosed, and the deal is expected to close May 1, 2018.

“Securing renewal rights to Rockhill’s established surplus lines excess casualty portfolio, along with several of their experienced employees, will significantly support our efforts to expand our middle-market presence,” said IAT Chief Executive Officer Bill
Cunningham. Mike LaRocco, president and CEO of State Auto, said:

“We’re pleased we’ve reached this agreement with IAT, which upon closing will complete State Auto’s previously announced divestiture of its specialty lines of business.”

As part of the deal, IAT will consolidate Rockhill’s Kansas City, Mo., excess and umbrella operations into its own office in the city, including the on-boarding of 11 current Rockhill employees. The Rockhill portfolio consists of approximately $40 million of in force premium and focuses on providing unsupported umbrella and excess coverage for low-to-medium hazard, middle-market commercial risks.

The transaction adds to IAT’s planned growth in this area of business. Last fall, IAT hired Coy Rudd to serve as senior vice president of a new excess casualty – mid market E&S unit targeting middle-market risks written through wholesale surplus lines brokers.
“When I joined IAT last year, this was the kind of focused acquisition I felt would truly kick-start the expansion of our excess liability business,” said Rudd. “The profile of this book of business fits very well within our target market.”

IAT Insurance Group is a privately owned, specialty insurance company providing property and casualty products for businesses and individuals.

With 700 employees and 13 offices across the country, IAT markets through six business units – commercial transportation, specialty, programs, inland marine, excess casualty – mid-market E&S, and assumed reinsurance. The IAT Insurance Group companies are rated A- Excellent by A.M. Best.

State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states.

Keefe, Bruyette & Woods, Inc., a Stifel Company, served as financial advisor to State Auto in the transaction.

Source: IAT Insurance Group

Low Back Pain, Which Affects 540 Million Worldwide, Often Mistreated

Low back pain is the leading cause of disability worldwide, affecting an estimated 540 million people at any one time. Yet, a new series of papers in The Lancet highlights the extent to which the condition is mistreated, often against best practice treatment guidelines.

Evidence suggests that low back pain should be managed in primary care, with the first line of treatment being education and advice to keep active and at work.

However, in reality, a high proportion of patients worldwide are treated in emergency departments, encouraged to rest and stop work, are commonly referred for scans or surgery or prescribed pain killers including opioids, which are discouraged for treating low back pain.

“The majority of cases of low back pain respond to simple physical and psychological therapies that keep people active and enable them to stay at work,” according to series author Professor Rachelle Buchbinder, Monash University, Australia. “Often, however, it is more aggressive treatments of dubious benefit that are promoted and reimbursed.”

The series reviews evidence from high- and low-income countries that suggests that many of the mistakes of high-income countries are already well established in low-income and middle-income countries. Rest is frequently recommended in low and middle income countries, and resources to modify workplaces are scarce.

Low back pain results in 2.6 million emergency visits in the U.S. each year, with high rates of opioid prescription. A 2009 study found that opioids were prescribed to around 60 percent of emergency department visits for low back pain in the U.S.

Additionally, only about half of people with chronic back pain in the U.S. have been prescribed exercise. In India, studies suggest that bed rest is frequently recommended, and a study in South Africa found that 90 percent of patients received pain medicine as their only form of treatment.

“In many countries, painkillers that have limited positive effect are routinely prescribed for low back pain, with very little emphasis on interventions that are evidence based such as exercises. As lower-income countries respond to this rapidly rising cause of disability, it is critical that they avoid the waste that these misguided practices entail,” adds Series author Professor Nadine Foster, Keele University, UK.

The Global Burden of Disease study (2017) found that low back pain is the leading cause of disability in almost all high-income countries as well as central Europe, eastern Europe, North Africa and the Middle East, and parts of Latin America. Every year, a total of 1 million years of productive life is lost in the UK because of disability from low back pain; 3 million in the U.S.; and 300,000 in Australia.

The global burden of disability due to low back pain has increased by more than 50 percent since 1990, and is due to increase even further in the coming decades as the population ages.

