OneAdvent, the specialist MGA and broker services platform, has completed a Management Buyout aimed at boosting its UK and European market presence and product offering. The investment is led by current Managing Director Tim Quayle, who becomes...
It seems 'generative' and 'AI' are the words on everybody’s lips this summer (other than “where is the sun?!”) and so we’ve collated three en pointe resources to get you up-to-speed. In a new article from Insurance Post tackling the...
As excitement sweeps the insurance industry about the potential of embedded insurance, does tying up insurance with other products risk obscurity? In a digital world, consumers demand for a more seamless journey when purchasing a product. This is...
A climate change opinion piece this week explores the role data science has to play in minimising threats; “Data is king in this industry. If you can get the data right and you can articulate it, you can carry that message to the c-suite.” This...
There are a number of challenges when launching a new insurance business; the navigation of the complex regulatory environment, the difficulties enabling speed to market, the struggle to find the right partners to work with… In this new...
There are a number of challenges when launching a new insurance business; the navigation of the complex regulatory environment, the difficulties enabling speed to market, the struggle to find the right partners to work with…a new podcast episode...
The Consumer Duty regulation is coming into force on Monday and the FCA has published 10 questions for firms to consider and use to flag any potential gaps or weaknesses. In case you haven't seen them yet check out the link below. Munich Re digs out...
The 9th edition of the Women’s World Cup kicked off with a bang this week, demonstrating the increased global attention on the female 'beautiful game'. As Guy Bonwick, Head of International Accident & Health at AXIS, writes in his article...
With the Consumer Duty deadline fast approaching, we’ve produced a short overview of the new directive and what it means for your business. The recently released MGA Opinion Report by law firm Clyde & Co has indicated that the MGA model...
OneAdvent’s Head of Compliance & Risk, Richard Palmer, lays out the core principles of the new Consumer Duty directive and incorporates insight from Matt Brewis, Director of Insurance and Conduct Specialists at the FCA, who provided an update...
It was the MGAA Conference 2023 yesterday – a great opportunity for the OneAdvent team to catch up with old friends and make new connections. We also heard from a panel of brokers sharing their insights on working with MGAs, got a comprehensive...
At an Instech event this week, some of the OneAdvent team had the opportunity to examine how connected technology is empowering insurers to make fast and efficient decisions in risk selection and saw a live demo of generative AI. For those...
Swiss Re’s latest report highlights that the global protection gap ‘reached a new high of USD 1.8 trillion’ last year. It also reveals that 60% of insurable crop production around the world is not protected against natural disasters and...
Getting to grips with data and kickstarting a company-wide digital transformation journey are key to ensuring long-term profitable growth according to latest research from WTW. Feedback from nearly 50 syndicates indicated that investment in...
According to Insurance Times’ 'Five Star Rating Report: MGA Market 2022/23', the majority of brokers are now viewing MGAs as a viable alternative to traditional insurers but is there capacity out there for them? We share views from experts...
According to Insurance Times’ Five Star Rating Report: MGA market 2022/23, the majority of brokers are now viewing MGAs as a viable alternative to traditional insurers and they have become an increasingly important subsection of the UK general...
“...like everything in insurance, embedded is easier said than done”. Adrian Jones, a renowned speaker and author in the insurtech space, discusses the 9 must-haves for a successful embedded insurance offering in this week’s roundup. These...
OneAdvent, the specialist MGA and broker services platform, has been chosen by BP Marsh-backed Verve Risk Services Limited (Verve) to support its development plans. Verve is a recognised leader of solutions for insurance industry participants....
History was made this week as Meta were fined £1bn for breaching EU GDPR rules by the European Data Protection Board – the biggest that has been doled out since the legislation came into force. Lloyd’s faced anger from climate change...
Environmental campaigners have been celebrating the decision of some industry players to exit fossil fuel underwriting in the last year or so. However, the CEO of BMS (a global broker) has spoken out, commenting that he can’t support any market...
