News
Five is magic number for benchmarking
Challenged as to whether there is a an ideal number or critical mass of companies that need to take part in external benchmarking exercises to render them effective, Jeff Rieder, president of the Ward Group, suggested five is the magic number.
Lowest common denominator curb
Although modern software systems can potentially track and monitor an almost infinite number of metrics, the ability to externally benchmark these against competitors will always be constrained by the "lowest common denominator effect", said Eugene Lee,…
External comparisons can create unexpected outcomes
External benchmarking can deliver unexpected and additional results, it emerged during a question and answer session. Jeff Rieder, president of the Ward Group, said experience has shown that, when looking at the top quartile of performers, those…
Flaws found in current evaluation methods
The three methods UK insurers typically use to evaluate their performance relative to industry peers all have failings. That was the key message of Paul Tomlinson, director at Deloitte UK Consulting, who outlined the major benchmarking challenges…
Beware of benchmarking pitfalls warns Axa chief
Axa Canada has been benchmarking for years — the only problem was that none of its three measures were giving the insurer what it needed to improve both processes and costs.
Lorega hires ex-CILA head for new adjusting arm
Lorega has vowed to tackle the lack of new blood entering the loss adjusting sector after recruiting former president of the Chartered Institute of Loss Adjusters, Angus Tucker, to spearhead its own skills academy.
Industry rails against SMS claims farming
Insurers have reacted angrily to the growing number of unsolicited claims farming text messages being sent by claims management firms.
New IFB director seeks new income streams
Generating more income for the Insurance Fraud Bureau will become the top priority of newly appointed director Glen Marr, according to IFB chairman David Neave.
One Call strikes Malta deal
Doncaster-based broker One Call insurance has become the latest intermediary to set up its own risk carrying captive insurer, Post has learnt.
Co-op offers claims service
Co-operative Legal Services is to target small and medium-sized brokers with its first outsourcing product.
Jelf CEO admits it will not lead on e-trading
Jelf chief executive Alex Alway has said the company will be a "fast follower" rather than a "first mover" in the development of an electronic trading proposition in the future.
Brokers targeted in £8m SME new business drive
Following the launch of its large corporate private medical insurance offering last May, National Friendly is set to take on the traditional cash plan market while setting its sights on expansion into long-term care.
RSA "ahead of curve" with cuts
RSA UK chief executive Adrian Brown has said the insurer's swingeing job cuts last year meant it was "ahead of the curve" in responding to the tough economic conditions.
Oil spill costs Catlin $40m
Catlin has estimated its exposure to the Deepwater Horizon oil disaster is approximately $40m (£27m) net of reinsurance and reinstatements.
Markel growth despite quake
Markel International reported a 13% growth in gross written premiums in the first quarter of the year to $208.2m (Q1 2009: $185.0m). However, the insurer's combined ratio deteriorated to 109% (Q1 2009: 97%), which it attributed to $17m or 12 points of…