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Powering the economies of our major cities, from Glasgow to Bristol and Cardiff to Norwich.
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Insurers help Britain thrive – we add £40bn a year to the UK economy and provide over 300,000 jobs.
Our industry is highly-skilled and global. Our employees are twice as productive as the national average.
We are a national success story – we are the UK's third biggest exporter and export more insurance than any other country.
Our industry helps sectors and businesses grow. We help domestic firms that want to export abroad but are worried about the risk. We provide the investment and expertise to enable dynamic start-ups to thrive and for cutting edge research to take place.
Our industry powers the economies of our major cities, from Glasgow to Bristol and Cardiff to Norwich.
- Over 230,000 people are employed in towns and cities beyond the capital in skilled insurance jobs with real career prospects and with some of Britain's best employers.
- Nearly nine out of ten of our employees work full time.
- The industry employs over 10,000 local people each in and around Glasgow, Birmingham, Leeds, Manchester and Bristol – contributing hundreds of millions of pounds to local economies.
Insurance is an essential safety net that provides peace of mind to businesses and families across the UK.
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- Our sector protects families, homes and businesses every day.
- From flood insurance to pet and cyber insurance, the industry has developed new products to respond to household changing needs.
- Long term savings and protection products enable millions of families to fund life after work and cope with the unexpected.
Our success as the world's leading insurance exporter allows us to invest in new technologies that will secure Britain's prosperity.
- We are the UK's third largest net exporter – selling £13 billion worth of insurance and pensions to the rest of the world.
- We sell to every corner of the world – we're particularly strong in some of Britain's key markets like the US, China, Japan, Singapore and India.
- British insurers help domestic firms that want to export abroad but are worried about the risk.
- Our industry helps sectors and businesses grow. We provide the investment and expertise to enable dynamic start-ups to thrive and for cutting edge research to take place.
Our industry is changing. Financial services firms don't have a reputation for diversity, but the insurance and long term savings sector is leading the way.
- The ABI and 24 of its members have signed the Women in Finance Charter – the commitment by the Treasury and financial services firms to increase the number of women in senior roles.
- Our industry actively recruits people of all ages: many members have school leaver, apprenticeship and graduate recruitment programmes and some actively recruit older workers.
- The ABI and its members champion inclusive workplaces, with firms leading on LGBT+ inclusion and through partnering with groups
such as OUTstanding.
Motor Insurance
Insurers paid out £33.3m a day in motor claims in 2015, of which £23.6m was to domestic customers.
Property Insurance
A total of £12.9m a day was paid out in property claims, £7.4m of which went to domestic consumers.
Travel & Health Insurance
Travel claims amounts to £1m a day in 2015, while the average private health insurance claim came to £1,906.
Long-Term Savings & Protection
20.8 million - the number of individual pension policies in force.
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good retirement outcomes
products and processes
through technology
The introduction of pension freedoms in 2015 brought about fundamental changes to the way consumers access their pension savings. As highlighted in 'The New Retirement Market: Challenges and Opportunities', there is a wide range of retirement products on offer to meet the diverse needs and aims of consumers. While the interim report of the FCA's Retirement Outcomes Review suggested that product innovation has been limited to date, this webpage demonstrates how ABI members and industry are already developing a variety of innovative products, processes and services to help customers achieve a comfortable retirement.Back to top
Retirement Advantage: The Retirement Account
The Retirement Account is a product that helps customers manage their retirement income by combining savings, guaranteed income, flexible income and a cash account all within a single tax-advantaged wrapper. This combination offers greater flexibility and tax control around income, investment and death benefits. Customers have the ability to take a tax-free lump sum on a phased basis and the product allows customers to reduce, stop or start their guaranteed income at any time.
LV=: The Robo paraplanner
The Robo paraplanner is an efficient telephone advice service that makes advice accessible to all customers, regardless of pot size. It improves efficiency for telephone advisers by combining algorithms developed from the industry-first, LV= Retirement Wizard, together with expert financial planning, so they are able to ask customers the right questions to automate a tailored and adviserguided retirement journey. The combination of automated and human elements results in a much more streamlined advice process for customers, for example with the production of an advice report within minutes after the call.
Scottish Widows: Dynamic Volatility Management
Scottish Widows' new Retirement Portfolio Funds uses algorithms to lower the risk of capital loss for income drawdown customers if equity volatility becomes significant. The innovative system can detect periods of significant volatility, helping to both lower the risk and keep costs down for customers.
B&CE: Retirement Options Language
B&CE are removing jargon from their retirement communications by replacing them with practical labels, visual aids and metaphors instead. By explaining the process using everyday terminology, B&CE's communications are more engaging, easy-to-understand
and relatable. A good example is their use of a growing tree to represent how a pension pot grows, and taking apples off the tree to demonstrate the many ways a pension can be accessed.
Scottish Widows: Employee Digital Service
Scottish Widows' Employee Digital Service is a platform that allows scheme members to have key information about their pension at their fingertips. With this informing and engaging digital service, employees can log in to see information about their policy and use simple tools and calculators to help them save for retirement and take control of their financial futures.
Industry: The Pensions Dashboard
Pensions dashboards will allow an individual to see all of their pension pots together online – all in one place. Collaboration between the long-term savings sector and FinTech partners from across the UK resulted in the successful creation of a pensions dashboard prototype led by the ABI. The dashboard project interim report recommends the right for consumers to access information about all of their pensions in a place of their choice in a standardised digital format, via regulated services. It is the Government's objective for the service to be available by 2019.
Spring 2018
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SMEs supported by the sector
start-ups to scale-ups
Insurance is an essential safety net that provides peace of mind to businesses and families across the UK. Our industry helps sectors and businesses grow by providing the investment and expertise to enable dynamic start-ups to thrive and for cutting edge research to take place.
The partnership between SMEs and insurers generates huge economic benefits:
Insurers offer protection, advice and support to the UK's 5.5 million SMEs
From providing cover for business interruption caused by flooding, to advising on the risks of doing trade in other countries, insurers are supporting SMEs to drive economic growth.
Insurers invest in SMEs
Several insurers have created venture capital funds to invest in start-up or scale-up businesses. This financing is helping a new generation of firms to improve their products, to grow their output and trade abroad. Not only this, but insurers invest resource and expertise in their local SME communities.
Insurers help SMEs to innovate
Technology is providing new and better ways to identify and measure risk. Insurers are offering innovative SMEs the guidance, the financing and the infrastructure they need to succeed.Back to top
Providing protection, advice and support to SMEs
The traditional role of a business insurer has been to provide cover for unlikely events – like a customer not paying their debts, an accidental injury or damage to premises. But this role is changing. Insurers are increasingly offering general advice to SMEs to help them run their businesses.
ABI member Atradius makes sure that its account managers know their clients' business models inside out so that they can offer help when it is needed. One of its customers, Leicester-based manufacturer Softex, had its viability threatened by a customer going into administration. Because of the close relationship that Atradius had with Softex it could act quickly, paying out a claim of over £55,000 within four weeks.
In other examples, firms use technology to advise their customers. AXA has recently launched a world first in legal and risk advice by developing an app that allows businesses to ask questions at the touch of button. Topics covered by the app include discrimination in the workplace, the National Living Wage and maternity and paternity rights.
through finance
protection for SMEs
Investing finance, resource and expertise into SMEs
One way in which insurers invest in SMEs is through the provision of finance. For example, Aviva is involved in a number of specific initiatives to fund start-up and scale-up businesses, which include:
- A venture capital programme to fund start-ups that are developing new ways of using data analytics and the Internet of Things. The fund will provide £100 million of finance over the next five years and has already invested in companies in Leeds, London, Cambridge, Stoke on Trent and Gatwick.
- A partnership with the Founders Factory, a digital accelerator and incubator, which offers seed capital and advice to start-ups. Founders Factory expects to invest in 200 businesses over the next few years.
- Another way in which insurers invest in SMEs is by offering resources and expertise. For instance, Hiscox provides free desk space, video conferencing and meeting rooms free of charge to local entrepreneurs in its York office. Allianz matches its senior leaders with social enterprises to help them find ways to improve their business operations.
Helping SMEs to innovate
Over the next decade, the business models of insurers will be shaped by advances in technology. InsurTech firms are already changing how home security is provided, how motor insurance is priced and how health insurance policies are written.
The development and implementation of these new ideas is very much a partnership, with insurers working with start-up and scale-up InsurTech businesses. For example, Aviva's "Digital Garage" in Hoxton includes its product development, digital communications and innovation teams. It provides an environment to test and learn and co-create with start-ups. This has led to innovations such as the "My Aviva" app, which helps customers manage their insurance, savings and investments and this has now been rolled out globally.
More generally, a number of insurers work with new tech firms through the InsurTech "Startup bootcamp", providing guidance and mentoring to firms that are just starting out.
Summer 2017
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jobs provided in Britain
of our employees work full time
future leaders
The insurance and long-term savings sector employs over 300,000 people in Britain, in high-skill, high-value jobs. 86 per cent of those that work in the sector are employed full-time, compared with the national average of 67 per cent. Insurance is one of the most productive industries in Britain. The average worker contributes £150,000 per year to the economy of the United Kingdom – double the average amount of British workers as a whole.
