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The World We Knew (Over And Over) · Frank Sinatra

The World We Knew

℗ 1967 Frank Sinatra Enterprises, LLC

Released on: 2010-01-01

Producer: Jimmy Bowen
Composer: Bert Kaempfert
Composer: Herbert Rehbein
Author: Carl Sigman

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Digitisation of core business processes has been historically slow in the insurance industry. With Hannover Re’s next generation of automated underwriting systems for life and health lines of business, the focus clearly shifts towards online and mobile channels first. This session gives a deep insight into the challenges in the international insurance marketplace, Hannover Re’s differentiating approach, the strategic and operational products requirements, the dynamics of an agile development project, the underlying architecture, and the pivotal role MarkLogic played.

WRIN.tv spoke with Hannover Re Chairman and CEO Ulrich Wallin at the S &P Insurance Conference about recent developments in insurance linked security (ILS) market, alternative capital, and Hannover Re strategy for continued growth.

Hannover Re recently participated in two ILS transactions including the Massachusetts Property Insurance Underwriting Association (MPIUA) and Texas Windstorm Insurance Association (TWIA). Mr. Wallin says Hannover Re is doing the fronting for both transactions and worked with Guy Carpenter.

Mr. Wallin reminded us that alternative capital originally started in the CAT bond market, providing additional capacity the traditional market could not fill. Now, alternative capital is competing for business that is currently written by the traditional market. That puts pressure on pricing. The pricing pressure is “more pronounced in the Florida catastrophe business, which is important business for the ILS market. “

Originally, Mr. Wallin says, banks were very involved in alternative capital in the CAT bond market, and reinsurance brokers were very concerned about the competition. As a result, brokers added the capabilities so they could offer both traditional reinsurance and alternative capital to their clients.

According to Mr Wallin, Hannover Re is growing because of its relationship-driven model and a consistent approach to underwriting. Hannover Re is active in Asia Pacific, where Hannover Re has grown significantly since 2010. ”This is one of the reasons for Hannover Re’s continued growth.” Hannover Re is also involved in credit insurance and microinsurance markets. Mr. Wallin notes that microinsurance is part of micro-finance. Microinsurance products are geared toward low-income populations.

While there are reports about Hannover Re becoming involved in underwriting cannabis companies in the U.S. due to Lloyd’s withdrawal, according to Mr. Wallin there are no current plans for Hannover to become overly involved in that market.

For more of the S &P Insurance Conference visit the WRIN.tv On Demand Library

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