Operational efficiencies drive e-placement support - video
As pressure from the London market continues to grow for brokers and underwriters to engage much more on an electronic platform Matthew Norris from Beazley discusses the benefits on video with Sophie Roberts, Deputy Editor of Insurance Day.
Video 1: setting the scene https://insuranceday.wistia.com/medias/a8ermyp7x1
Video 2: The technology https://insuranceday.wistia.com/medias/plrwe5vfkr
Video 3: Competitive angle https://insuranceday.wistia.com/medias/z34nfkrlhw
Seizing emerging market opportunity with technology - video
Technology has been flagged as a key enabler in addressing the London market's difficulty in capturing the emerging market opportunity. Watch this video to hear Ian Summers, a member of the LMG working group, put some of the findings of the report into context and discuss the use of technology as an important factor. https://insuranceday.wistia.com/medias/85vzqijkbs
How technology is changing the role of the underwriter - special report in association with Global Reinsurance
This special report, published in association with Global Reinsurance, looks at:
- Why insurers are hampered by the fact that they still write their business using spreadsheets;
- How technology can help manage the enterprise view of pricing; and
- Whether cloud-based computing will benefit (re)insurers.
StARS-MS selected by Merseyside Fire and Rescue Authority
We are delighted to announce that Merseyside Fire and Rescue Authority (MFRA) have selected StARS-MS system to form the foundation of their Time and Resource Management System.
Specifically developed to meet the needs of fire services StARS-MS is a fully featured personnel management system providing support for recording attendance, appliance availability, duty assignments ,rostering , sickness and leave management.
Mike Davies , FM& IHR Project Manager at MFRA said “ The ultimate aim is to improve efficiency and effectiveness, reduce costs, automate administrative processes and improve communications across the organisation whilst providing an excellent service to the Merseyside area. The Authority, having undertaken a rigorous procurement process, is satisfied that the StARS-MS system is best placed to meet our specific Time & Resource Management needs”.
Simon Lamb, Director, Emergency Services Business at Moore Stephens Consulting added “StARS-MS is a tried and tested system that will help deliver increased efficiency with consequent back office savings whilst supporting the front line. It is a flexible system that not only integrates with existing systems but can be adapted to suit changing circumstances and needs. We look forward to working with MFRA and implementing a system that will help them to continue to provide an excellent service to the people of Merseyside.”
To read the full press release StARS-MS selected by Merseyside FRA
Moore Stephens partners with Xuber to deliver Xuber rating to the market
Xuber has today announced the launch of its new tool ' Xuber Rating' which is the integration of Moore Stephens' RuleBook application with Xuber's software platform to create a comprehensive rating capability for commercial underwriting. The addition of RuleBook offers Xuber customers a more manageable, distributable and auditable rating solution.
Paul Latarche, Partner at Moore Stephens says "We believe our latest generation ratings engine RuleBook coupled with Xuber's expertise in the commercial insurance software market delivers a unique industry offering."
Richard Clark, Head of Business Development at Xuber comments" Xuber looks to partner with best-of-breed complementary vendors and Moore Stephens understands the dynamics of the complex commercial and London markets and provides the perfect partner to transform Xuber Policy into an even more powerful software solution."
Partner of Moore Stephens , Paul Latarche seals the deal with Head of Xuber, Adrian Morgan
Read more Moore Stephens partners with Xuber
Co-founder of MSC raises over £3,000 cycling from London to Paris
Paul Latarche co-founder of MSC and Partner at Moore Stephens together with a group of his most adventurous friends have just completed the enormous challenge of cycling from London to Paris to raise money for Sparks. Battling what turned out to be grueling weather conditions being battered by wind and rain the team did not give up and arrived in Paris on Saturday 10th May, a distance of over 500km.
The team raised over £3,000 for the charity and despite some sore legs they are already talking about the next challenge!
Sparks is the childrens medical research charity whose goal is for babies to be born healthy and stay healthy. Since 1991, they have committed over £26million into pioneering research projects across a spectrum of medical conditions including childhood cancers, cerebral palsy, premature birth and spina bifida. In total they have funded 265 research projects in over 80 hospitals and universities across the UK.
It is not too late to support Paul in his challenge please visit his fundraising page http://uk.virginmoneygiving.com/Latarche .