Insurance and long-term savings providers understand the importance of staff training and development. The industry firmly recognises the need to invest in its workforce – particularly those at an early stage in their careers and have the potential to enjoy long and successful working lives within the industry. But the insurance sector also invests in those people that have something to contribute but may need support to do so – such as younger people from less privileged backgrounds and older people that could drift out of the labour market.
The ABI: training future leaders
Following the Government's 2013 Insurance Growth Action Plan, the ABI established its "Future Leaders" programme to help develop promising senior leaders in the sector. Reflecting the ABI's support for diversity and inclusion, there is a strong commitment to gender diversity among the Future Leaders delegates. Since launching in 2015, over 80 people from across the industry have benefitted from the programme.Back to top
The Glasgow Insurance Hub: early career development
Insurance and long-term savings businesses in Glasgow are active members of the Chartered Institute of Insurers and focus on fostering the skills of the sector in the city, including the creation of a mentoring programme for employees at the early stage of their career and running regular skills workshops.
Direct Line Group: boosting school leavers' skills
Direct Line Group supports Pearson College's "Rotational Degree Apprenticeship" scheme, enabling school-leavers to complete a degree in Business Management while participating in a three year apprenticeship programme. Apprentices spend four days a week at work and one day studying at college and rotate through companies including IBM, Tesco, Unilever and Direct Line Group, spending a year at each company.
Unum: helping young people to get ready for the workplace
Protection provider, Unum, has established long-term partnerships with SATRO, IntoUniversity and Basingstoke Consortium to deliver secondary school mentoring programmes. The programmes include helping young people with work readiness and employability skills like CV clinics and mock interviews, as well as advice on revision techniques, learning styles and time management. Unum also runs a programme for its employees to support students from disadvantaged backgrounds to go to university. Typically these are the first member of their family to consider further education.
younger workers' skills
older workers
Aviva: recruiting and training the over 50s
Aviva runs a highly regarded graduate recruitment programme. However, it also runs a series of initiatives to recruit and retain its over-50s workforce, including refreshing its apprenticeship offering to include all age groups. The company runs advertising campaigns targeted directly at the over-50s.
Allianz: combining personal development with social impact
Allianz runs "Our Pathways", a senior leadership programmes, which combines personal development with social impact. Its leadership talent is matched with emerging social enterprises (organisations that are achieving social and environmental impact and are – or aim to be – financially sustainable). Together they develop solutions and tackle the social enterprise's critical organisational challenges in order to improve business operations and better tackle wider social and environmental challenges.
Allianz also runs a leadership programme for junior employees – "Routes to Success" – which brings aspiring leaders together with charitable organisations, utilising their professional expertise and skills to deliver a project brief of the charities' choice.
An active professional body training future leaders
With 125,000 members in 150 countries, the Chartered Insurance Institute (CII) is the world's largest professional body for the insurance and financial planning sectors. It currently offers over a hundred face-to-face courses for members – for people at different phases of their careers – and it has delivered education and training to over a million students in the last decade. However, the commitment to education and training runs right through the sector – from the ABI to the businesses that make up its membership.
Summer 2017
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international trade
worth of exports
investment to the UK
A successful insurance and long-term savings industry can help Britain thrive in its global role. The sector is a huge exporting success story: Britain is the world's leading exporter of insurance. £13 billion of insurance and pension services were sold to the rest of the world in 2015, with only £150 million bought in return. This equates to a massive trade surplus, and outperforms sectors like telecommunications and transport services.
Such a global reach has knock-on benefits for the wider economy - boosting the specialist skills required to engage with foreign markets, and spurring innovations that help to understand the nature of global risk. Not only this, but insurers facilitate cross-border relationships that grow commerce and that attract greater inward investment. In short, insurers make international trade happen.
Selling insurance to the rest of the world
UK insurers are active in every corner of the world – from Argentina to Australia and from Singapore to South Africa. The overseas sales of the industry account for more than 40% of the EU total and are at a level almost double those of the US. This international footprint has seen the value of UK insurance and pension services exports rise six-fold since the turn of the century, when service exports as a whole have risen less than three-fold.
ABI members' presence outside Europe is particularly strong in the US, China, Japan, Singapore and India. For instance, in 2003 Standard Life formed Heng An Standard Life (HASL) with a Chinese firm as a joint venture. At the end of 2016, HASL had over 1,200 employees and 6,700 financial consultants. It operates 82 sales offices across 64 cities and 8 provinces, serving over 5 million customers in mainland China.Back to top
A catalyst for trade
Insurers play a role in international trade beyond that of exporting their own products. If a business is worried about working with a new supplier, trade credit insurers cover the risk. They also offer advice on doing business in specific countries and provide help with overseas payments and debt collection.
This package of support creates international trading relationships that would otherwise not exist, and the importance of international market knowledge is reflected in insurers' recruitment. For example, Aviva's Global Graduate Leadership Programme employs 40-50 people around the world, with the graduates spending the first year in their home market and the second year in a different market.
Nitecrest – credit insurance creates the confidence to enter new markets
Credit insurance means that Nitecrest can sell into emerging markets with confidence. The Lancashire-based business is a world leader in the supply of the plastic cards used for things like mobile top-ups, loyalty schemes and gift cards.
In 2007, Nitecrest wanted to expand its export business to take advantage of the growing market for telephone cards in Africa. However potential customers in places like the Congo, Cameroon and Angola would not pay for large orders upfront and Nitecrest were not comfortable trading on open account terms.
Nitecrest looked to trade credit insurer Coface for a solution and is now trading in these markets. Their support package includes cover against the risk of bad debt, credit ratings for potential customers and assistance with the collection of overdue payments.
The benefits of global reach
The insurance industry's success at exporting and facilitating international trade has several by-products that contribute to a more successful UK economy:
- It creates high-skilled jobs. Chubb employs 400 people in Glasgow specifically to service its European market, with multi-lingual staff engaging with customers.
- It spurs innovation. Zurich used its knowledge of overseas markets to develop an app that helps companies assess how different risk strategies interact across different countries and regions around the world.
- It encourages inward investment. In 2014 Direct Line Group invested in telematics company, The Floow, at the same time as making them its core telematics partner. Three years later, The Floow is operating in markets across the world and has generated further investment from two Chinese companies.
The Floow – supporting new technology on the global stage
The Floow is a global leader in telematics data management and analysis. This technology uses large-scale data analysis to change how motor insurance is priced, taking account of driver behaviour and speed using the context of particular locations and circumstances. It now provides services across the US, Europe and China.
The Floow located in Sheffield because the city has the combined benefits of low living costs, good quality of life and a consistent supply of skilled graduates. The cutting-edge and world-leading nature of its work means that talented employees are attracted from across the UK and from overseas. One member of the team even left the Large Hadron Collider in Switzerland to move to The Floow.
Direct Line Group was The Floow's first customer and is now joined by some of the world's leading insurers. In 2014, Direct Line Group announced a 15 per cent investment in the company. This allowed an expansion of its team of scientists, engineers and designers, as well as an increase of its global presence. Aldo Monteforte, CEO of The Floow, says:
"Direct Line Group played a crucial role in the evolution of The Floow. They have been with us since the beginning, sharing our vision to make vehicles safer and cheaper. Direct Line Group's investment has helped us to promote our services all over the world, and to attract investment and high-skilled jobs to Sheffield."
The Floow has been a regular attendee on Prime Ministerial trade missions, and in 2016 won The Queen's Award for Enterprise in the Innovation category.
Summer 2017
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insurance jobs in the York city region
£235 million
contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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insurance jobs in the Edinburgh and South East Scotland region
£1,780 Million
Contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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different pensions pots for the average retired person
UK pension pots
Our industry constantly adapts and evolves its long-standing products to meet our customers changing needs. A group of pension providers has been working with Government, regulators and technology companies to create new services which will allow everyone in the UK to see information about all of their pension pots together, in an online place of their choosing. The ABI has been project managing key parts of this work.
As the UK faces the challenges of an ageing society and the need for many people to have longer working lives, the importance of helping people plan for their futures is the focus of much of the work on creating pensions dashboards. We know the public find pension issues, and the challenge of planning for their own retirement, incredibly complex. The introduction of new pension flexibilities in 2015, giving individuals more personal responsibility for their retirement choices, has added to this but made it even more important that a solution is found.
Working alongside a range of FinTech development partners, the long-term savings sector is creating the technology to show the pension information for an individual from all of their various schemes and providers, including the State Pension, in one place. The dashboard services will look to access – in time – over 60 million pension pots in the UK. The Government's objective is for the service to be available to consumers by 2019 and for it to be offered by a range of different organisations rather than by a single, central service. This means that the work by the long-term savings sector to support the creation of the underlying technology will enable other industries to innovate and offer new services to consumers.Back to top
The long-term savings sector and FinTech firms working side-by-side
Collaboration between the long-term savings sector and FinTech partners from across the UK has already resulted in the successful creation of a pensions dashboard prototype, which was demonstrated to Government ministers in March 2017. To help inform the next stages of development, eighty people from twenty leading technology firms, consumer groups and the industry took part in a TechSprint, held as part of HM Treasury's FinTech week. Within 18 hours, several teams had demonstrated the potential of programming Amazon's Alexa to hold a conversation about your pension; shown they could build chat bots to deliver guidance tailored to specific life events; and proposed new services that displayed financial data in a similar way to physical health data generated by fitness trackers. Each of these demonstrated a fundamental reshaping of retirement communications, harnessing advances in big-data, the Internet of Things (IoT) and Artificial Intelligence to improve consumers' retirement prospects.
