Posts belonging to Category Insurance



Machine-learning promises to shake Finance

Trading, credit, fraud: machine-learning is in progress

MACHINE-LEARNING is beginning to shake up finance. A subset of artificial intelligence (AI) that excels at finding patterns and making predictions, it used to be the preserve of technology firms. The financial industry has jumped on the bandwagon. To cite just a few examples, “heads of machine-learning” can be found at PwC, a consultancy and auditing firm, at JP Morgan Chase, a large bank, and at Man GLG, a hedge-fund manager. From 2019, anyone seeking to become a “chartered financial analyst”, a sought-after distinction in the industry, will need AI expertise to pass his exams.

Despite the scepticism of many, including, surprisingly, some “quant” hedge funds that specialise in algorithm-based trading, machine-learning is poised to have a big impact. Innovative fintech firms and a few nimble incumbents have started applying the technique to everything from fraud protection to finding new trading strategies—promising to up-end not just the humdrum drudgery of the back-office, but the more glamorous stuff up-front.

http://www.economist.com…  Tue.,  30  May 2017

Insurance fintech offers diabetes life & disability cover

Insurance tech company help ‘uninsurable’ diabetics

A South African insurance technology company supported by Warren Buffett’s Berkshire Hathaway is launching a life insurance product for diabetics in the UK. AllLife has partnered with Royal London, the UK’s largest mutual insurer, to offer a new product to diabetics previously regarded as “uninsurable” because of their condition. AllLife uses an algorithmic pricing platform called Kaliber to deliver a cost-effective life insurance product.

http://www.businessinsider.com…  Tue.,  25 April 2017

What Do Startup Insurtech Companies Do?

8 different business

The global insurance industry is worth nearly $5 trillion, and insurance companies are at risk of losing a share of this valuable market to new entrants. That’s because these legacy players have been even slower to modernize than their counterparts in other financial services industries.

This has created an opportunity for a group of firms known as insurtechs. These startups are leveraging new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. Some are helping incumbents deliver better end products, while others are directly competing with legacy players.

http://www.leadersedgemagazine.com…  Tue.,  18 April 2017

RBS road to recovery

RBS rising from ruins as shadow of former self

Nine years after the beginning of a 45-billion-pound ($56 billion) bailout by the British government, Royal Bank of Scotland (RBS.L) is emerging from its restructuring process a shadow of what was once the biggest lender in the world. RBS had a balance sheet of 2.4 trillion pounds in 2008 – almost double Britain’s annual economic output at the time – having staged a meteoric rise from being a small Scottish lender in the early 1990s.

Since the bailout it has offloaded billions of pounds of assets a week, as it tries to shrink down to being a simple UK-focused lender. Later this year RBS will shut its Capital Resolution division, which has sold off large chunks of its huge stockpile of unwanted assets. The closure will mark a milestone in the bank’s road to recovery, with its balance sheet around 1.6 trillion pounds lighter than when its great sell-off began.
http://www.reuters.com…  Mon.,  03 April 2017

Brexit: JPMorgan Said in Talks for Dublin Office

Citi Weighs EU Unit

JPMorgan Chase & Co. is in talks to buy a Dublin office building as the bank considers expanding in the Irish capital as one of its options for when Britain leaves the European Union, according to people with knowledge of the matter. The lender is negotiating the potential purchase of a building being developed by a venture between Kennedy Wilson Holdings Inc. and Ireland’s National Asset Management Agency, the people said, asking not to be identified because the plans are private. The building at 200 Capital Dock has about 130,000 square feet (12,000 square meters) of space, the people said. That’s enough for more than 1,000 workers.
http://www.bloomberg.com…  Fri.,  31 March 2017

Brexit: Lloyd’s of London chooses Brussels to set up it’s Hub

London’s 329-year old insurance market is setting up in Brussels to counter Brexit effects

Lloyd’s of London, the insurance market founded in the British capital in 1688, plans to open a European Union hub in Brussels following the U.K. vote to leave the bloc. The company expects the office to be operational at the beginning 2019, it said in a statement on Thursday, without giving further details on the move.

“The decision of the U.K. to leave the European Union has obvious implications for the market and our business with Europe,” Chairman John Nelson said in the company’s annual report. “Finding the right solution has been a top priority over the last nine months.”
http://www.bloomberg.com…  Thu.,  30 March 2017

Obamacare in danger after Republican bill

Obamacare repeal will increase uninsured by 24 million by 2026

A Republican bill to replace Obamacare would lead to 14 million fewer Americans with health insurance by 2018 and 24 million fewer by 2026, the non-partisan Congressional Budget Office said Monday in an analysis that could make the controversial legislation even tougher for GOP leaders to push through Congress. Health and Human Services Secretary Tom Price said the projections of uninsured were too high and called them “just not believable.”

http://www.usatoday.com…  Tue,  14 March 2017

Deutsche Bank: No plan to pay $14B Justice Dept. settlement

U.S. Department of Justice claims $14 billion

Deutsche Bank AG said Friday it does not intend to pay $14 billion to settle civil claims with the U.S. Department of Justice for its handling of residential mortgage-backed securities and related transactions. The bank confirmed in a statement that the Justice Department had proposed a settlement of $14 billion and asked the German bank to make a counter proposal. “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts,” the Frankfurt, Germany-based lender said.

https://bigstory.ap.org  Fri., 16 September 2016

Brexit is threatening to sink London’s insurance market

Lloyd’s of London may shift some of its business from the UK

The UK’s position at the centre of the global insurance market is under threat after the famous Lloyd’s of London market said it may be forced to move some of its business to continental Europe as a result of the Brexit vote, chairman John Nelson has warned. He said operations may start leaving London before Brexit negotiations are concluded unless the Government can provide “clarity” about the UK’s future relationship with the EU.

http://www..independent.co.uk//  Tue., 06 September 2016

Self-driving taxis in Pittsburgh

Uber Launches Self-Driving Taxis In Pittsburgh

Taxi service Uber will start transporting passengers with self-driving cars in the next few weeks, the company has said. Initially, the Ford Fusion vehicles will be supervised by a driver, who can take control if necessary, and an observer. The pilot project is set to start in Pittsburgh, Pennsylvania, in the next few weeks, where Uber has a self-driving research lab and is working on autonomous technology.

http://www.sky.com  Fri.,  19 August 2016