News in nu mbers

iPipeline has announced its partnership with dacadoo in the form of a health engagement app.

The firms hope to deliver wellbeing propositions to the EMEA market.

dacadoo has developed a digital health engagement platform for life insurers. it provides a Health Score based on tracking movement, nutrition, sleep, and stress factors to aid users in managing their health. Therefore, dacadoo’s risk models can be used as a proxy for underwriting and simplifying protection sales.

iPipeline’s SSG digital platform is end-to-end and supports customers through producing quotations, completing applications, and underwriting. In addition, it helps with servicing, claims, and ongoing agency management.

Co-operative Group plans to re-enter life insurance market

UK-based conglomerate The Co-operative Group is reportedly planning to re-enter the life insurance market as part of its strategy to tap its large customer base.

The company, which is making a comeback after six years, believes that it can attract customers, particularly among its 4.6 million members.

In 2013, the Manchester-based firm offloaded a bigger slice of its life insurance business to Royal London for £220m after the former found a £1.5bn capital hole in its banking unit, reported Financial Times.

Customers who opt for the Co-op’s life insurance plan will be offered two six-month payment holidays throughout the lifetime of the policy following a 12-month of qualifying period.

Additionally, they will have flexibility to reduce cover instead of paying back the shortfall. Meanwhile, the insureds can also select critical illness protection.

The Co-op deputy chief executive Pippa Wicks told the publication: “Life insurance is not new territory for us, we have a rich history in this area and we can see a clear need to come back into this sector and provide a distinctive Co-op solution for our members.”

Scotiabank to offload insurance business in El Salvador

Canadian lender Scotiabank has signed an agreement to divest its insurance as well as banking operations in El Salvador to Imperia Intercontinental.

As per the terms of the agreement, Imperia Intercontinental will acquire Scotiabank El Salvador, its subsidiaries and Scotia Seguros.

The decision to sell both the business is driven by the bank’s strategy to concentrate on important markets that can generate meaningful scale for the group.

The deal, which is subject receipt of regulatory approvals, will result in an after-tax loss of about $170m in the second quarter of this year.

Commenting on the deal, Banco Cuscatlán and SISA Insurance chairman of the board of directors Eduardo Montenegro said: “We are pleased to announce this important agreement, with which we intend to enhance opportunities for the clients of both banks.

“We are confident this acquisition represents an exciting new development for our institutions, employees and for the country. We have a long-term commitment to invest in El Salvador and our main objective is to continue serving our customers in the best possible way.”

Imperia is the main shareholder of Banco Cuscatlan and insurance company Seguros e Inversiones S.A in El Salvador.

The latest move follows an announcement by Scotiabank to divest its banking operations in nine Caribbean countries.

The bank announced the sale of its life insurance businesses in Jamaica and in Trinidad and Tobago in November last year.

In December, it announced sale of its pension and administration and related insurance businesses in the Dominican Republic.

Digit Insurance, a “new age” insurance company aiming to “Make Insurance Simple”, is offering a protection plan for stretches as short as a day.

The protection covers burglary of contents, including appliances, gadgets and also jewellery. In addition, damage due to natural disasters and fire is covered.

Digit’s home insurance product can extend between one and 180 days.

Speaking about this offering, Vivek Chaturvedi, Head of Marketing, said: “When we leave home for a vacation, we worry about our home contents especially from the fear of burglary. Which is why we put an extra lock, give the guard extra money, ask our neighbours to keep an extra watch, etc. The idea of this product is that people can secure their home for that period of time only, while they are travelling and are away from their homes. And that too at extremely affordable costs.”

Founded by Kamesh Goyal, and backed by the Fairfax Group, Digit hopes to reimagine products and redesign processes. Ultimately, the end goal is to provide simple and transparent insurance solutions that matter to consumers.

Headquartered in Bangalore, it recently raised $44m from Canadian billion Prem Watsa’s Fairfax Holdings. Following its second round of investment, Digit’s total funding stands at $94m.

Aon partners with insurtech Claim Central to modernise claim management

UK-based re/insurance broker Aon has teamed up with insurtech firm Claim Central to digitise and modernise its claim management capabilities.

Under the terms of the agreement, Aon will leverage Claim Central’s technology such as live video streaming, aerial imagery, real-time chat, customer sentiment measures, and online payments to improve its claims process.

Aon reinsurance solutions business CEO Andy Marcell said: “Aon is committed to helping clients navigate the insurtech ecosystem and adopt new technologies that advance their strategic initiatives.

“Claim Central is utilising technology to make a meaningful impact in the area of claims management, and this is increasingly important for our re/insurer clients as they manage volatility following another active year for global natural disasters.”

As part of the strategic alliance with Aon, Claim Central will establish an Innovation Centre in Florida. The centre will help Aon’s re/insurer clients’ to slash implementation costs related to technology and help improve their claims processes.