Low back pain mostly affects adults of working age.

Rarely can a specific cause of low back pain be identified so most is termed non-specific and evidence suggests that psychological and economic factors are important in the persistence of low back pain. Most episodes of low back pain are short-lasting with little or no consequence, but recurrent episodes are common (about one in three people will have a recurrence within one year of recovering from a previous episode) and low back pain is increasingly understood as a long-lasting condition.

The authors say that health care systems should avoid harmful and useless treatments by only offering treatments if evidence shows that they are safe, effective and cost-effective. They also highlight the need to address widespread misconceptions in the population and among health professionals about the causes, prognosis and effectiveness of different treatments for low back pain.

“Millions of people across the world are getting the
wrong care for low back pain. Protection of the public from unproven or harmful approaches to managing low back pain requires that governments and health care leaders tackle entrenched and counterproductive reimbursement strategies, vested interests, and financial and professional incentives that maintain the status quo,” says author Professor Jan Hartvigsen, University of Southern Denmark.

“Funders should pay only for high-value care, stop funding ineffective or harmful tests and treatments, and importantly intensify research into prevention, better tests and better treatments.”

Do You Need Insurance For Liability?

Yes, you do. Any business that deals in high-risk and related activities, such as construction, should have appropriate levels of insurance in place. Otherwise, you run a serious risk of bankruptcy if there’s a judgment against your company -- or worse, exposure of the owners personally.

Additionally, liability insurance may well be a requirement of any job that you work on. Be sure to speak to a commercial insurance professional to make sure you have the levels -- and different
kinds of business insurance -- that you will need.


These include: forming a separate business entity, having a written contract for all of your jobs and complying with any health or safety regulations that are relevant to your business. Don’t overlook codes and regulations concerning sanitation and disposing of hazardous materials.

As to the business itself, you’ll want a clear understanding with
your business partner about decision-making, capital contributions and why each of you might leave the business which you’d address in a partnership agreement. A local attorney who understands the construction industry should be able to help you with these items.


Opinions Expressed Are Of Nina Kaufman

How Producers Can Turn Social Media From Foe to Friend

Amidst following up on leads, generating new business, and meeting with clients, insurance producers shouldn’t be ignoring the power of the web.

A lacklustre or non-existent online presence can cut agents and brokers off from a wide swathe of potential customers.

And even if they recognize the importance of using social media or sending out press releases, many producers simply don’t know how to get started.

“These are people that have lots of experience and knowledge to share, and they don’t do a very good job of getting that out into the world for others to see,” said
David Estrada, industry veteran and Rainmaker Advisory
founder.

Consumer mindsets have shifted. Just like many people scour the web for the best places for ramen, tacos or steak before settling on where they’re eating dinner, potential clients are doing their own online research.
Simply put, word of mouth isn’t enough anymore.

“You can be known by word of mouth on the block that you live in and that’s great, but you’re doing really great work – how is everyone else in the city going to get to know you?” said Estrada.

“With social media, with the ability to do research on the internet, there is certainly more exploration the buyers will conduct on their own.”

That doesn’t mean producers should sign up for every available platform.

Estrada recommends picking one that’s going to get the job done, and becoming a master at using the channel to reach more people. If a producer is sending tweets, posting to Instagram, and trying to draw in Facebook users through targeted ads , they might be spending less time on managing their book of business.

“What any professional in my opinion has to be conscious of is, am I now getting a mile wide and an inch deep here, and then not spending so much time learning all of these different platforms and how to distribute content through them,” said Estrada.

Press releases offer another route for producers looking to promote their work. Freelancers-for-hire on sites like UpWork can write up a press release at a low cost that a producer can then link to when emailing clients.

“That’s something that can differentiate a producer in the field who is trying to connect with a client, gain an appointment and differentiate themselves from others who are trying to do the same thing,’ said Estrada.

“It seems to be a pretty big ‘wow’ factor and a credibility factor for a lot of these guys.”

