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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Library: Life Code Compliance Committee – Annual Industry Data and Compliance Report 2019-20

Executive summary :

Key findings

 The Digital Insurer reviews Life Code Compliance Committee’s Report on Annual Industry Data and Compliance Report 2019-20

Cover has reduced following new  consumer protection regulations

New consumer protection laws resulted in 8.3 million fewer covers

Covers in force this year reduced by 20% compared to 2018–19 (down from 40.9 million to 32.6 million).

The decline is largely attributable to the cancellation of covers as a result of the Protecting Your Super (PYS) and Putting MembersInterests First (PMIF) laws, which were introduced in response to the Royal Commission into Banking, Superannuation and Financial Services to protect consumers’ superannuation funds from being eroded by insurance premiums.

Group cover was particularly affected by the new superannuation laws, and the industry experienced a 23% reduction in covers during the year.

Sales of consumer credit insurance (CCI) and funeral insurance also declined following a tightening of the ASIC regulations for the sale of these products.

As a result, some subscribers ceased distributing these products, either directly or as white-label products via third-party sellers, and overall 25% fewer CCI covers and 20% fewer funeral insurance covers were in force.

Most claims decisions were made within the required timeframes

The numbers of claims received and determined were similar to last year, each declining by just 3%. The number of claims in progress across all benefit types also remained stable as subscribers finalised a similar number of claims as were received.

Pleasingly, most claims decisions were made within the timeframes set out in chapter 8 of the Code, with 80% of income-related claims made within two months and 91% of non- income-related claims made within six months.

Most subscribers were able to pinpoint a reason for applying unexpected circumstances to a claim

This year, for the first time, subscribers were asked to report on the number of claims where unexpected circumstances applied as referred to in sections 8.16 and 8.17 of the Code.

They were also required to give specific reasons (as listed in chapter 15 (‘definitions’) of the Code) for applying unexpected circumstances to these claims.

The committee was encouraged to see that most subscribers were able to provide this information and clearly identify the reason for applying unexpected circumstances to a claim.

Regrettably, two subscribers confirmed that they were unable to identify and record the reasons for applying unexpected circumstances on any of the claims where unexpected circumstances applied and one of these subscribers appeared to have no framework in place for doing so.

In the committee’s view, simply recording that a claim is in unexpected circumstances is not sufficient. We expect subscribers to be able to record the specific unexpected circumstances reason so that they can understand why delays are occurring and take steps to prevent them where possible.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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