It’s all happening up North this week! The crème de la crème of the insurance broking world were ‘networking’ at BIBA, where CEO Steve White announced his retirement and the organisation released their new ESG guide (see below). Another,...
We have a momentous weekend ahead, with the coronation of King Charles III. In a nod to the then Prince Charles, who said “We have to find a way of ensuring that our remarkable and seemingly beneficial advances in technology do not just become the...
Innovation is the theme of this week’s newsletter with a webinar exploring what is needed to close cyber and climate change protection gaps and an article arguing why hundred year old insurance businesses can still be transformative. We also delve...
More bad news for the Net Zero Alliance following the departure of yet another member - can they continue to viably pursue their global climate change goals? A recent report shows that nine out of ten companies have suffered a political risk loss...
The MGA model has proved hugely successful over recent years, filling niche requirements and operating nimbly to respond to market changes and drive real benefits to all stakeholders. But how does someone go about setting up a successful MGA in an...
Howden’s latest political violence (re)insurance market report highlights how SRCC events have overtaken terrorism losses for the period 2015 to 2022, namely due to “recent geopolitical and macroeconomic developments”. Autonomous vehicles are...
Following their stint in Lloyd's Lab, OTT Risk (one of the fantastic MGAs on our platform!) walked away with a partnership with Apollo ibott 1971 to develop new ways to underwrite non-damage business interruption insurance for the sharing economy....
It's arrived - that great 4 day weekend of chocolate, rain, hot cross buns, rain, family and friends, rain…. Happy Easter to you all! What better way to while away all those hours of freedom by immersing yourself in the latest insurance news......
The Financial Conduct Authority (FCA) marks its tenth anniversary this year, a decade after evolving from the Financial Services Authority (FSA). Much has changed in the intervening years, many have argued that the regulatory environment has got...
A new take on how insurance should approach embedded insurance, a warning for the industry from rating agency AM Best, a report on the ransomware pandemic and applications for ChatGPT in claims – all this and more in this week’s news...
Hurricane Ian and the war in Ukraine have taken their toll on the insurance market, with nat cat claims hitting dizzying heights and Lloyd’s of London slumping into the red. The cost of living crisis is this year’s challenge, with SMEs forgoing...
It's been a week of significant ups and downs in the world financial markets, with the collapse of Silicon Valley Bank and Signature Bank, the much-needed bailout for Credit Suisse and the grand reveal of the UK’s Spring budget. Read on to see...
We couldn’t post today’s newsletter without a nod to the fantastic women in the OneAdvent family (and, of course, the wider insurance community) in celebration of International Women’s Day. As well as some women inspired articles, you can get...
Although there is more scrutiny (and, consequently, caution) of MGAs/MGUs globally, the market “remains buoyant” according to Clyde & Co’s recent Insurance Growth Report. Whilst we are on the subject, one of our very own MGAs,...
McKinsey has revealed that top performers in advanced analytics applications are seeing up to a 25% increase in operating profits as they explore use cases across the value chain. For those of you interested in Lemonade’s progress you can read...
OneAdvent, the specialist MGA and broker services platform, has welcomed Richard Palmer as head of compliance & risk, to develop and strengthen the company’s existing compliance function. Richard has over forty years’ experience...
The devastation caused by the recent earthquakes in Turkey will never be forgotten, namely for the heartbreaking loss of life. Despite current building regulations reflecting “the latest advancements in building technology” the insurance bill...
Tara Allsopp at Instech recently interviewed OneAdvent's MD, Tim Quayle. See the full article below. OneAdvent has built a global MGA services business, which accelerates the development of MGAs by providing them with compliance support and...
When Hurricane Lisa hit Belize’s Mesoamerican Reef with wind speeds of 70 knots, WTW’s parametric solution organised a $175,000 pay-out to finance restoration of the coral within two weeks of the event. This is a great example of how this type...
Following on from BIBA’s member manifesto last week, you can get to grips with the LMA’s promises for this year in their recent announcement. There’s also lots of fantastic management consulting buzz words in Oliver Wyman’s recent advice to...