Marsh becomes part of open source blockchain initiative

Marsh has revealed that it has joined the Enterprise Ethereum
Alliance (EEA), an open source blockchain initiative.
The EEA, currently with over 400 member companies, aims to
create open industry standards and frameworks for blockchain
applications – particularly those based on the Ethereum platform.

According to a release, Marsh is the first insurance broker to be a
part of the alliance. As a member of the EEA, the company “will
play an active role in the Insurance Working Group and the Digital
Identity Working Group,” by collaborating with other members
and encouraging the adoption of blockchain applications.

“We see the potential of blockchain technology as having a
game-changing impact on the risk management and insurance
industry — one that enables the creation of new business
models, products, and platforms that better serve our clients in
the new economy,” said Marsh chief digital officer and chief data
& analytics officer Sastry Durvasula.
Durvasula added that Marsh’s inclusion in the EEA allows the
broker to explore new solutions and disruptive use cases of
blockchain technology with other members, while helping
develop the Ethereum platform into something “enterprise-
grade”.

Marsh also recently joined another similar initiative – The
Institutes RiskBlock Alliance – a risk management and insurance
industry enterprise-level blockchain consortium that is looking to
leverage blockchain to reduce industry transaction costs without
sacrificing data security.

Generali sees operating results hit record high

It’s been a difficult reporting period for most insurers with many
seeing their operating profits hit by last year’s swathe of natural
disasters. International insurer Generali, however, has bucked
that trend – seeing its operating results hit a new, record high.

The Italy-based insurer reported an operating result of €4.89
billion (around £4.32 billion) – representing a rise of 2.3%. Its net
profits hit €2.1 billion, also climbing, this time by 1.4%.
Meanwhile, its combined operating ratio of 92.8% was described
as being “the best among large peers.”

“The excellent results that we presented today confirm the validity
and effectiveness of our strategic plan in this current market
context,” said Generali Group CEO Phillippe Donnet. “We are
perfectly positioned to reach all of our objectives that we had set
for 2018.”

On the back of the results, the firm’s board of directors has
proposed a dividend of 0.85 euro per share, an increase of 6%
from 0.80 euro in 2016.
“Our focus on technical excellence, combined with the results of
our investments, asset & wealth management business and the
cost reduction target hit two years ahead of schedule, have
pushed the operating result to record levels,” continued Donnet.

“In 2017, we implemented a series of important projects, such as
the launch of the new asset management strategy, the
rationalising of the international footprint and the transformation
of our German business - all initiatives that contribute to the
overall resilience of our Group.”

Elaborating on its performance, the firm noted a 1.8% increase in
its life business due to a “better investment performance”, as well
as a boost to asset management division. Its P&C operating result
was down 4.9% - this being largely linked to €416 million in
natural catastrophe claims.

FCA intervenes in Aviva preference shares controversy

The Financial Conduct Authority (FCA) has stepped in after Aviva’s
pronouncement about the possibility of cancelling preference
shares at par value caused quite a stir.

“In 2018, we have signalled our intention to reduce hybrid debt
by £900 million,” said Aviva in its results report last week. “We
are targeting more than £500 million in additional capital returns,
incorporating liability management and returns to shareholders.
In this regard, we have the ability to cancel preference shares at
par value through a reduction of capital, subject to shareholder
vote and court approval.”

This did not go down well with preference shareholders, with
some going as far as accusing Aviva of trying to cheat. Now the
FCA is intervening and has talked about its “active inquiries into
the matter,” according to The Times.

“We are seeking to understand the basis upon which the firm is
taking this action and we are considering whether they have put
sufficient information into the public domain,” the FCA was
quoted as saying. It has confirmed reaching out not only to
Aviva and its advisers but also to those who hold shares.

Meanwhile the report added that fixed income market expert Mark
Taber, who campaigns for ordinary bondholders’ rights, will be
challenging the insurer’s plans and is currently putting together a
group.
“As we evaluate the alternatives, one of the things we are
considering is how to balance the interests of ordinary and
preferred shareholders,” Aviva said previously, but for now it has
some explaining to do with the FCA.

