The next big step for data analytics within the insurance sector

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As a data-heavy industry, how insurance can process documents and extract the valuable data insights which these documents hold has been a significant consideration for a number of years. Across the globe, data and software companies are rising to the challenge, helping to mitigate this critical problem organisations face. Nay Odutola (pictured), area vice president EMEA at Hyperscience has been involved with the ‘software as a service’ (SaaS) industry for about 15 years, and with the AI and machine learning segments of this sector for the last six to seven years.

He has always seen this sector as a kind

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Genstar Capital gives backing to formation of new insurance firm

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Private-equity firm Genstar Capital has announced that it has partnered with insurance industry executives to establish Obsidian Insurance Holdings, a new fronting insurance holding company, with US$100 million of capital.

Obsidian’s insurance carrier subsidiary, Obsidian Insurance Company, has a financial strength rating of A- from AM Best to issue policies underwritten by managing general agents, managing general underwriters and program managers. Obsidian will source, underwrite, and manage a portfolio of property, casualty, and specialty programs. It will also reinsure the majority of the business to select insurers.

Obsidian will be led by CEO William Jewett, who has more than 35

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AXA Singapore launches investment-linked plan

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AXA Singapore has announced the launch of its new investment-linked plan (ILP), AXA Flexi Protector.

According to a statement from the insurer, the new product will give customers access to a diverse range of investment funds to grow their wealth, as well as the option to customise their plan and adjust it at any time, according to their protection needs. The plan has various rider options for enhanced protection and ownership can be transferred to a family member at major life milestones, ensuring continuity of the coverage and investment.

The plan provides coverage for death, total and permanent disability, and

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Lloyd’s of London announces huge turnaround in 2019 results

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Lloyd’s of London’s plans to drastically cut the cost of buying insurance as part of a strategy to restore the company’s fortunes seems to have paid off. The oldest insurance market in the world has now reported a £2.5 billion (around SG$4.2 billion) pre-tax profit for 2019, and credits tighter underwriting and robust investment returns for this win. The market also said it was ready to support customers and partners affected by coronavirus.

Lloyd’s reports aggregate result figures of its syndicate members and stated that its solvency ratio, which measures balance sheet strength, came in at 205% in spite of

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