Cost cutting drive announced at Zurich
Zurich Insurance Group has announced plans to cut costs by around $1.5 billion over the next few years.
At the swiss-based insurer’s investor day Thursday, its recently appointed CEO Mario Greco will say that the savings are planned to be made by 2019 and will include a comprehensive review of the global insurer’s IT systems and contracts and shared services procurement processes.
International insurer launches digital agency
As technology continues its quest to disrupt the insurance brokerage model,
Starr Companies has launched a ‘digital insurance agency’ providing P&C coverages for small businesses.
The STARR INSURE platform will initially focus on business owner policies but plans to expand lines in the months ahead. Starr senior VP Robert Cruz believes that offering a direct-to-consumer operation “creates real value in the marketplace.”
John Hancock program offers Apple Watch for $25
John Hancock Vitality life policyholders can now get an Apple Watch for just $25, if they do enough exercise!
The Vitality program was launched last year and offers reduced premiums for those who make simple lifestyle changes such as healthy eating, exercising and getting regular check-ups; and this latest marketing initiative ramps up the rewards.
“We are proud to continually evolve our John Hancock Vitality life insurance program and bring new benefits and rewards to our policyholders,” said Michael Doughty, president, John Hancock Insurance. “We’re excited to offer Apple Watch Series 2 for our customers to help them be active and live healthier today, while protecting their financial future.”
XL Catlin bolsters political risk unit
The Political Risk and Trade Credit unit of XL Catlin has been boosted with the appointment Barry G. Huber as global practice leader, based in New York.
Reporting to Martin Turner, global practice leader for specialty claims, Huber joins from Zurich Insurance Group where he was global claims manager for Zurich Credit and Political Risk; prior to that he was at
Chubb.
War on whiplash welcomed by insurance industry
The insurance industry has welcomed moves by the UK government to tackle spurious claims for whiplash following motor accidents.
The British justice ministry proposes reducing the cap on claims and other measures aimed at slashing an uncappable level of whiplash personal injury claims which is pushing up premiums for all drivers.
The Association of British Insurer’s director of general insurance, James Dalton, said that the proposals need careful study but broadly welcomed the announcement.
“The insurance industry has campaigned long and hard to tackle the impact of whiplash-related claims on honest motorists, so we welcome these proposals,” Dalton commented. “If implemented, these reforms will ease some of the pressure recent increases in Insurance Premium Tax and repair costs are already putting on premiums.”