Before the service can go live in 2019 the ABI and pension providers will be continuing their work with Government, regulators and the FinTech sector to research customer needs, establish what features will be most valuable and develop the important technical data standards firms will need to meet. This collaboration has the potential to transform how UK consumers engage with their retirement options.
Summer 2017
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in 21st centry infrastructure
new and refurbished homes
better transport
The insurance and long-term savings industry is an engine of the UK economy, investing in 21st century infrastructure across Britain, from homes to power to transport. Insurers like Prudential and Aviva have made a national commitment to £25bn in infrastructure spending, while Allianz is investing in housing and transport from Aberdeen to Dover. Pensions Insurance Corporation has invested £100m in debt secured on the Thames Tideway Tunnel.
By its nature, the insurance and long-term savings industry is in it for the long term. We build relationships with private and public sector organisations that support them through the years it takes to build - and the centuries it takes to maintain - vital infrastructure.
Better housing in Salford
In 2013, specialist insurer PIC was the sole investor in £72 million of bonds that allowed Salford City Council to refurbish 1,270 homes and fund 30 years of maintenance. Before PIC stepped in the scheme was delayed because of uncertainty over financing.Back to top
Supporting the country's traditional institutions
In 2015, PIC was the sole investor in £70 million of secured debt, issued by the Church of England Pension Board. The funds are being used to acquire and maintain retirement housing for retired Church of England Ministers.
Allianz recently invested equity in the Colchester Garrison, home to the 16th Air Assault Brigade and in university accommodation in Nottingham and Exeter.
By road, rail, and sea
Spotlight on Allianz
Allianz has made a series of major equity and debt investments across the UK to support the development of crucial transport infrastructure:
Rail: trains that are fit for purpose.
Allianz invested equity in Porterbrook, which owns a third of the trains and rolling stock used by Network Rail's system.
Road: Improving connections in Scotland.
Allianz GI is launching its second Infrastructure Debt Fund – a pioneering model to support long-term infrastructure - later this year. The company has already committed over £750 million on UK infrastructure projects including the Aberdeen Western Peripheral Route, M8 road projects in Scotland, and the A1/A4/A5 projects in Northern Ireland.
Sea: redeveloping our docks.
The company has provided a £55 million bond for the redevelopment of the Dover Western Dock.
Meanwhile, Aviva helped finance an injection of more than £600 million into East Anglia's railways, radically improving their performance. As part of a consortium, Aviva helped finance the deal to acquire 58 new trains to replace the existing fleet on the East Anglia network. New trains will operate on key routes on the network, making Norwich and East Anglia better connected and a more attractive place for businesses. Not only will rail links be improved but the potential knock-on reduction in pressure on roads will help too.
Resilient Cities
Swiss RE is a founding partner of the Resilient Cities initiative, which works to protect cities from natural disasters like flooding, health and demographic risks - and new dangers such as cybercrime. Resilient Cities get access to a platform of services, including financing for resilient infrastructure so they can prepare for whatever the future brings.
PIC has helped to improve London's long-term resilience by investing £100 million in debt secured on the Thames Tideway Tunnel, a 25km sewer under the Thames to protect the river from pollution caused by overflows for at least the next 100 years.
Summer 2017
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shielded by protection polices
a day in claims to businesses
a day in property claims
The UK's insurance and long-term savings industry is relied on by tens of millions of British households and businesses to protect their families and build for the future. Of the 27.2 million households in the UK in 2015-16, 19.7 million had contents insurance, 20.2 million had motor insurance and 16.6 million had buildings insurance. Meanwhile there were 20.8m individual pension policies in the UK in 2016.
Spotlight on household protection:
Motor insurance
Insurers paid out 33.3m a day in motor claims in 2016, of which £23.6m was to domestic customers.
Property insurance
A total of £12.9m a day was paid out in property claims, £7.4m of which went to domestic consumers.
Travel and health insurance
Travel claims amounts to £1m a day in 2015, while the average private health insurance claim came to £1,906.
Business insurance
Insurers paid out £23.2m a day in claims to businesses in 2016.
Long-term savings and protection
In 2016, £4.6 billion was paid to 138,000 customers or families as a result of claims on protection insurance policies, shielding families from risks like bereavement or sickness - an average of 12.5m each day.Back to top
Motor insurance
The claims acceptance rate for private motor insurance claims in 2015/16 was around 98%, while the average bodily injury claim was £9,924. The overall average for all types of private car claims was £2,839.
Property insurance
By Q3 2017, the average premium for a combined building and contents policy had fallen to £304, down 10% from its highest peak in Q3 2012. The average premiums for buildings and contents only, were £287 and £142 respectively. Claims for escaped water damage and weather made up almost half the value of all claims, accounting for 28% and 16% respectively. Fire was 16%.
Travel and health insurance
In 2016, travel insurers paid out £369m for 480,000 claims to travellers who needed help whilst they were abroad. £199m of this was to cover the cost of emergency medical treatment, and £130m for cancellations.
Business insurance
Insurers provide a safety net for businesses of all types and sizes, protecting employees, commercial vehicles as well as providing businesses the security to trade abroad.
In 2016, insurers paid out £862m in Employers' Liability claims, and £2.07bn in other types of liability claims. They also paid out £3.5bn in commercial motor claims and £2.4bn in commercial property claims. Trade credit insurers paid out £309m in claims in 2016.
Long-term savings and protection
Pension annuities provided an income to 6.2m retired people in the UK in 2015. Reforms in the 2014 Budget allowing more flexible use of pension pots saw £8.2bn in cash being withdrawn in the first year the policy was in force and £5.7bn in 2016. There were 25.7m individual term, whole of life, income protection and critical illness insurance policies in force in 2015.
December 2017
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in future technologies
The success of the insurance and long-term savings industry helps boost the British economy now but also enables us to invest in new technologies that will secure Britain's future prosperity. Just as insurers have been funding long-term, major infrastructure projects for decades, so they are investing in new technologies and start-ups that are transforming the UK's economy and society.
From virtual reality simulations of oil rigs, to drones in agriculture, to the use of Machine Learning to lower stress for patients, insurers and their investment arms like AXA Strategic Ventures and Aviva Ventures are funding start-ups and spin-outs and helping them apply their technology to the challenges facing both companies and ordinary families across the country.
Spotlight on Future Technologies:
Investing in technology that improves lives
Technology is increasingly focused on devices that talk to us and each other, making our lives more efficient and seamless. Insurers like Zurich are using Internet of Things technology to detect and solve problems in the infrastructure in housing estates.
Reducing risk through gamification and Virtual Reality
Insurers are using high-tech visualisation tools – like Virtual Reality – to demonstrate to clients risks in their businesses and how they can be handled in a crisis. For instance, managing risks such as fire on oils rigs.
Funding research and the ideas of tomorrow
Insurers like AXA are funding academic research into future risks and also innovative new ideas and products – e.g., the application of Artificial Intelligence techniques that track lifestyle choices and encourage healthier living.Back to top
Investing in technology that improves lives
Zurich Municipal Housing recently piloted Internet of Things technology with a housing association in Hampshire to detect issues in homes such a leaking pipes or damp. In a 10 week pilot the technology detected faults in five out of seven homes. Zurich is now looking at rolling this out across its business so that essential maintenance can be done before homes see costly damage.
In 2013, Direct Line Group partnered with a Birmingham technology company, TrakM8, to be the first UK insurer to create cutting-edge small hardware units that could be installed by the consumer in their cars. The black boxes automatically collect data on driving behaviour, vehicle health, and journey data. This has allowed Direct Line Group to reduce insurance premiums by up to 40 per cent and give customers vital insight into their vehicle's performance. Through its partnership with Direct Line Group, TrakM8 has been able to swiftly develop cutting edge technology that has enabled it to attract new clients, grow significantly as a company and put the UK at the forefront of the global telematics market.
Reducing risk through gamification and Virtual Reality
Insurance and long-term savings companies are using the techniques developed in the gaming world – including the latest in Virtual Reality – to help individuals and companies deal with risk.
Spotlight on Risk Room
Zurich risk room shows companies a 3-D simulation of how different risks interplay in different countries or regions around the world. It tracks 113 country risks in 174 countries on a monthly basis, with historical data going back to January 2007.
Zurich is now experimenting with how Virtual Reality might support risk management – for example training people to manage the dangers of offshore oil rigs before they get on site.
Spotlight on We Call Shotgun
Direct Line Group has developed an app called Shotgun aimed at drivers aged 25 and under who have just passed their test. The app is free to download and use and monitors driving performance, rewarding safer driving in a gaming platform where users compete against their friends.
