Revealed: The critical imperatives for insurers post-COVID

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According to the 32-page report, these critical imperatives are: redefine and refine purpose in setting the strategic direction; transform the business to be more agile, digital, and customer-centric; and create value by optimising cost management and capital allocation.

Speaking with Insurance Business, EY’s Asia-Pacific and Oceania insurance leader Grant Peters (pictured) explained why a clearly defined purpose is now more important than ever.

Peters, referring to the global health and economic crisis, said: “Whenever these big systemic-wide risk events occur, it always reminds society of the purpose of insurance and the role that insurance has to play in supporting

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India passes bill to expand foreign ownership of insurers

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A bill that raises Indian insurers’ foreign ownership cap from 49% to 74% has been passed by the Rajya Sabha (upper house of parliament).

Finance Minister Nirmala Sitharaman said that many insurance companies are facing liquidity pressures, and the increased foreign ownership cap will help these firms meet the growing capitalisation requirements imposed by regulators, Business Insider reported.

Sitharaman said the move comes after extensive consultations by the industry regulator IRDAI. She also addressed concerns that the increased foreign ownership limits may be seen as harkening back to the days of colonialism, with money being taken out of India.

“[The]

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Crawford & Company secures new global president for legal services

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Crawford & Company has appointed Jason Spencer (pictured) as global president of Crawford Legal Services.

As global president, Spencer is responsible for operational delivery, strategy and growth within the legal sector. He will lead Crawford’s efforts to deliver bundled and unbundled legal services for the company’ clients on a global scale. Spencer will report to Crawford president Joseph Blanco.

“This appointment is a testament to the quality of talent we have within our organisation,” said Blanco. “As Crawford looks to reimagine and declutter both the insurance and legal ecosystems, I am certain that Jason will create value for our clients

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Pegasystems becoming part of WTW’s Radar Live collaboration

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Willis Towers Watson has announced that Pegasystems, a software company that focuses on reducing business complexity, has become the latest vendor to join its Radar Live Collaboration program. The program was developed to give insurers faster and smoother integrations with Radar Live, Willis Towers Watson’s price delivery and decision engine platform, through an ecosystem of insurance software houses and system integrators.

Pega, a provider of intelligent automation and low-code solutions, is used by insurers to manage business-critical workflow processes including customer management, claims management and underwriting operations. Its API connectivity helps facilitate easy and rapid integration with Radar Live, Willis

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