Wells Fargo to face further penalties over insurance – reports

Embattled financial services firm Wells Fargo is in for further
penalties, if sources cited by Reuters are to be believed.
The California-headquartered company, which in 2016 was
ordered to pay a record US$190 million after it was found that
fake bank accounts had been created in a move to pad sales
figures, is likely to be slapped again – this time for its
controversial “force-placed” insurance policies involving auto
borrowers.

Wells Fargo may have announced its exit from the
personal insurance business last year, but woes concerning its
practices not about to go away.
Citing people familiar with the probes, Reuters said the new
sanctions will centre on the fact that the troubled company stood
to gain from its controversial motor insurance programme. That
while it has pointed the finger at a third-party provider, it
receiving commissions – something that was not disclosed
earlier – is a different story.

According to the report, the Office of the Comptroller of the
Currency (OCC) is looking into whether the payments should
have been halted sooner and which bank executives had
knowledge of the money coming in. The policies were force-
placed on borrowers who supposedly let their own coverage
lapse.

It was noted that the unnamed vendor mistakenly did so when in
fact motorists had insurance in place.
“We should have caught that and we should have dealt with it,”
chief executive Tim Sloan, said previously.

Revealed: Amazon eyeing business insurance

After being spotted recruiting for London-based insurance
professionals late last year, fresh reports have emerged that
suggest Amazon is planning to enter the insurance industry.

The e-commerce giant is in talks to create a credit card geared
toward small business customers that could eventually see it
offer business insurance, according to a Bloomberg report.
Amazon has been in discussion with banks including JPMorgan
Chase & Co on a co-branded credit card for small business
owners who shop on its website, the report claimed.

Further down the line, the credit card could be boosted by
additional offerings, including business insurance, sold through a
specially-designed portal, according to people who asked not to
be named by Bloomberg.

The news may prove an extra worry for the insurance industry,
which is already concerned over its handling of technology and
the threat of external disruptors.
Earlier this month, new data revealed that up to 45% of Amazon
customers would be willing to consider the online retailer for auto
insurance , while 38% would say “yes” to an Amazon-crafted life
insurance plan.

In an interview conducted before the latest Amazon news came
to light, law firm Clyde & Co said that the tech
firm’s assets could prove very valuable in the insurance industry.

“If you have, as Amazon clearly does, a customer base…in the
high millions, and the data behind all of that as to what it is that
you and I are buying, and where we are buying it, etc, you have
two very powerful pieces of information,” Andrew Holderness,

Clyde & Co’s global head of corporate insurance, said.
The retailer now looks to be shifting its sights as to what else it
can sell, and insurance is “clearly just part of that evolution.”
However, Holderness stressed that the highly regulated nature of
insurance means it would be a significant shift from Amazon’s
current core business.

“Insurance is different from selling bits of kit in a huge hangar – it
is a highly regulated industry and we need to tick the relevant
boxes wherever we’re looking to sell insurance,” he said.
“Are they going to move into this space? Certainly they will be
looking at it, clearly they are…They are looking to generate
revenue, and selling insurance is clearly a potential for that
revenue generation.”

Beach clean initiative gets funding boost from Boshers and Ecclesiastical

Ecclesiastical Insurance Group, known for its work in the third
sector, has helped holiday home insurance specialists Boshers
Ltd support the #2minutebeachclean initiative.

Devon-based Boshers applied for grant funding from
Ecclesiastical’s ‘Closer to You’ community programme and now
has £2,500 to provide The Beach Clean Network Limited. The
programme allows Ecclesiastical’s Select insurance broker
partners to give to good causes.

The financial aid will go towards setting up beach clean stations
across the South West coastline.
“We’re lucky to live in one of the most beautiful parts of the
world and our beaches play a huge role in the region’s tourism
industry, attracting millions of people to the South West every
year,” said Boshers director Mark Lavington. “We’re delighted to
be supporting this growing initiative that ensures our beaches are
kept clean.”

With 6.4 million tonnes of plastic said to be dumped into the sea
each year, the beach clean drive aims to see visitors spend just
two minutes of their time helping clear out plastic and debris
washed up on the shores.

