IoD Insurance Group

🍾 A DATE FOR YOUR DIARY: You are cordially invited to join us for an Exclusive Networking Reception at the Champagne Bar of the IoD at 116 Pall Mall! 🍾 On 11th November, from 6pm to 10pm, we're bringing together like-minded professionals for an evening of celebration, networking and good company in the charming ambiance of the iconic Champagne Bar at the IoD. ✨ This is the perfect opportunity to: - Connect with industry peers  - Reflect on the successes of the year - Enjoy a relaxed and convivial drink with fellow professionals Hosted by the IoD Insurance Group in partnership with the IoD Finance and FinTech Group, it promises to be a memorable evening for professionals involved in the wider Finance and Insurance sectors. Whether you’re looking to expand your network or simply to enjoy a well-deserved hour or two relaxing and chatting with colleagues and peers, come along and raise a glass with us! 📅 Date: 11th November 🕕 Time: 6pm – 10pm 📍 Venue: Champagne Bar, IoD, 116 Pall Mall Spaces are limited, so don't miss out! RSVP today by clicking on the link below and registering for the event, and join us for a fantastic evening of networking and celebration! 🥂 #Networking #Insurance #IoD #ChampagneReception #ProfessionalEvent #116PallMall https://lnkd.in/ep_Qx7uJ

We thought you might like to know that the WCI iNED Forums group is hosting its last event of the 2024 season - the annual "State of the Market" Forum - on 14 November. 📊 2023 produced strong results for the market and this continued into the first half of 2024. However, with the challenges of large nat cat events, rising political uncertainty and a marketplace that is showing signs of increased competition in a number of different product classes, executive teams and board members have much to consider as they think ahead to 2025. 🎤 The speaker panel that has been assembled for this event has an impressive range of experience in broking, underwriting and investing in the insurance sector, which will no doubt allow for strong insights into how these challenges might be best addressed. It comprises: Christopher Lay, CEO of Marsh McLennan, UK Claire McDonald, CEO of SCOR Business Solutions Peter Yordan, Managing Director at J.C. Flowers & Co. LLC 📅 Event details are as follows: Venue: Lloyd's Old Library, One Lime Street, London EC3M 7HA Date: Thursday 14th November Timing: Registration - 15:30, Start - 16:00, Close - 17:30 🎟️ And you can book by following this link: https://lnkd.in/dFnVEhc

We can only suppose that anyone involved in the underwriting of the insurance of Taylor Swift's planned concerts in Vienna earlier this month is not feeling like 'The Lucky One' at the moment...following their cancellation due to a terrorist threat. Nonetheless, this story illustrates how the London Market, including Lloyd's, often leads the way in specialist insurance solutions such as event cancellation. As a result, fans will have their tickets refunded and the show will go on in due course...despite the best efforts of those with ill intentions. Also, if you are a Swifie, you now have another good reason to be a fan: Ms Swift is apparently a favourite with event insurers because she rarely cancels concerts (unless the situation is really outside her control - as in this case). #insurance #instituteofdirectors #eventcancellation

The dramatic increase of the use of AI to create fake documents in order to support fraudulent insurance claims, as reported by McLarens and described in this article from the Insurance Times, is a very worrying development. Generative AI is now making it possible to produce fake identity papers, machinery hire contracts, quotes, invoices, receipts etc. that are increasingly difficult to distinguish from the real thing....which will no doubt leading to a technological 'arms race' as insurers invest in tools to help identify these fakes. Ultimately it is, as is usually the case, the customer who will bear the cost of this increased criminality. #insurance #insurancefraud #insuranceclaims #ai #generativeai https://lnkd.in/eDrKGTX7

A very good, and concerning, article from the Insurance Journal highlighting the worrying issue of the increasingly restricted availablilty of flood insurance in areas across the UK. The fact that the situation has become even worse over recent years should have been avoidable to a great extent and, as Amanda Blanc of Aviva remarks in the article, it is 'extraordinary' that so many new homes have been built in known flood risk areas. Protecting existing infrastructure and building in sensible locations in future should not be an impossible task - and it will be interesting to see how the new government addresses this challenge in their push to increase house building. Hopefully these plans will take the very real issue of flood risk into account. Flood Re Total Landlord Insurance QBE Insurance Direct Line FloodFlash JBA Risk Management FM #insurance #flood #floodrisk #sustainability https://lnkd.in/gyK-utVR