Costliest European windstorm since 2010. Australian flood losses most expensive on record. Global economic losses from natural disasters 4% above the 21st century average. 2022 had some unenviable stats, as shown by Aon’s latest research. BIBA...
This week is (mostly) all about podcasts! OTT Risk joined our platform last year and they are using embedded insurance to innovate the business interruption space. Their COO, Quentin Saleur, recently featured in Alex Bond's The Leadership In...
A hard market. A cost of living crisis. A climate catastrophe. Cybercrime. Biodiversity loss. We have all this and much more to look forward to over the next decade…. However, it doesn’t have to be all doom and gloom. There are a number of ways...
Happy New Year and welcome to 2023! It wouldn’t be a brand new year without a raft of predictions of how the next 12 months is going to play out. We’ve pulled together a few insights to whet your whistle and get your head in the game. Three...
With Christmas just around the corner, it’s time to get one more weekly update in before the end of the year! Many of the top European insurers will enjoy a profitable finish to 2022 as they continue to recover from the pandemic. In a new video...
Insuring David Beckham’s legs: £40m. Insuring Costa Coffee’s Chief Taster’s taste buds: £10m. Insuring Bruce Springsteen’s Voice: £3.5m. However, the most important question at this time of year is how much would it be to insure Father...
Lloyd’s Lab’s recent ‘Demo Day’ showcased the talents of up-and-coming insurtechs, including OneAdvent’s partners ARMD and OTT Risk. During the 10-week insurtech accelerator programme, a group of insurance start-ups have been...
New AI regulation from the EU is arguably putting an end to innovation in insurance, says Insurance Europe, the European insurance and reinsurance federation. However, this follows a recent report from WTW who urged firms to think ethically when...
The FCA has issued a stark warning to insurers regarding the undervaluation of customers’ insured items, as they continue to drive their strategy of delivering “good outcomes for consumers”. Businesses have been told to offer fair market...
Our very own Tim Quayle (MD of OneAdvent) has been sharing his views on the new FCA AR regime with Insurance Times. And forget Houston or Siberia, Cornwall is the new rocket launch location! Spaceport Cornwall, located at Newquay airport, will be...
The latest AR regulation issued by the FCA makes insurance firms more responsible for their Appointed Representatives. OneAdvent's Managing Director, Tim Quayle, shares his thoughts in this exclusive article for Insurance...
The benefits of using technology in insurance are undeniable. Provision of bespoke cover and the reduction of claims are just some of those but are companies who are implementing these tools taking into account an ethical framework when doing so? A...
Research from Swiss Re has estimated the protection gap for cyber insurance being as high as an astonishing 90%. Improvements in data quality and modelling, as well as the need to update policy language with standardised exclusion clauses, have...
There remains a “downturn” in overall insurtech funding but P&C insurtechs benefitted this quarter with $1.2 billion in mega-round funding. Lloyd’s, which has been marred by a number of scandals regarding diversity, equality and...
Need a chicken harness, a Nicholas Cage pillow or an inflatable elephant party decoration? Amazon is your go-to. However, the retail giant is now making their mark on the insurance market and from the end of the year UK homeowners will be able to...
As for many other industries, the rising interest rates, the continuing recovery from the Covid-19 pandemic and other world crises are making for challenging times for the insurance world. Munich Re explains what effect this will have on the market...
The devastating impact of the Ukraine war reaches far and wide and a recent report from Lloyd’s examines potential future scenarios and implications from the conflict. A recurring theme in the insurance world, Liberty Global discusses the...
Lemonade are continuing their European domination and making their mark in the UK with a new partnership. There are also a couple of interesting MGA pieces, focussing on investment (and whether MGAs remain on the VC agenda) and strategy (namely,...
Two important reports were released this week, exploring the top risks and business concerns for companies. Travelers surveyed over a 1,000 US decision makers and 'cyber threats' were cited by executives as the key consideration. Insight from Marsh...