“We regularly get involved in two-minute beach cleans and it’s
incredible how much you can actually get done in less than the
time it takes to make a cup of tea,” added Lavington. “We hope
as many people as possible use the new stations and contribute
towards keeping our beaches plastic-free.”
Martin Dorey, founder of #2minutebeachclean, commented: “We
are delighted to be able to continue our work, thanks to Boshers.
They have been a big supporter for a while and can now help us
to help beach goers make a real difference to our coastlines.”

UK General reveals personal lines cyber offering

Leeds-based UK General Insurance has today unveiled a new
personal cyber protection product, which it says is aimed at ‘the
man and woman on the street.’
Developed in partnership with the MGA’s capacity partner,
Munich Re, the offering is a departure for the cyber insurance
market which has been predominantly focused on corporations
and mid to high net worth clients.

Search and compare product listings for Cyber Insurance from
specialty market providers here
The rise of smartphones and social media and the continual
advancement of technology has led to a significant increase in
cybercrime and cyberbullying, UK General’s chief commercial
officer, Matthew Schofield said.

“It’s a rapidly growing area and it’s a product that’s in response to
that,” Schofield said. “Our cyber product is a first in the personal
lines market offering protection against certain forms of
cybercrime affecting ordinary people every day. These crimes
typically include online fraud, hacking and cyber bullying.”

The cyberbullying component of the product will see
policyholders covered for having a specialist service provider
remove online material, such as images or defamatory
information. The recovery of insured data is also covered.
“Once [the information] is out there it’s typically very difficult to
pull back, but the technology that we use can actually pull that
back quite quickly and quite easily,” Schofield said.

As well as covering online sales and shopping fraud,
policyholders are offered protection for the online theft of
personal funds – which is becoming more common as phishing
emails become harder to spot.
“As cybercrime gets more and more sophisticated, people are
being duped into giving away their card details…these are now
very sophisticated emails that you do have to stop and think
twice about when you see them,” Schofield said.

“If you do give them your card details, your bank won’t cover
you because you’ve given away your details. That’s when our
product will respond.”
Alongside significant intelligence from Munich Re, the product
was developed with the input of a focus group of brokers –
resulting in a “bespoke” product that will be distributed by
brokers as an add-on or stand alone.
In the future, there are plans to add extra coverage around the
IoT (internet of things) as smart home technology continues to
grow in popularity, and Schofield predicts that the wider personal
cyber market will expand rapidly in the coming years.

“This is an exciting opportunity for UK General that addresses a
growing customer need,” he said. “We’re responding with an
innovative solution and believe there will be high demand for this
form of protection.”

How can brokers use Facebook to generate new business leads?

Generating new leads is a continuous uphill struggle in the
insurance broking business – and it’s only getting harder with the
influx of direct-to-consumer touchless models, and whizz-bang
insurtech disruptors.

But there are simple ways to get your brand out there and create
business. Social media is one of the most powerful
communication and marketing tools in the world. Facebook alone
has more than 2.13 billion active monthly users worldwide. If you
can find a way to tap into that channel and promote your brand
effectively, the leads and the dollars will shortly follow.

Search and compare insurance product listings for Social Media
from specialty market providers here
Anyone who dismisses Facebook as a dying brand, or a platform
solely for viral cat videos and bantering teenagers needs to do
their homework, according to Kirk Faulkner, marketing strategist
at FMG Suite, and host of our upcoming exclusive webinar
‘Facebook for Lead Generation’.

“Facebook's unparalleled user base and in-depth information
gathering make its targeting capabilities one of the most powerful
marketing tools available to the public today,” Faulkner said.

“Content that finds an audience on Facebook has the potential to
create a huge amount of business. The key is to keep working to
find what content resonates with an audience and then to use the
targeting capabilities to get that content in front of that group as
often as possible.”

Insurance marketing on Facebook, or any similar social media
platform, requires a different approach to the traditional in-person
broker coffee meeting or phone call. Having a well-defined
marketing goal and secure brand identity are key differentiators
before testing the waters of social media lead generation.