The app's design and its social media based marketing specifically targets males aged 17-19 who are statistically most likely to drive dangerously whilst believing they are fully in control. The app lasts until drivers clock up their first 1,000 miles.
Funding research and the ideas of tomorrow
AXA has given €20m to UK academics to conduct innovative scientific research into environmental, life, and socioeconomic risks of the future and is funding up to 25 Postdoc fellowships for outstanding researchers in 2017.
AXA Strategic Ventures – AXA's investment fund – is also driving the application of AI to health and wellbeing. It recently added the London company BioBeats to its portfolio: a machine learning platform that delivers insights about the wellbeing of individuals in real-time. It uses extensive scientific research to build products that use heart rate variability, brain function, sleep, and physical activity to help you spot harmful patterns and adapt.
Supporting disruptors
Many insurers are directly investing in the growing number of InsurTech start-ups that are disrupting the industry and using technology to give consumers an even better deal.
Spotlight on Trov
Trov is a new start-up insurance platform that offers the first 'on-demand' insurance. Consumers can insure specific items, for a specific period of time, all from their mobile phone. AXA invested in and partnered with Trov in November 2016 to respond to the changing needs of the mobile generation.
Insurers are also involved in InsurTech London, which gives new tech firms advice and mentorship through an accelerator programme, supporting ten start-ups and one start-up in residence in each round.
Spotlight on Aerobotics
Aerobotics is a start-up supported by InsurTech that provides cutting-edge data analytics from drones, applying machine learning to multi-spectral images to provide insight and competitive advantage to farmers. Their current mission: applying aerial analytics to improve accuracy and lower costs in crop insurance.
Summer 2017
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jobs provided in the Cardiff region
to Cardiff economy
city centre regeneration
The insurance and long-term savings industry powers the economies of our major cities. Three quarters of the people in the industry work in towns and cities outside the capital.
Insurance has become an increasingly powerful force in Cardiff and South Wales - contributing an estimated £645 million to the local economy each year. ABI member Admiral is developing the skills base in Cardiff, partnering with universities and further education colleges to provide high quality training – from university post-graduate level to apprenticeships.
Spotlight on Admiral: a home-grown champion and Wales' only FTSE 100 company
Providing thousands of quality Welsh jobs
The Cardiff city region has 8,000 people employed in insurance and long term savings - putting it in the top eight for employers in the sector. Thousands of these jobs are provided by Admiral, which has 3,500 employees in Cardiff itself.
Broadening the skills base in Cardiff and the region
Admiral and other ABI members are committed to building the skills base through initiatives such as the South Wales Financial Centre of Excellence.
Community involvement and leadership
Admiral has been a key player in the regeneration of Cardiff's city centre and commitments include sponsoring the Wales national rugby team.
Sharing success with staff
Admiral prides itself on being a great place to work and providing great careers for people in Cardiff, with free shares for all employees.Back to top
Providing thousands of quality Welsh jobs
From a start-up with just 57 staff in 1993, Admiral now employs thousands of people and provides car insurance, home insurance, loans, and various other products to 5.15 million customers around the world. In 2015 it had a turnover of £2.5 billion. The firm's spin-off businesses - like comparison site Confused.com - have also generated substantial employment in the region.
The insurance and long-term savings industry plays a key role in promoting the South Wales Financial Centre of Excellence aimed at increasing inward investment to the region, with Admiral hosting its launch in Cardiff in late 2015.
Broadening the skills base in Cardiff and the region
Admiral and fellow ABI members like Atradius are committed to developing and growing the skills base in the city and region.
Admiral is a partner in the unique and highly-innovative Welsh Financial Services Graduate Programme. Run alongside the University of South Wales, it provides candidates with an intensive 22 months of work, training and academic study, all whilst experiencing a wide range of job roles such as risk / underwriting, business analysis, IT, financial control, finance, credit risk, research, HR and marketing. The scheme helps to foster home-grown talent and creates future leaders for the financial services industry.
Admiral has also created its own training academy and runs an apprenticeship scheme in conjunction with local further education provider CAVC. Focusing on professional customer care and product management, tasks will include customer liaison and sales and will expose staff to working in a large, successful international business with offices in seven countries. Apprentices will each have a designated Admiral mentor.
Community involvement and leadership
Admiral's brand-new and award-winning headquarters, Tŷ Admiral, is playing a major role in the regeneration of Cardiff's city centre - providing shops and public meeting places alongside modern officers. Admiral is the long-term sponsor of the Wales national rugby union team. The firm also sponsors a host of arts projects like Cardiff's Chapter Arts Centre and the Wales Millennium Centre.
Sharing success with staff
Admiral has appeared in the Sunday Times list of best employers since it was first published in 2001. All members of staff, no matter their role, receive free shares every year. In 2016 each UK employee received the maximum £3,600 worth of free shares in the Group's Approved Free Share Incentive Plan. When founder Henry Engelhardt retired in 2016, all full-time staff received a cash gift of £1,000, with part-time staff receiving £500.
ABI members operating in the Cardiff City Region include:
• Admiral Group plc
• Atradius Credit Insurance NV
• Lloyds Banking Group plc
• NFU Mutual
• Zurich
Summer 2017
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jobs provided in Yorkshire
to the Yorkshire economy in 2015
job growth in the Sheffield city region
The insurance and long-term savings industry powers the economies of our major cities. Three quarters of the people in the industry work in towns and cities outside the capital.
Insurance and long-term savings companies contributed almost £2 billion to the Yorkshire economy in 2015.
The industry is driving Yorkshire's city economies
Leeds has the most insurance and long-term savings jobs of any City Region outside London, with 18,000 people employed in the industry. In total, there are 24,000 people employed in insurance and long-term savings across Yorkshire.
The Yorkshire insurance and long-term savings sector is thriving
Between 2009 and 2015 the number of industry jobs grew by 19 per cent in and around Leeds and by 40 per cent in and around Sheffield.
The industry is a source of jobs for the region
A cluster of ABI members operate in the Leeds and Sheffield city regions, including QBE, AIG, Zurich and LV=.Back to top
Investing in towns and cities
Insurers invest in the Yorkshire towns and cities where they are based. Covea Insurance recently completed a £14 million office redevelopment in Halifax. The investment saw the restoration of two historic mill buildings, which had been left unused since the 1950s. The project created 75,000 square feet of new office space to accommodate 720 employees. It highlights Covea's long-term commitment to Halifax, where it has had a base for almost half a century.
The last three years have seen employee growth of almost 50 per cent. Strong links with schools, colleges and universities have resulted in a highly successful graduate and apprenticeship programme. The company runs well-being initiatives for its employees and has established partnerships with local charities to provide volunteering opportunities and raise funds for vital community projects.
In the last few years, the global insurer Hiscox invested £19 million to develop new office space in York. With the capacity to employ up to 500 people, the building houses a range of skills, including underwriters, legal advisers and the insurer's customer experience centre for the North. The new office is also home to the Hiscox Business Club, a collaboration with York St. John University and Make It York, which provides free desk space, meeting rooms and video conferencing to local small businesses and entrepreneurs. Hiscox partnered with the York, North Yorkshire & East Riding Local Enterprise Partnership to recruit the first members of the Business Club. The chosen companies ranged from ice cream manufacturers to video producers, and from bicycle designers to foster care support.
Supporting regional economic potential
The Leeds and Sheffield city regions are able to build on their economic strengths through the availability of talented graduates from local universities, good air, road and rail transport links and access to a broad base of sectors. Yorkshire insurance and long-term savings firms help local companies to take advantage of this economic potential.
Cocoon – insurers supporting economic potential
Aviva Ventures is a £100 million venture capital fund. Its purpose is to invest in unique and innovative businesses that will change how insurance works in the future.
Cocoon is a beneficiary of Aviva Venture funding. The company began in Leeds in 2014 with an idea to disrupt the home security market. Cocoon's co-founders believed that existing security technology was too expensive, too difficult to install or simply unreliable. The solution was to create a technology that would protect the whole home from a single device, without external sensors. Within a month of launch, Cocoon had been pre-sold to customers in over 50 countries.
Aviva Ventures invested over £2 million in Cocoon. Part of the funding was used to expand Cocoon's engineering teams, enabling the start-up to access the strong engineering talent available in Leeds.
ABI members operating in the Leeds and Sheffield city regions include:
- AIG Europe
- Allianz
- AmTrust Financial Services, Inc.
- Aviva
- Congregational & General Insurance plc
- CPP Group Limited
- Equine & Livestock Insurance Company Limited
- Lloyds Banking Group plc
- Markel International Insurance Company Limited
- MMA Holdings UK plc
- NFU Mutual
- ONE Insurance Limited
- SureStone Insurance dac
- Zurich
Summer 2017
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homes could benefit from Flood Re
industry levy to enable Flood Re
supported in the first year
Insurance is an essential safety net that provides peace of mind to businesses and families across the UK. Flooding is a growing risk for huge numbers of families – not only those that live near coastlines and rivers - and is arguably the greatest natural threat the country faces. The number of major flood events has risen, and so has their cost.
