More US employers are matching workplace pension contributions
A growing proportion of US employers are matching employee pension contributions dollar-for-dollar. That’s according to
Aon Hewitt which says that 42 per cent of employers were now matching contributions compared to 31 per cent in 2013. Fifty-two per cent of automatic enrolment schemes had employees at a savings rate of 4 per cent or above. In 2013 the figure was 39 per cent. There has also been a rise in the percentage of employers bringing all eligible workers into schemes rather than only new employees.
Reinsurer partners with IBM data solution
Swiss Re says that it will be working with IBM’s innovative data solution Watson for its Life & Health Reinsurance Unit. Watson is a cloud-based ‘artificial intelligence’ application and
Swiss Re believes that its capabilities, coupled with human insight, will enable its insurers to make better informed decisions and more accurately price risk. The use of big data and artificial intelligence are rising across a number of business verticals.
Swiss Re will set up a Center of Competence staffed by a team of data scientists.
Will start-up disrupt the pet insurance market?
A start-up is hoping to tap into the potential of the pet insurance market with an innovative collar. The Nuzzle is worn by the pet and constantly monitors its whereabouts through GPS; and also its energy levels and temperature as indicators of its health. The tech firm behind the collar is hoping to disrupt the potentially huge pet insurance market by offering cheaper insurance for animals wearing the collar through its online app.
Nuzzle’s CEO Anthony Dubbanehtold Fast Company that the reason only 2 per cent of America’s pet owners have their four-legged friend insured is a lack of awareness of the product due to the use of direct mail "…so it looks like just another piece of junk mail when it shows up in people's lives. What is needed is a way to market pet insurance in a way that's unique and compelling.”
IAG poaches senior executive from rival
The chief executive of one of Australia’s largest insurance groups has jumped ship to a rival. Mark Milliner had been CEO at Suncorp Group for 20 years and is considered one of the insurance sector’s leading executives, heading up the firm’s personal insurance business. However he told Australia’s Fairfax Media that he was disappointed to not get the group CEO role which recently became vacant. He will leave for rival firm IAG in the middle of 2016 where he will become chief executive officer.