The first step is getting people to notice your brand. Then you
want them to engage with you via commenting, liking and
sharing, and eventually you want to nudge them into action – aka
‘Buy insurance with us!’ But successful lead generation doesn’t
come overnight. It takes time and patience to develop an online
presence that consumers trust and want to engage with.

“Targeted marketing via Facebook is an incredibly powerful tool,
which can often result in the development of new audiences that
would have never been exposed to your brand,” Faulkner told
Insurance Business. “Post content, look to see the impressions
and engagements each piece gets. Figure out which posts are in
the top 20% of your content and spend more time and money
boosting their reach further. The key is to continually develop
your content so that your key audiences find it valuable and
shareable.”

So, what does valuable and shareable content look like for an
insurance broker? Facebook consumers tend to like content with
a positive theme and a relatable human message that they can
share with friends and family. Faulkner will be delving further into
this when hosting the ‘Facebook for Lead Generation’ webinar
later this month.

Willis Towers Watson launches product to build ecosystem resilience

Willis Towers Watson has announced the development of a
global insurance facility aimed at building the resilience of
ecosystems and the communities they support.

The Global Ecosystem Resilience Facility (GERF) was launched
Friday at the Economist’s World Ocean Summit in Mexico by
Willis Towers Watson CEO John Haley.
With marine ecosystems at risk, the economies in coastal
communities in developing and emerging countries are harmed
by damage to natural capital like coral, mangroves and fisheries.

Global climate change also threatens the lives and livelihoods of
residents of those communities as storms grow more intense
and sea levels rise.

According to Willis Towers Watson, the GERF will respond to
these risks by delivering powerful analytics, incentivizing
environmental stewardship and providing insurance protection.
The initial work of the GERF will focus on the protection of
ecosystems like coral reefs, mangroves and seagrasses in the
Caribbean.

Willis Towers Watson has also partnered with Cefas and the
University of York to map marine ecosystems, assess risk
exposure and develop risk and value models for coral reefs in
Grenada and the wider Caribbean. That will allow insurance
programs to be structured to encourage risk understanding,
assessment, and coordination and pre-planning to allow swift
post-disaster recovery.

“The Global Ecosystem Resilience Facility is such an important
initiative in helping to support the resilience of coastal and island
communities to climate pressures,” Willis Towers Watson CEO
John Haley said. “Dependence on the blue economy makes them
particularly vulnerable to the impacts of climate-related threats
and other risks, and the goal of this ground-breaking initiative is
to help provide greater stability, and ultimately greater prosperity,
to these communities.”

“The GERF acknowledges that there are two key aspects driving
changes in the risk environment – human activity and natural
processes,” said Rowan Douglas, CEO of Willis Towers Watson’s
capital, science and policy practice. “The facility addresses both
aspects; communities build resilience through sustainable
practices under their control, and disaster risk finance protects
against events outside their control.”

Charles Taylor extends marine claims management capability with deal

Charles Taylor TPA has expanded its marine claims management
capabilities in the US with the acquisition of Aasgard Summit
Management Services.
Aasgard Summit is a provider of marine claims management
and related technical services, particularly focusing on the US
West Coast. The company has offices in Seattle and Hawaii.

The purchase of Aasgard Summit also adds further specialist
marine surveying capabilities to Charles Taylor’s suite of technical
insurance services. A release said that marine surveying “has
strong linkages and potential synergies with Charles Taylor’s
existing marine claims management and marine adjusting
businesses.”

“I am thrilled to welcome our new colleagues from Aasgard
Summit to Charles Taylor. The business employs highly talented
claims experts with deep technical marine experience,” said
Charles Taylor Americas CEO – insurance support services
Christopher Schaffer. “They will further strengthen our existing
claims management capabilities across the US. We are proud to
be to be teaming up with Aasgard Summit, a leader in the
maritime claims services market. It was a natural fit that
enhances the services we can provide to our clients.”