In response, the insurance industry worked with Government to create a world-first not-for-profit scheme to ensure the availability of affordable home insurance for the properties most at risk. This takes the form of Flood Re, a reinsurance fund, managed by the industry but publicly accountable, funded by a levy on the industry itself.
Spotlight on Flood Re:
Identifying the problem:
Since 2000, insurers had agreed to continue offering flood insurance as a standard part of domestic property insurance to their existing customers. But high-risk properties faced much higher premiums and consumers were often unable to shop around for the best deal.
A partnership to help consumers:
In 2011, the insurance industry proposed setting up a reinsurance fund that would share the risk more evenly with a major contribution by the industry itself. Primary legislation was needed to create Flood Re, which started work in April 2016.
A functioning and fair market:
By protecting individual insurers from the biggest flood risks, Flood Re ensures that those domestic properties in the UK at the highest risk of flooding can be offered affordable cover for the flood element of their household property insurance, with a reasonable excess.Back to top
Finding a solution to provide families peace of mind
The insurance industry recognised that the market for flood insurance was not working well for consumers, with people at risk of flooding being unable to switch or afford the cover they were offered. General insurers invested five years of executive and management time and over £20 million of direct funding to bring Flood Re to life. It is funded on an on-going basis by an annual £180 million levy on the industry.
A functioning and fair market
Flood Re creates a more competitive market for flood insurance. Customers can choose who they want to insure them. Those firms then have the option to pass (or reinsure) the risk with Flood Re at a set price based on Council Tax bands. If the insurer has to pay out, Flood Re covers the risk using money from the premiums it charges plus an annual £180m levy on the industry. The new arrangement means insurers are vastly less likely to charge high premiums or even refuse any cover at all.
Summer 2017
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jobs provided in Glasgow
to the Glasgow economy
increase in employment 2009-15
The Insurance and long-term savings industry powers the economies of our major cities. Three quarters of the people in the industry work in towns and cities outside London.
Insurance and long-term savings is an established and growing part of Glasgow's business community, producing over £1 billion of economic output and employing thousands of people.
Spotlight on Glasgow, the presence of the industry has meant:
The creation of employment for the region
More than 10,000 people work in the insurance and long term savings sector in the Glasgow City Region and the centre of Glasgow has one of the highest concentrations of these jobs in the UK.
Help to recover from the recession
Employment in the insurance and long-term savings industry grew by 7% in Glasgow between 2009 and 2015, whereas wider employment in the local authority fell by 3%.
A strong relationship between the industry and universities
The AXA Research Fund financed a study on malaria transmission at Glasgow University.Back to top
Providing quality jobs and lifelong careers
The insurance and long-term savings industry employs more than 10,000 in the Glasgow City Region, and over the last decade has gradually increased its skills base.
One reason for this has been a pipeline of recruits that have been available from good local colleges and universities. Another reason has been the established presence of the Insurance and Actuarial Society of Glasgow (the city branch of the Chartered Insurance Institute), the professional body for insurance professionals. The CII runs a number of mentoring sessions throughout the year, helping those working in insurance to build an industry network and access development opportunities. The sessions are regularly attended by younger generations of insurance employees, and students studying risk management at Glasgow Caledonian University have also attended.
AXA has been recognised for its role in boosting youth employment in Glasgow. It offers a Foundation Apprenticeship in Financial Services – the first of its kind in the country. This is part of a range of activity designed to encourage young people into the industry that includes inviting local schoolchildren to take part in study tours, work experience days and careers workshops. In addition, AXA has partnered with the city's Notre Dame High School for Girls to run classes that teach pupils how maths is applied practically in the world of finance.
Aviva's Bishopbriggs site handles all of the firm's claims for liability and bodily injury from motor accidents, around 100,000 claims a year, making it the biggest casualty claims centre in the UK. The team incorporates people with a wide range of skills, including technical experts, analysts and experts in automation.
Supporting the local economy
AIG has operated from its office in the centre of Glasgow for more than 40 years with a core focus on the oil and gas industry – another sector key to Scotland's economy. Not just an ally when things go wrong, AIG works closely with clients to help them manage risks, prepare contingency plans and handle changes in the sector such as the need to decommission North Sea facilities. AIG also offers a service which provides rehabilitation for workers injured both offshore and onshore.
A significant chunk of Zurich's business is insuring the construction industry based in the Glasgow City Region. As a result, Zurich has established a "construction centre of excellence" to respond to the needs of its clients. This helps Zurich understand the risk associated with the construction industry's adoption of cutting-edge techniques, such as a move towards more environmentally friendly construction.
ABI members operating in the Glasgow City Region include:
- AIG Europe
- Allianz
- Aviva
- Chubb
- Direct Line Insurance Group Plc
- esure Insurance Limited
- Hiscox Plc
- MS&AD Insurance Group Holdings Inc.
- NFU Mutual
- Phoenix Group
- Prudential plc
- Royal London Group
- Scottish Friendly Assurance Society Limited
- Zurich
Summer 2017
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a diverse industry
workplaces for all
the charge for gender equality
While financial services is not traditionally known for its diversity, the insurance and long-term savings industry is now leading the way for change.
The Association of British Insurers and its members believe they have a duty to create an inclusive industry that welcomes and supports employees from every type of background.
Recognition of success
ABI member and insurance provider Lloyds Banking Group was recently named the country's most inclusive employer by charity Stonewall.
Supporting the promotion of senior women
The ABI has signed the Women in Finance Charter which commits firms to increasing the number of women in senior roles. Furthermore, Mark Wilson, CEO of Aviva, was the first FTSE 100 CEO to sign up to 30% of board members being women by 2020.
Encouraging people of all ages into the industry
Aviva runs a number of initiatives to recruit and retain its over-50s workforce, including advertising campaigns specifically aimed at recruiting older job seekers. At the other end of the age spectrum, Direct Line Group supports Pearson College's "Rotational Degree Apprenticeship" scheme, enabling school-leavers to complete a degree in Business Management while participating in a three year apprenticeship programme.Back to top
The ABI: leading the way for the insurance sector
- The ABI and 29 of its members were some of the first signatories to the Women in Finance Charter – the commitment by the Treasury and financial services firms to increase the number of women in senior roles.
- The ABI has set targets for the number of women in its management team and demands gender balanced long-lists from recruiters for management roles.
- As part of the "HeForShe" campaign – which promotes gender equality – ABI Director General, Huw Evans, pledged to mentor two women from the ABI's young professionals programme and the ABI Future Leaders executive development programme.
- The ABI is also strengthening its commitment to LGBT+ inclusion by partnering with OUTstanding - a global professional network - to support employees internally through mentoring and leadership programmes. ABI member, Direct Line Group, is also participating in this mentoring programme.
ABI members signed the Women in Finance Charter
to LGBT+ inclusion
- Senior figures from ABI member companies were named in the 2016 OUTstanding TOP 100 list of LGBT executives: Angela Darlington, Chief Risk Officer of Aviva; Jan Gooding, global inclusion director of Aviva; and Nick Major, chief underwriting officer, global corporate UK, Zurich Insurance. Other executives were named as vocal allies of the LGBT community in the workplace: Paul Geddes, CEO of Direct Line; Sarah Morris, Chief People Officer of Aviva and Karin Cook, Group Director, Operations, Lloyds Banking Group.
- The ABI sits on the steering group of the "DiveIn Festival", a global insurance initiative focused on driving diversity and inclusion across the sector and which provides practical ideas for what employers might do to accelerate change.
Lloyds Banking Group: Britain's most inclusive employer
Insurance provider and ABI member Lloyds Banking Group was recently named by Stonewall as employer of the year. Lloyds has prioritised diversity and equality - pledging that 40 per cent of top jobs will be held by women by 2020 and taking the step of including gender dysphoria in its private medical benefit provision. Andrew Bester, Lloyds' Inclusion and Diversity Executive Sponsor, was named in this year's Management Today "Agents of Change" list of executives promoting gender diversity in the workplace.
AXA: inclusive parental leave policies
In 2017 AXA launched its first global inclusive parental leave and support policy, actively supporting same-sex couples and adoptive and single parents. All parents are entitled to four weeks fully paid leave, with the primary care giver entitled to 16 weeks fully paid leave.
Aviva: supporting a diverse workforce
Aviva, which has a significant presence in Yorkshire, recently took on the main sponsorship of York Pride – the popular North Yorkshire event which raises awareness of LGBT issues – and it is promoting its internal LGBT network, "Aviva Pride".
Aviva – also a Stonewall Top 100 employer - has created the role of Global Inclusion Director – the business' first director level role with a full time focus on inclusion and diversity. The company has gone so far to promote diversity that it has threatened to terminate contracts with a dozen companies that fail to promote women to senior positions. This is consistent with its "30% Club" commitment, which pledges that 30 per cent of its Board will be female by 2020.
Aviva also runs a number of initiatives to recruit and retain its over-50s workforce, including: advertising campaigns specifically aimed at recruiting older job seekers and reviewing language and imagery in all their recruitment materials; raising awareness and understanding of the challenges facing carers within their workforce; and refreshing their apprenticeship offering to include all age groups.