The situation in the Ukraine changes from day-to-day, so how can A&H underwriters possibly keep up with the movement on the ground and assess how to best price risk for those entering the dangerous conflict zone? Accident and health...
Lloyd’s released their quarterly market message this week, advising that the “market needs to embrace uncertainty intelligently”. At last week's RendezVous, Aon’s CEO passionately talked about the industry’s need to address emerging risks...
We are delighted to announce that three of our MGAs have been selected to be part of Lloyd’s Lab’s Cohort 9. It is a fantastic achievement for ARMD, OTT Risk and Kayna and they have 10 weeks of intense work ahead of them! In other news, CFC...
It’s been an emotional week for the British public with the announcement of the death of the beloved Queen Elizabeth II and the insurance industry has been paying tribute (see below). Her Majesty had asked her 15th Prime Minister, Liz Truss,...
According to a recent survey underwriters only spend 30% of their time actually underwriting and also explains that new technology hasn’t made them any more efficient. However, an upcoming webinar (see below) dives down into what innovative...
Rising inflation is set to put pressure on insurer profitability in the next 2 years. Research from GlobalData shows that European claim pay-outs are ‘expected to grow by 5.1% in 2022, whereas premiums will grow at a lower rate of 4.9%’. In...
The PM candidate, Liz Truss, has caused controversy this week by indicating she would merge the FCA and PRA. The potential move has been cited as ‘dangerous’, as it comes less than 15 years since the banking crisis that led to the two...
Gallagher Re’s quarterly insurtech report warns there could be some difficulties ahead due to a shrinking market and a high level of redundancies. Despite an increase in funding in Q2, it is noticeably down from this time last year. In other...
A recent study by McKinsey reports that 65% of those who resigned from a job in insurance or finance between April 2020 and April 2022 left the industry entirely so it is clear that something needs changing. Read below to find out what insurers are...
Happy New Year to you all and here’s hoping 2022 is a successful and less chaotic 12 months! Despite the year only just beginning, there is plenty of news to get your teeth into, including some interesting reflections from Guy Carpenter following...
Christmas is creeping ever closer but despite the desertion in the city there is still a lot going on behind the scenes! We are signing off for the festive period this week but look forward to providing more of this news roundup in the new year....
If facts, figures and statistics are your passion then this week’s news update will be like all your Christmases come early! A number of reports have been released over the past 7 days exploring a plethora of topics including digital...
It’s December already and so ‘tis the season for the next year’s industry predictions. This week we get some insight regarding insurtech trends for 2022. There’s also a focus on parametric insurance and how to cut through the complexity....
Global law firm Norton Rose Fulbright is delighted to announce ARMD as the winner of Insurathon 2021. Now in its fifth successive year, the Insurathon promotes innovation in the insurance sector. It aims to support the finest start-up and...
It seems there is a lot of reticence in the industry regarding the use of somewhat nascent technologies, which one can understand. However, it does beg the question, what opportunities are being missed out on because of this? One of the news items...
This week we have three reports looking at a variety of different topics including insurtech funding, areas of potential customer harm according to the FCA and environmental risk. There have also been some key insurance appointments in the market,...
As COP26 draws to a close today, the insurance industry continues to emphasise its support in mitigating the devastating effects of climate change (a case in point being the Parhelion story below). In other news, a new study anticipates that global...
All eyes have been on Glasgow this week as COP26 (otherwise known as the United Nations Climate Change Conference) got underway. Needless to say the insurance industry has not escaped scrutiny. The UK’s Chancellor of the Exchequer announced that...
Trick or treat, I’ll keep this short and sweet, it’s almost time for Halloween, here’s a summary of the week that’s been… (sorry, couldn’t resist). One of the biggest insurance events of the year has taken place and the conversation...
Claims have often been a thorny topic as policyholders demand an almost instantaneous response when they experience a loss and insurers struggle to keep up with these modern day demands. There are two interesting articles outlining what the claims...
Cyber is hitting the news again following two new reports. According to the latest research insurance premiums are going up (some by almost 300% at renewal) and coverage limits are being reduced. Allianz are warning about another pandemic we should...
