Morning Briefing: British insurers weigh impact of EU laws on sector

Morning Briefing: British insurers weigh impact of EU laws on sector

Morning Briefing: British insurers weigh impact of EU laws on sector British insurers weigh impact of EU laws on sector
As insurers weigh the impact of Britain leaving the EU, the Association of British Insurers has assessed the level of legislation from the bloc which affects the industry.

The study follows the UK government’s announcement that initially the country will adopt all EU laws into domestic law and then make changes later.

“This analysis sets out quite how wide-ranging those issues will be when it comes to insurance and long-term savings. It identifies some 80 EU directives and regulations that will need to be worked through if we wish to ensure a broadly consistent framework of customer rights, legal responsibilities and financial stability with European markets we will want to trade with,” said Huw Evans, ABI director general.

The legislation ranges from key consumer protections like the European Health Insurance Card and Data Protection regulations, to EU wide prudential regulations like Solvency II.
 
Dovetail Insurance appoints new CEO
Marsh & McLennan has announced that it has appointed Rich Drab as CEO of its Dovetail Insurance unit, which provides technology services for the small insurance market.

Drab will be tasked with growing the business through client engagement and product development and will be based in Chicago reporting to Kevin Tobin, president of Marsh’s Insurance Services Group.

“The pace of innovation in insurance distribution is unprecedented, creating unique opportunities for Marsh and Dovetail. Rich has spent more than two decades developing state-of-the-art technology solutions for the insurance industry and brings significant experience in scaling firms rapidly. He is the ideal person to lead Dovetail forward in the next phase of its evolution,” commented John Drzik, president of Global Risk and Specialties.
 
Report highlights important elements for employee wellness programs
Leadership, culture and communication are the essential elements for an effective employee wellness program according to a new study by Hero and Mercer.

In those organizations with the most improvement in health risks, 45 per cent said that leaders are role models for the program and 56 per cent of participants in the Hero Scorecard, which enables employees to assess the effectiveness of their wellness program, said that they have a formal strategic plan in place to support their wellness program.

“Employers need an understanding of the strategies that have proven to be successful in building a culture of health and an effective well-being program,” said Paul Terry, Ph.D. president and CEO of HERO.

The report utilizes data from 500 companies that have used the free online tool and also discovered that most (58 per cent) of firms are using some kind of wearable device or technology in their program.