Ken's story: joining the sector later in his career
"I was a civil servant for 38 years working in London and then Scotland before moving to Yorkshire due to my wife relocating her role and the family's desire to move to York. In July 2014 at the age of 56, I joined the Aviva Claims Team on a temporary contract. I was able to bring skills from my previous job into this new role.
Today I am a permanent staff member. After requesting flexible working, I now work my hours over four days to make up my full time hours, which means I get every Wednesday off. The break in the week keeps me refreshed and gives me a good work/ life balance – allowing my wife and I to spend more quality time together.
My job role with Aviva involves answering a wide variety of customer calls. Often they are calling to make a claim due to a bereavement, a terminal or critical illness. Every day is interesting and rewarding and I feel that I am making a difference to our customers at what is often a very difficult time for them."
The benefits of a diverse insurance industry: Huw Evans, Director General, ABI
"Improving the insurance and long-term savings sector's diversity and inclusion is not just a "nice to have", but is central to its future success. The sector can never realise its true potential and be fully fit for the future until its workforce makes the most of all the talent that exists within Britain. While we're making steady progress, we're not complacent and we know we still have a long way to go - whether that's representation of women in leadership roles, perception among graduates or inclusiveness to minorities. We are determined that the ABI and its member businesses should lead change."
Winter 2017
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jobs provided in the Bristol CR
contributed to the Bristol CR economy
insurers driving innovation
The insurance and long-term savings industry powers the economies of our major cities. Three quarters of our people work in towns and cities outside the capital.
The insurance and long-term savings industry is vital to the Bristol economy. The sector contributed £1.2 billion to the regional economy in 2015 and makes a dynamic contribution to the area.
Spotlight on innovation:
A top insurance centre
The insurance and long-term savings industry supports 11,000 jobs in the Bristol City Region, making it one of the top insurance hubs outside London.
Supporting the South West economy
Bristol hosts major regional operations that support the wholeSouth West, along with important offices serving the entire country for world-leading firms like Direct Line Group, AXA and Sun Life.
A global centre for innovation
Bristol is an innovation hub, with global leaders like AXA and Swiss Re working with local partners including the city council and universities on ground-breaking new approaches, for example on autonomous vehicles.Back to top
A global centre for insurance innovation
Bristol is host to the "VENTURER" project - one of three major UK programmes researching autonomous driving. ABI member, AXA, has partnered with world-class robotics researchers at Bristol's universities, and major local employers including BAE Systems and the region's local authorities, to run the three-year project.
Bristol based insurers are at the forefront of this research which is providing ground-breaking knowledge about a technology which has the potential to revolutionise how we live our lives. The "VENTURER" project includes use of Connected and Autonomous Vehicles (CAV) vehicles on public roads in Bristol city centre and the surrounding area.
AXA is providing vital insight into what autonomous vehicles will mean from a legal and insurance perspective. The firm believes that this technology has the potential to deliver huge benefits to the UK and globally, including a big potential drop in insurance premiums. But without a proper legal and insurance framework, these benefits could be delayed or even missed entirely.
The project is designed to ensure the UK remains at the forefront of CAV technology. It will create an independent test site to work with and grow the emerging cluster of expertise in and around Bristol.
autonomous vehicles
local resilience
Bristol is also one of the world cities selected by the Rockefeller Foundation's 100 Resilient Cities initiative to build local resilience against threats such as climate change, which is supported by Swiss Re – one of the world's largest reinsurers. The initiative helps a Strategic Resilience Officer with the job of ensuring the city council is able to plan, respond and bounce back better from major shocks to its infrastructure.
Reto Schnarwiler, Managing Director for Global Partnerships at Swiss Re's
"Cities will be a key driver for economic growth across the world. Therefore making cities more resilient in the face of threats like climate change is critical to reducing income inequality, enhancing trust in the public sector and generating future investments and prosperity."
ABI members operating in the Bristol City Region include:
- AIG Europe
- Allianz
- Aviva
- NFU Mutual
- Scottish Widows
- Simplyhealth Access
- SLFC Assurance (UK) Limited
- Standard Life plc
- The Canada Life Group (U.K.) Limited
- UNUM Group
Summer 2017
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insurance jobs in London
£14,200 million
contribution to the local economy
is the birthplace of the industry and is the insurance capital of the world
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insurance jobs in the Sheffield city region
£365 Million
Contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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jobs provided in the West Midlands
contributed to the Birmingham economy
contributed to the West Midlands economy
The insurance and long-term savings industry powers the economies of our major cities. Three quarters of the people in the industry work in towns and cities outside the capital.
Insurance is a key and growing sector in the West Midlands economy, providing almost 13,000 jobs, with 7,800 of them in Birmingham alone. The West Midlands is home to major firms such as Wesleyan Assurance and Phoenix Life as well as hosting major offices for Allianz and Zurich.
The industry contributed £850 million to the Birmingham economy in 2015, with a contribution of £1.2 billion to the West Midlands economy, all helping drive growth in the Midlands Engine.
Spotlight on West Midlands:
A key regional centre
Major insurers and long-term savings providers are investing in Birmingham as a centre for the West Midlands economy.
Supporting manufacturing
The insurance industry plays a key role in supporting the West Midlands manufacturing economy – and through it, the wider Midlands region - especially through commercial insurances packages like credit insurance, professional indemnity and engineering insurance.
Investing in Birmingham to provide growth and support local business
Major insurance and long-term savings firms look to Birmingham as a key hub to serve the West Midlands and as a vital market for services. RSA, one of the UK's largest commercial insurers, has opened a new trading site in Birmingham, where local brokers can trade with experienced underwriters. The site in the city centre means West Midlands firms can do business face-to-face with knowledgeable local underwriters and get instant decisions.
The modern, purpose-built trading site offers RSA's local partners full access to Wi-Fi-enabled meeting rooms and other facilities and follows the firm's move to Interchange Place in the city's commercial core.
RSA and other ABI members' investment in the region mean that Birmingham hosts the fourth biggest insurance hub in the UK. With more than 13,000 jobs, it is a larger insurance hub than traditional financial services centres such as Edinburgh.Back to top
the 'Midlands Engine'
creating an insurance hub in the West Midlands
Supporting manufacturing economy and helping drive the Midlands Engine
Given Birmingham's longstanding status as the 'city of a thousand trades', much of the insurance and long-term savings market is devoted to providing bespoke products, supporting specific industries. The insurance industry partners with the vast network of SMEs in the region, and is fundamental to the strength of the Midlands Engine, powering one of the UK's most important drivers of growth.
Trade credit insurer, Atradius, which has a major regional hub in Birmingham, works with textile firm Softex to protect them from the risk of a client becoming insolvent. With low profit margins in the industry, Softex - whose clients include Burberry, M&S, John Lewis and Laura Ashley - knows that just one client becoming insolvent could deliver a hammer blow to the firm.
Softex MD, Kiran Yarashi, refuses to do business without trade credit insurance:
"A small hit can be enough to kill off a company and we don't want to be in that position." Softex need an insurer that understands its business, is responsive to its needs and acts fast when it matters. Mr Yarashi says: "I always seek the opinion of Atradius whether to supply a customer as they can advise if I'm likely to get paid or not – and I don't want to take a hit. They are my advisers of where to do business."
Recently, Softex was almost hit with financial turmoil when one of its customers, a fashion manufacturer, went into administration. However, Atradius acted quickly and paid out a claim of over £55,000 which Softex received within a month.
Mr Yarashi says:
"The administration was unexpected. It was a long-standing customer with a reported turnover of £15m and there were no signs that it was about to go under. We couldn't have continued operating without the pay-out."
In 2013, Direct Line Group partnered with a Birmingham technology company, TrakM8, to be the first UK insurer to create cutting-edge hardware units for customers' cars. The black boxes automatically collect data on driving behaviour, vehicle health, and journey data. This has allowed DLG to reduce insurance premiums by up to 40 per cent and give customers vital insight into their vehicle's performance. Through its partnership with DLG, TrakM8 has been able to swiftly develop cutting edge technology that has enabled it to attract new clients, grow significantly as a company and put the UK at the forefront of the thriving global market.
ABI members operating in the West Midlands include:
- Allianz
- Aviva
- Chubb
- Ecclesiastical
- Markel International Insurance Company
- New India Assurance Company
- Phoenix Group
- Prudential
- Wesleyan Assurance Society
- XL Group Ltd
- Zurich
Summer 2017
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customers for healthy lifestyles
On call
doctors via video 365
days a year
using smart technology to help people manage their health
In the 20th Century, life expectancy increased enormously, common diseases were all but eradicated, and child mortality plummeted. In the 21st Century, much of health innovation is focused on us living healthily and well for longer.
From promoting the use of smart devices, to the use of the latest machine learning software, to online access to doctors (and vets), the insurance and long-term savings industry is leading the way in helping patients and families stay healthy in the long-term.
Spotlight on Technology and Health:
Promoting healthy living
Insurance provider Vitality rewards customers who live healthy lifestyles with incentives such as free cinema tickets, discounted air fares and cheaper groceries.