Data quality in the Insurance industry
Having good data quality is critical for the insurance industry. This is, of course, not a new challenge – Solvency II reviews, FSA/Lloyd’s data audits, data validation reports and ORSA work-streams are just some of the challenges that insurers have needed to grapple with over the past few years. The data quality challenge has no ‘quick fix’ as many firms can attest to, as it continues to be a lengthy and drawn-out process that needs an appropriate focus and investment if the benefits of having good data quality are to be fully realised.
Much of the drive behind the improvement of data quality in recent years has come from the need to meet regulatory compliance requirements. Indeed, in the new PRA Rulebook, proposed rule FR9 states that “a firm must not knowingly or recklessly give the PRA information that is false or misleading…”, and this applies whether or not the data provided is pursuant to a regulatory requirement. Under some circumstances, the PRA will be able to pursue a criminal action. But the commercial benefits that arise almost directly from better data should not be overlooked. It goes without saying that better data can lead to better pricing, and better pricing leads to better results. But what about its deeper use in data mining and predictive analytics, all of whose techniques benefit from better data and can open up a world of deeper understanding and knowledge, and therefore of competitive edge?
Given the focus of Solvency II on data quality, many insurers have defined and are now embedding good data governance practices. In our work with helping insurance clients address their data quality concerns, we have identified a number of trends which can help to provide a useful guide for how some firms have tackled the problem of poor data quality.
Simon Gallagher, Head of Insurance, Moore Stephens
Why insurers have to upgrade their IT systems for the modern world, 23 December 2013 By Sam Barker, Insurance Times.
Administrative efficiency through the use of modern software is key to growing business and keeping customers happy. The slow progress of technology in the (re)insurance sector is undisputed, with any changes coming extremely slowly – catastrophe modelling aside. For many firms, this approach to technology is causing problems. Many companies are still heavily reliant on software that is several decades old, with pricing worked out on basic spreadsheets. This in turn is eroding their competitive advantage, and hindering growth, especially in emerging markets.
In its recent Full-Year Review, sister title GR (Global Reinsurance) takes a look at how (re)insurance technology is evolving, and more importantly, what the benefits are for businesses.
Spreadsheet issues Moore Stephens partner Paul Latarche points out that the pricing process is often hampered by the fact that more insurers price and rate their business by using spreadsheets: “They tend to use Excel because it is a tool that they are familiar with, and because they have the ability to manage it themselves.” He says that most policy administration systems include this function, but they aren’t rules driven. This means that they need access to IT experts in order to change a price, which has the knock-on effect of creating longer change cycles. He explains that “underwriters will enter the details of the quote and the spreadsheet provides a technical price, but with all of Excel’s benefits come a number of downsides: it’s difficult to see the transparency of what’s happening in a complicated algorithm, difficult to amend and change it while being confident that the results are sufficiently tested, and a spreadsheet is also very difficult to distribute and manage at any scale”.
New solutions But there is a solution, in the form of new product RuleBook, which makes spreadsheets a thing of the past. It was launched by Moore Stephens Consulting in September 2013, and has the ability to operate in a cloud environment. The cloud offering removes the need for companies to have their own IT infrastructure in place, and it means that it can be adopted and expanded quickly. However it is hosted, Latarche says it offers “the ability for the actuary and underwriter to work together in a model that allows them to build the solution themselves and have control over it, which helps to keep all parties on side.” Underwriting decisions then become better informed, changes are made quicker than they would be with an array of spreadsheets. Pricing accuracy is also improved. Latarche adds that you can also simulate the changes before they are published for real, and RuleBook permits the global distribution of a pricing model to its internal and external users. The software also makes it possible to delegate authority to create wider access to a larger range of business channels, and it is fully auditable.
Moore Stephens named Best Consultancy Firm of the Year
Moore Stephens is proud to have been named Best Consultancy Firm of the Year at the Thomson Reuters 2013 Compliance Awards. Simon Gallagher, Head of the Insurance Industry Group added "As the regulatory landscape continues to evolve at pace, firms operating in the insurance sector are under pressure to structure and manage their business to comply with increasing regulatory requirements in the most efficient way. Winning this award is a fantastic achievement and is an important recognition of Moore Stephens position as an industry leader for financial services compliance in the UK.
Now in their ninth year, the Annual Compliance Awards commend the successes and achievements of compliance professionals from across the financial services industry and supporting professional services firms. Moore Stephens fought off strong competition to be recognised for their work providing support and guidance for clients in the fields of compliance and regulation.