Alongside partner OneAdvent, London based insurtech, ARMD, has developed an embedded insurance proposition to reinvent the way tradespeople protect their livelihoods. The ARMD offering, through the combination of IoT technology and insurance,...
I don’t know about you but I can’t believe it’s already the 8th October and in a blink of an eye the 1.1 renewals will have been and gone. You can get the latest on what is going to dominate these discussions over the next couple of months in...
OneAdvent Europe has successfully become a registered Lloyd’s broker as it progresses its ambitious growth strategy. The Hamburg-based subsidiary of OneAdvent, ASM OneAdvent Europe GmbH (known as ‘OneAdvent Europe’), confirmed that it has...
Ever wanted to know what goes on in an insurer’s head? William Hawkins from investment bank, KBW, shares his research regarding the mainstream world of insurance. After Willis Towers Watson’s recent deal collapse they have shared their plans for...
For those of you rich enough and lucky enough to enjoy a quick sojourn to outer space, you can now rest assured that you can buy specific travel insurance for your trip. As reported last week, the FCA’s rules regarding fair pricing come into play...
Still struggling to believe that September is only a few days away? Feel like there is still so much to do before the end of the year? Well, you are not alone when fretting about impending deadlines! The 1st of October is coming up fast and, for...
Apart from our own exciting news (well I think so anyway!) regarding the additional financial lines capacity we have secured, you can read about 14 tech providers enabling embedded insurance and get the insight from EY on the short term steps...
It may be summer but that doesn’t mean things are slowing down for the insurance industry. There’s been new partnerships, new IPOs and new projects flying around all over the place! Make sure you catch up on the action here… Insurtech...
OneAdvent’s Financial Lines MGA forges ahead with its growth plans by securing additional capacity with Barbadian reinsurer, Active Re. Recent successful negotiations with reinsurer, Active Re, have resulted in the provision of a DUA to...
There are some more great articles for your summer holiday reading this week. Put aside some time to have a thorough read of Instech London’s comprehensive report about embedded insurance, grab a coffee to get the latest on open banking and what...
No particular theme this week, just a few interesting nuggets of info for you to get your teeth into. Get a view on the industry from a CEO of a specialist Lloyd’s insurance group, take a look at what role brokers should be playing to reduce...
Last week I reported on insurer collaboration in the cyber arena, this week a group of 8 major players have launched a new alliance focussed on creating guidelines and underwriting criteria for activities within their underwriting portfolios that...
This week, the FCA has fired warning shots at insurance intermediaries revealing that serious action will be taken following widespread non-compliance to client money rules. Cyber insurance continues to dominate the front pages (and there are two...
As our Head of Legal and Compliance, she has her hands full keeping us in check but always with a smile and good humour. Thank you Pam! #employeespotlight #oafamily #insurance #legal...
Embedded insurance has been described as “the future of insurance distribution as it enables companies to meet customers along their journey with the products and services that they are looking for, when they are looking for them.” (Rohan Shah,...
There’s another spanner in the works as the US Justice Department has commenced proceedings to block the mega-merger between Aon and WTW. And whilst we are on the subject of M&A, check out what Travelers has to say about SPACs and the challenges...
You’ll be interested to know that Swiss Re has called out zombies* as one of the biggest new threats to the risk landscape that has emerged from the pandemic. Guy Carpenter also has some insight on another of those threats, climate change, sharing...
Can you imagine how great it would be if your flight got delayed (fingers crossed, we can all go somewhere abroad soon!) and, whilst you waited, your insurer provided cash compensation on the spot? That is the beauty of the parametric insurance...
It’s not been an easy year for anyone but Accenture’s latest research indicates that things are finally looking up for the European insurance industry, despite the challenges that cybercrime is inflicting. You can find further discussion on both...
He's one of our newer recruits but that hasn't stopped him making an impact! Meet Andy Coleman, who likes walking, beer and sittingatn a box at Lloyds. #employeespotlight #oafamily #insurance...
