Morning Briefing - June 4, 2015

Innovation is the key to the insurance industry’s future… Zurich announces pre-emergency response team… Bangladesh licences second foreign insurance firm…

Risk Management News


Innovation is the key to the insurance industry’s future
A chief information officer with a major insurance company in Africa says that innovation is the key to growth in insurance, and any company. Robert Boccia of Lion of Africa Insurance says that the successful innovation of the industry relies on improving technology systems and changing consumer behavior. Writing for Boccia notes that where technology has historically been used for efficiency and driving down costs it must now be driving new business ideas and possibilities.

He points out that there are already examples of innovation in insurance technology, from the use of websites, apps, telematics and real-time data; but he says the sector has to embrace and innovate or those outside the industry will do so and reap the rewards.
Zurich announces pre-emergency response team
As hurricane season officially begins in North America global insurance firm Zurich has announced the launch of a pre-emergency response team. The aim is to help business clients carry out last-minute risk assessments in the days leading up to an expected hurricane. Once a storm has been named and just days before landfall, a team of Zurich risk engineers will travel to the area expected to be impacted by the storm and help its customers prepare.  As an addition to its current pre-storm customer risk consultation, customers now will have the option to request an on-site visit from the team.  Members of the response team will review a company’s emergency response plan and look for gaps or important updates that can be quickly resolved.
Bangladesh licences second foreign insurance firm
Officials in Bangladesh have granted the second licence to a foreign firm operate an insurance business in the country. Life Insurance Corporation of India which is a state-owned firm will be permitted to operate in a joint venture with local partners. The only other foreign firm operating in Bangladesh is US firm MetLife-ALICO. The country has 60 private insurance operators and two state-run entities. 

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