Lloyd’s enters joint venture to enable digital transformation

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“This is a key milestone in building the future at Lloyd’s, which will see the insurance marketplace transformed from a largely paper-based, analogue set of processes to one that is data-focused, automated, and cost-efficient,” Lloyd’s said in its statement. “This will be the first time, in over 20 years that the technology infrastructure underpinning the London market will be completely transformed.”

According to Lloyd’s, the agreement is predicated on three key changes: a core data record (CDR) with common data standards for policy, premium and claims, which translates digital processing; the automation of processes that support placement, policy creation, claims

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MAS clarifies grounds for claims rejection

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Insurers must prove that non-disclosure of a health condition was material to the underwriting outcome before rejecting a claim, according to the Monetary Authority of Singapore (MAS).

In a Parliamentary question, Carrie Tan, MP for Nee Soon GRC, asked whether MAS monitors the annual number of complaints regarding unsuccessful medical insurance claims and, if it does, how these complaints were due to non-declaration of relevant health information.

In his answer, Tharman Shanmugaratnam, senior minister and minister-in-charge of MAS, said around 20% of health insurance-related complaints in the past three years were due to unsuccessful insurance claims. Among these

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Ariel Re enjoys further backing from Berkshire Hathaway

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Specialty reinsurance underwriting company Ariel Re, which was snapped up by Pelican Ventures and J.C. Flowers & Co. from Argo Group in 2020, has expanded its strategic alignment with Berkshire Hathaway subsidiary National Indemnity Company (NICO).

In a release, Ariel Re said NICO has not only extended its underwriting commitment to Syndicate 1910 through a multi-year quota share agreement but has also invested in new Ariel Re convertible notes. With offices in Bermuda, the UK, and Hong Kong, Ariel Re operates principally through Syndicate 1910 in London.

“This long-term strategic partnership with the Berkshire Hathaway reinsurance division will

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Business to Business (B2B) payments: Taking care of business

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For years, payments investors focused on consumers’ switch to digital and mobile payments. More recently, investors have shifted to business to business (B2B) payments, where analysts see huge opportunities for process improvements that will save time and money. James Wood dusts off his suit and heads for the boardroom…

Ask the average person what a payment is, and they’ll probably talk about credit cards, or cash, or digital wallets. And that’s because the business-to-business payments market is a mystery to them.

Yet this market dwarfs consumer payments in size and complexity. Until recently, it was also quite staid, experiencing only

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