Using technology to provide better customer care
AXA offers customers the option to see doctors by video until late at night, while Just uses sophisticated software to predict how health conditions might evolve so that they can provide greater support when such changes occur.
Continually evolving products to provide consumers with suitable protection
Some people wrongly think that an HIV diagnosis means they are no longer able to access life insurance. This is not the case and the ABI has published a guide so that people understand this and what is available to them.Back to top
Vitality: walk off your insurance bills
Health and life insurance specialist Vitality has been pioneering the use of behavioural science and new wearable technology in insurance for over a decade. Unlike traditional insurance policies that only pay out in the event of death or illness, Vitality provides incentives and rewards on a monthly or even weekly basis to help keep its customers on track to reaching their health and lifestyle goals. This shared-value model means that customers, employers and the insurer all benefit from encouraging healthy behavioural change.
rise in tracking lifestyle activity levels
Vitality's offer has had a substantial impact on customer activity. Since the launch of its recent Apple Watch product, levels of activity among customers who use the Apple Watch to track their lifestyle jumped 20 per cent. Vitality continues to work with customers and technology manufacturers to evolve its product and improve its ability to provide benefits that meet customers' changing demands and lifestyles.
Vitality established Britain's Healthiest Workplace in 2012. Supported by research from the University of Cambridge and RAND Europe, the programme discovered that high stress and lack of physical activity are causing industries to lose up to 27 days of productive time per employee per year and costing the UK economy an estimated £73bn a year.
By tracking the productivity and investment into staff health and wellbeing of participating companies, Britain's Healthiest Workplace aims to develop a common understanding of what employee health and wellbeing means, and establish a common set of standards that can be applied to all industries. Each year Britain's Healthiest Workplace awards companies with the best approach to employee health and wellbeing – last year winning companies included GlaxoSmithKline, Sweaty Betty and Eversholt Rail. Over 400 companies and 100,000 employees have taken part in the programme.
Using next generation technology to reduce premiums and increase pay outs
ABI member, RGA, uses the latest Optical Character Recognition and Natural Language Processing software to analyse NHS digital records and medical reports, automating a large proportion of underwriting. This has sped up the process of health insurance, given greater certainty to claimants, and lowered premiums.
Meanwhile, ABI member, Just has developed bespoke software, PrognoSys TM, to individually underwrite potential customers – this highly sophisticated intellectual property assesses how medical conditions and lifestyle factors impact life expectancy and enables Just to give higher guaranteed incomes in retirement to many of their customers.
The doctor (and vet) can see you now
AXA offers Doctor@Hand so that patients can see a GP by video or phone from 8am-10pm, 365 days a year. The doctors – who are UK-trained with at least six years' post qualification experience – can diagnose conditions, prescribe medications and refer you to specialists.
Direct Line Group has recently invested in Pawsquad, a startup service offering online video vet calls and home visits. Direct Line Group will offer the Pawsquad product to its pet insurance customers.
Supporting customers through tough times
When someone or one of their loved ones is going through treatment for cancer, or managing grief, it is important that their employer is able to support them. That's why Unum has a long-term partnership with cancer charity Maggie's, helping employers improve their understanding of cancer, treatment, side-effects and how to help people return to work. Unum has also partnered with St Catherine's Hospice (West Sussex) and worked together to develop a free, online Managing Bereavement in the Workplace toolkit, offering practical guidance for managers and employees to support those going through bereavement.
Continually evolving products to provide suitable protection
Insurers are constantly modernising and using information about changing medical treatments to broaden the availability of insurance. This is no more evident than with HIV, where insurers have been working hard to remove previous stigmas about the condition. Misconceptions around HIV and life insurance policies saw over a fifth (22%) of people cancel a life insurance policy following an HIV diagnosis, in the mistaken belief that their policy had become invalid. In 2016, the ABI took action to improve the advice given to people with the condition and worked with the Terrence Higgins Trust to produce an advice guide for:
- People who have recently been diagnosed with HIV and have an existing policy;
- People who are HIV positive and would like to buy life insurance;
- HIV testing as part of medical screening when applying for life insurance, which is usually only required for large cover limits.
The Terrence Higgins Trust said:
"There are countless concerns facing people when they receive a new HIV diagnosis and the ABI consumer guide provides clear information and advice in relation to questions about HIV and life insurance. Many people, both newly diagnosed and living long-term with HIV do not understand their full rights in relation to life insurance and this guide is a welcome tool to give peace of mind to those reviewing either current or new life insurance cover."
Insurers are constantly working to improve understanding of medical conditions, existing and new treatments and to help customers manage the financial risks of their medical condition. Life insurance is still available to those diagnosed with HIV. The ABI makes sure they know about it.
Summer 2017
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insurance jobs across East Anglia
worth of economic value created for the region
invested in East Anglia's rail network
East Anglia is best known for agriculture and tourism, but it should also be known for insurance, which lies at the heart of the regional economy. ABI members operating in East Anglia include Aviva, NFU Mutual, Ecclesiastical and Direct Line Group, providing more than 12,000 jobs to the region and contributing £1 billion to the local economy.
Aviva, based in Norwich, is the biggest private sector employer in East Anglia. Its presence brings huge benefits to the economy of Norwich and the wider region:
Spotlight on Aviva, the largest private-sector employer:
Better public transport for the region.
Aviva helped finance an injection of more than £600m into East Anglia's rail network, radically improving its performance.
Helping local businesses.
Aviva has taken an active role in the New Anglia Local Enterprise Partnership (LEP) and Norfolk Chamber of Commerce to boost growth and enterprise in the region.
Supporting skilled jobs and career progression.
Aviva employs around 5,000 people in Norwich – nearly a third of the firm's total workforce. It has an oversubscribed graduate recruitment programme and offers ever-increasing numbers of apprenticeships to local people
A cutting-edge industry.
With a highly developed web-based platform, providing personalised pricing on an array of complex issues, Aviva is at the forefront of technological change designed to benefit consumers and businesses alike.Back to top
Better public transport for the region
Like many rural areas in Britain, public transport in East Anglia has needed improvement for some time. As part of a consortium, Aviva helped finance the deal which raised more than £600m in funds to acquire 58 new trains to replace the existing fleet on the East Anglia Network.
The new trains will operate on three routes on the East Anglia Network: (a) Intercity services between London and Norwich, which will cut the journey to just 90 minutes; (b) Stansted Express airport services; and (c) the general regional network in East Anglia. This new investment will make Norwich and East Anglia better connected and a more attractive place for businesses. Not only will rail links be improved but the potential knock-on reduction in pressure on roads will help too.
Helping local business
Lindsey Rix, a senior Aviva executive based in Norwich, has played a leading role in the New Anglia Local Enterprise Partnership since she joined Aviva at the end of 2015. The LEP exists to boost growth and enterprise in the region, providing funding, advice and support to growing businesses and funding local infrastructure projects.
Lindsey says:
"Our involvement in the regional LEP has been mutually beneficial for Aviva and the local economy. As a major East Anglian employer, it helps if there is a thriving regional network of businesses to work with and highly skilled staff - and it also helps if the right decisions on infrastructure are made too. From our side, Aviva is able to provide the sort of insight that very large businesses can in areas like finance, tech and business and employee development. It continues to be a fruitful partnership."
Lindsey chairs the investment appraisals committee which invests the £290m awarded to the LEP by the Government as part of its Growth Deal. To date this has included funding for road and transport projects, new skills and training facilities and state-of-the-art business centres. Lindsey also sits on the innovation and productivity board which aims to create 95,000 new jobs in the region by 2026. Under Lindsey's direction, Aviva has hosted a series of tech hub events at its Norwich HQ and has run tech training seminars for local businesses.
new trains for the region
new jobs created in the region by 2026
Supporting skilled jobs and career progression
From photocopying to leadership: by Simon Corke, Head of Learning, Aviva
"I have been able to enjoy the sort of career progression in Aviva's Norwich office that people might only expect to see in the biggest offices of the biggest firms in London. And unlike many of my peers, I have done this after joining the firm at 16, straight after leaving school.
My first job at Aviva (Norwich Union as it was) – as an enthusiastic but inexperienced young man - was photocopying and running errands. With help, I started to organise training courses and soon began delivering induction courses to new entrants as a way of developing more confidence.
Things developed: I took the opportunity to deliver training to staff on presentation and appraisal skills and the company sponsored me to complete a Diploma in Management. I progressed to managing teams of trainers aligned to our Retail business and, in time, took the opportunity to move into the wider Human Resources function. Following a couple of years in this role I moved into the Head of Learning role.
I've learned you can really progress in a large company in this industry if you're willing to work hard and take the opportunities when they arise. Insurance has been a great career option for me and I would recommend it to anyone starting out."
A cutting edge industry
Aviva's Norwich base is a site for cutting edge innovation in the insurance and long-term savings industry. Aviva recently opened a new 'complex claims' settlement centre in the city, employing 500 people in what is a demanding, highly skilled environment. While the biggest modern firms like Aviva perform some of the same functions they always did – like providing home, travel and business insurance - the services provided by insurers have adapted to changes in the economy and society. Insurers are pioneering innovation, increasingly providing services online where highly advanced technology helps to provide accurate and personalised pricing on a range of products, payment services, and renewal reminders – and developing new products to keep ahead of emerging technologies such as drones.
