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Archive Stories
Archived stories from 2015

Choose the month of the 2015 archive you would like to browse from the links below. You can choose other years to browse from the menu on the left.

TECH NEWS

Brokers to embrace drone technology
Unmanned aircraft could soon be an important weapon in the broker?s armoury, according to experts. RISKbitz understands that at least one very large London broker is already experimenting with the use of drones to deliver refreshments to their desks from fast food outlets in the City.
But using drones for deliveries could be just the tip of the iceberg, as more brokers consider deploying drones to give them a strategic advantage over their competitors. Drones the size of a moderately large butterfly are already thought to have been used for espionage during industry conventions, hovering over meeting tables and recording conversations between rival brokers and their clients. Onboard cameras allow documents to be photographed.
?There was a time when we could simply ?doughnut? a client to keep the competition away from them, now we are looking at having to deploy our own drones to drive off rival broker?s drones,? a senior London market broker says. ?I can see it leading to an arms race, with clouds of broker drones filling the skies over Monte Carlo and Baden-Baden. Or falling into our cocktails.?

New mobile reinsurance platform RUber takes off in London market
Reinsurance brokers can now download an app to their smartphone that allows them to post their reinsurance placement requirements on ?RUber?, a new mobile on-demand reinsurance platform. Lloyd?s underwriters will operate from minicabs circulating EC3 rather than from boxes. If a deal appears on their ?phone that suits them, they flag ?hired? and drive to the broker?s office to complete the deal.
Experts believe the new app facility will revolutionise the London market, with underwriters queuing to see brokers who will operate a ?drive-thru? facility. Veteran reinsurance underwriter Ian Glasses of Luddite Re said, ?I personally won?t be subscribing to the RUber app as I get car sick.?

Internet of Things not widely understood by insurers
The majority of insurance industry executives participating in a survey on growth and innovation admit they don?t what the internet of things is. Lloyd?s underwriter Brian Merkin said, ?I know what the internet is but I don?t know what the things are.? Cyber risk underwriter Graham Graeme said, ?Is it to do with interweb search motors?? Nearly 48 trillion internet connected things will be in use by the end of the year, including toasters, shavers, staplers, hair curlers, trouser presses, draught excluders and hamster wheels, according to IT consultant Toby Geekfest.

IN OTHER OTHER TECH NEWS:

Driverless sidecars take off in Bermuda market? see p98


Other news from Dec 2015
 
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