The WCI iNED Forums group is once again putting on a very topical learning event on the subject of: "Harnessing the Power of Data and AI - what Boards Need to Know Now"   Against a background of increased expectations of Boards to enhance their knowledge and oversight of AI and Advanced Data Analytics, and insurers needing to demonstrate control and to provide clarity and auditability of how AI has contributed to customer outcomes, it is clear that data and AI need to be part of every Board's agenda.   Speakers and panel members will include Jim Dolan, Lead Advisory Partner for Forvis Mazars Business Technology Services and Digital Consulting Team, Stephane FLAQUET, Group Chief Operations and Technology Officer, Hiscox, and Tim Mann, Chief Information Officer of NFU Mutual.   📅: Tuesday, 10th September 2024  🕓: 16:00 - 18:00   🏛️: 30 Old Bailey, London EC4M 7AU NB: This in person iNED Forum is open to insurance Non-executive Directors (iNEDS), aspiring iNEDS, Company Secretaries, Compliance staff and all those involved with corporate governance, underwriting, broking and risk management in the insurance sector and there here is no requirement for delegates to be members of the Worshipful Company of Insurers. For more details and to book your please please follow the linke below ⬇️ https://lnkd.in/eg_3h73K

📰 An interesting article setting out the impact of the recent Crowdstrike IT outage and its impact on the insurance market. 🥷 Although sometimes confused in the news with malicious cyber attacks, the most important factor limiting losses was the non-malicious nature of the incident. With no 'bad actors' involved, and thus everyone working to resolve the issue, it was relatively swiftly dealt with. 🔎 However, depending on the nature of the business involved, even short outages can have meaningful financial and customer service impacts and it is worth remembering that Cyber Insurance policies often have a time period that must elapse before coverage is triggered. Thus businesses need to bear this in mind: both in terms of the insurance cover they seek and in relation to how quickly their incident response plans minimise customer impact and financial loss. #insurance #cyberinsurance #cyberrisk https://lnkd.in/e9iFdy6M

🚀 Hot on the heels of our announcement of a visit to Lloyd's of London, A.M. Best have increased Lloyd's financial ratings - surely no coincidence?! 🇬🇧 More seriously, this is excellent news for both Lloyd's itself and the UK Insurance sector in general, underlining the strength and depth of capability that the industry has to offer to UK and global clients. ✅ “The upgrading of the ratings reflects the Lloyd’s market’s excellent position in the global general insurance and reinsurance markets as a leading writer of specialty property/casualty risks, together with its strengthened balance sheet fundamentals and proven risk management capabilities,” according to AM Best. 📅 So, if you are a member of the Institute of Directors (IoD), there is now even more reason to see what Lloyd's is all about in real life by joining us on our visit on 12th September. For more details and to book your place, please follow this link ⬇️ https://lnkd.in/e7A9srs9 #insurance #instituteofdirectors

📣 We are very pleased to announce our next event - a visit to Lloyd's of London on Tuesday 12th September. 📅 We will meet at Lloyd’s at 3pm on the day and then proceed, led by an official Lloyd’s guide, to tour the iconic Lloyd’s building - visiting the Underwriting Room and learning how the Lloyd's Market operates, as well as some of the key points in its long and fascinating history, including the Loss Book, Lutine Bell and Nelson Collection. We will also travel in the external lift to visit Gallery 11 and see other historical details there. 🔬 Following the main tour, we will then have a specially arranged session covering the activities of Lloyd’s Lab: the market’s ‘incubator’ for InsurTech innovation. 🍹 We will finish at around 4.45pm and those who want to can join us for refreshments nearby! ⏳ The tour costs £30 (incl VAT) and is open to all IoD members. However, only a maximum of 20 places are available and we need to provide a list of visitors to Lloyd's well before the date: so please do book early to be sure you can come. We look forward to seeing you there! ➡️You can book your place by following this link: https://lnkd.in/e7A9srs9 ⬅️ IoD London IoD Finance and FinTech Group

Interested in Cyber Risk and its connection with Geopolitics? If so, the IoD International Trade Group's event tomorrow night at the Oriental Club might well be of interest! See below for details ⬇️ #cyberrisk #cyberinsurance #geopolitics