“Charles Taylor is an excellent home for Aasgard Summit. Our
strength in the marine sector fits extremely well with Charles
Taylor’s long maritime history,” added Aasgard Summit
president Steve Kennebeck.
“This acquisition demonstrates our commitment to growing our
capabilities in the US. The Aasgard Summit team share our
values of delivering exceptional technical services to their clients
and I am delighted to welcome them to Charles Taylor,”
commented Charles Taylor group CEO David Marock.

Marock added that the transaction is part of the company’s
strategy to grow its business organically while developing its
professional services capabilities.

Report: States could see average health premium increases up to 30%

A new report has found that every state is at risk of higher than
average premium increases in health insurance in 2019.
The report, “Major Indicators of Individual Market Stability
Highlight High Premium Increases for States in Coming Years,”
believes that these increases are driven by continued policy
changes and uncertainty at the federal level.

If the federal government does not address the current health
insurance environment, the report estimated premium increases
across the country could range between 12% and 32% in 2019.
The Covered California-sponsored study also projected a
cumulative total increase of between 36% and 94% by 2021.

“The challenges to our healthcare system are threatening to have
real consequences for millions of Americans,” commented
Covered California executive director Peter V. Lee. “The prospect
of 30% premium increases in 2019 and hikes of over 90% over
the next three years will threaten the access to coverage for
millions of Americans.”

The report also identifies ways to address the risks causing the
premium increases.
“We project that a nationwide reinsurance program with annual
funding of $15 billion could result in average premium reductions
of 16% to 18%,” said Milliman consulting actuary Robert Cosway.

“Lower premiums would impact both consumers and the
amounts that the federal government pays in the form of tax
credits. The marginal cost of the reinsurance program would be
much lower than $15 billion when you consider the reduction in
the cost of the federal government’s tax credit payments.”

Other solutions proposed include: providing direct federal funding
for the required cost-sharing reduction subsidies, increasing
spending in federal marketplace states on marketing, and passing
state policies to promote enrollment or protect consumers from
insurance with huge coverage gaps.

How to get millennials to apply for a job in insurance

An injection of young blood is necessary to sustain the business
of insurance.
A wave of managers expected to retire in the next few years
combined with fewer young people considering a career in
insurance could result in a shortage of talent in the industry.

Reaching out to college students, even when they’re just arriving
on campuses for the first time, is one way to get more interest
from a younger generation, according to David Chipp, assistant
vice president and wholesale insurance broker at Brown & Riding.

At least, that’s how he got into the industry almost 20 years ago.
A friend who worked for an MGA got Chipp a job and he took the
opportunity because he needed to pay his way through school,
with little to no experience in insurance beforehand. Really, Chipp
said that millennials shouldn’t be worried if they don’t have that
experience since, as in his case, he had skills from previous jobs
that proved useful.
Grabbing the attention of a freshman then becomes critical, as
does holding their interest until they finally receive their degree.

“I think it starts from the bottom with recruiting young people
interested in insurance as they go into school, or also recruiting
on campuses as people are graduating, and letting them know
what opportunities are there in the insurance industry right out of
college with just a bachelor’s degree,” said Chipp.

The company is connected with various schools around the
country, including Ole Miss University. More than 40 employees
call themselves Ole Miss alumni. It helps that Brown & Riding is
big into college recruitment. Chipp personally hired someone out
of college a few months ago who had interned for a retail broker
during his college career, but felt the wholesale brokerage
segment was where he wanted to start his professional career.

“Exposing young professionals to the different sides of insurance
is helpful in them making a decision on where they see their
opportunity to be successful,” he remarked.
Young people might also look to the industry as insurers adopt
modern technology into their businesses and insurtechs
challenge the traditional image of the insurance company.

“Attracting younger talent through technology is a good way to
get their attention,” said Chipp. “There’s a lot of development right
now with software and blockchain being implemented into
insurance to provide better data that can be used for
underwriting and pricing purposes and eliminate some
redundancies in the data that may inflate costs to the clients.”

But it’s definitely on-the-ground outreach that Chipp sees as most
effective in convincing young people to apply for the job.
“It still takes human interaction to get them to the point of, what
is insurance and how can it be a career for me?” he explained.