ABI members operating in East Anglia and Essex include:
- Aviva
- CNA Insurance Company Limited
- Ecclesiastical
- Hiscox
- NFU Mutual
- New India Assurance Company Limited
Summer 2017
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insurers Direct Line Group, AXA and RSA are supporting the autonomous driving pilots
on the road to creating a world leading autonomous vehicles market
3 pilots
across the UK developing this exciting new technology
The insurance and long-term savings industry is investing in new technology that will secure Britain's future prosperity and help deliver new products for businesses and families across the country. For example, the sector is keeping the UK at the forefront of the development of autonomous vehicles – one of the most exciting technologies currently in development around the world.
Major UK insurers such as Direct Line Group (DLG), AXA, XL Catlin and RSA are working intensively on pilots of autonomous vehicles across the country. While car manufacturers are producing innovative hardware and software, insurers are innovating their products to make sure vital questions of safety and liability are answered to make the UK's autonomous vehicles market a global leader.
GATEway in Greenwich
GATEway (Greenwich Automated Transport Environment) is testing driverless pods as a first step to bringing autonomous vehicles to all parts of London. The insurer RSA has partnered with a range of organisations including the University of Greenwich and Imperial College, Heathrow Airport, and Oxford University spinout Oxbotica to develop and test the vehicles.
A driverless pod in Greenwich
RSA is helping manage and resolve risks so GATEway can get technology to market, including to the elderly and people with mobility issues, without compromising safety. Technology developed in contained environments is now being trialled in close proximity to the general public; as well as advising on how to manage these trials so they are as safe as possible, RSA is ensuring that if there are any unforeseen incidents, these do not threaten the future viability of the trials.
Ultimately, while the technology needs to be safe, insurance also needs to protect people if incidents occur. By being at the forefront of technological development, the industry is helping this new technology get to market more quickly and preventing problems for consumers further down the line.Back to top
AXA: supporting trials across the country
AXA is part of a number of major trials of autonomous vehicles, looking at different aspects of a new, exciting and complex technology:
VENTURER, in Bristol and South Gloucestershire, is supported by AXA in partnership with BAE Systems, the University of the West of England and the University of Bristol, Williams Advanced Engineering and others. It is focused on the human behaviour aspects of autonomous vehicles, and the insurance and legal questions that must be resolved before vehicles can be used on roads.
For example, the trial is looking at handover. The process of people switching driverless mode off and then taking back control is one of the trickiest moments – both in insurance, legal, and practical terms – for the development of autonomous vehicles. A lot of the technology for autonomous vehicles exists: it is the social and legal aspects we have to get right.
UK Autodrive: cars talking to each other
In Milton Keynes and Coventry, on-road trials are being supported by AXA, Ford, Jaguar Land Rover and Tata Motors. Over the course of the three-year trial the vehicles will move from having an occupant who can be responsible for the car's operation to being able to travel with a remote safety controller. The project will start on a test track and move through increasingly complicated scenarios including a fleet of self-driving 'pods' that can operate on pavements.
The trial will explore ways in which cars can communicate with each other with huge potential benefits to safety, traffic flow and the environment. As the trials move from the track to complex real-world scenarios, AXA is considering the different insurance models that will need to be developed, with personal insurance for drivers being replaced by insurance covering the vehicle itself as the role of human drivers becomes more limited.
Helping the government create a world-leading sector
The UK is set to be one of the first countries to set out clearly in legislation what insurance will be required for automated driving. The new liability framework is the result of consultation between the insurance industry, Government and the automotive sector. The Government's aim is to specify a consistent approach for drivers and claimants that will ensure users of automated vehicles will be treated the same as those driving manually. This framework then ensures that different industries can collaborate to resolve liability disputes efficiently, without pre-judging how the technology itself will work.
Summer 2017
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insurance jobs in the Liverpool city region
£405 Million
contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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insurance jobs in the Leeds city region
£1,550 Million
Contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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insurance jobs in Ipswich
of all regional jobs in insurance
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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insurance jobs in the Greater Manchester region
£1,625 Million
Contribution to the local economy
of the people in the industry work in towns and cities outside London
The insurance and long-term savings industry powers the economies of our major cities.
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The automotive industry continues to invest a significant amount of capital towards optimizing and expanding their body & paint shops, final assembly, machining, power train and stamping operations domestically and abroad. Many different systems are utilized in the build process and SeQent solutions are adopted as a corporate standard by all three (3) domestic OEM's. We continue to add value by providing real-time information to staff so they can make data driven decisions from the systems that manage and control these operations.
SeQent Solutions:
Provide a Proactive Monitoring Solution (for Life Safety / Building Management, Maintenance, Production, Quality, and Systems)
Enhance your Continuous Improvement, Lean Manufacturing, TPS, Six Sigma Investigations, etc.
Reduce Production Lead Time
Reduce Unscheduled Downtime
Reduce Cost Associated with Material Waste, Labor, Energy Consumption, and More
Improve Overall Assets, Operational Effectiveness and Performance (OEE and KPI's)

subset: commoncrawl


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Families priced out of summer day trips, charity says
Children in poor and middle-income families are facing a summer "stuck at home" as they cut back on days out and leisure activities, a charity says.
Family Action says standard activities are increasingly out of the reach of many, with a day out costing £80.
A poll of 2,214 mothers for the charity suggests 54% planned to cut back on trips because of money worries.
The charity is urging "rip off" firms to stop unfair pricing and improve offers for families all year round.
Family Action Chief Executive Helen Dent said: "Families are facing summer on a shoestring with parents and children cooped up at home as a result of falling incomes and rising prices.
"We know that children get a boost from days out - including to their educational development.
"However, this year many parents are so worried that summer day trips will break the bank that they're cutting back."
Food costs
She added that the key findings of her charity's report were that both parents on very low incomes and those in the "squeezed middle" were planning to cut back on days out.
Three-quarters of those polled said the biggest expense for a day out tended to be entry fees.
There were also concerns about the cost of transport and eating out.
Most families polled said they would have at least one family day out but those on the lowest incomes were least likely to do so.
The charity also carried out some more detailed face-to-face research with 40 parents who use its services and children's centres around England.
One parent from Liverpool said: "We looked about going away to do something and looked at the price but at the end of the week we didn't have any money. That's the problem."
Another parent said she could not afford to go anywhere because her children were not getting free school meals during the holidays and her food costs rose as a result.
Ms Dent added: "Whilst those in upper-income groups can still expect that a week's holiday in the UK forms part of a minimum standard of living, the vast majority of the families we support will be lucky to get out of their community for the day."


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PowerWorld Viewer is a freeware program designed to make it easy to exchange power flow cases. You can view a solved power flow case graphically using animated one-lines.
With Viewer, you can view data, pan and zoom on one-line diagrams, contour data, and distribute your power system cases to others. Viewer does not, however, allow you to make any modifications to the viewed system, re-solve the flows in the network, or modify the graphical representation of the system. PowerWorld Simulator allows you to accomplish these tasks.
Some example one-lines are included in the download. PowerWorld Corporation can provide qualified industry participants with cases and one-line diagrams for 1998 or 1999 FERC 715 Filings for these NERC Regional Reliability Councils. Please contact PowerWorld Corporation at email@example.com for more information.


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Greate Bay Resort & Country Club901 Mays Landing/Somers Point RoadSomers Point, NJ 08244 609-927-5071
Moderators MUST be NJCPA members and are used at half, full and two-day seminars to facilitate the sign-in process and ensure the meeting runs smoothly. Why Moderate? Save over 40% on your registration fee per meeting.
Navigate through vital changes introduced by FASB and the AICPA, including:
Online pre-registration for this event is now closed.
The Professional Standards Group oversees overall compliance with and implementation of accounting, audit and attestation standards, independence and ethics and quality control standards set by the American Institute of Certified Public Accountants (AICPA), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), the US Department of Labor (DOL) and US. General Accounting Office (GAO).
Prior to joining Marks Paneth, Mr. Collemi served as the Managing Member and Founder of Collemi Consulting & Advisory Services, LLC. In this role, he provided high-level strategic and technical guidance to many small and mid-size public accounting firms, litigation attorneys, valuation experts and the C-suite.
As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and external auditor at leading institutions such as the US Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA) and several mid-size to large international public accounting firms, he has demonstrated the impact of US and international financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Sal was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and the content for the IFRS Certificate of Accomplishment Program. He served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.
You must be logged in to register for events. Please click here to login. You will redirected back to this page after logging in.
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- Volatile Healing Potion
- Item Level 60
- Requires level 55
- Use: Restores 1050 to 1750 health.
- 1 Charges
- Sell Price: 10
- Cooldown: 1 min (Out of Combat)
Volatile Healing Potion is a potion that restores 1050 to 1750 health, the same amount as a [Major Healing Potion]. Despite the name, it is not volatile at all.
This potion requires the following ingredients to make. Requires skill level 300+ in Alchemy:
|1x [Golden Sansam]
|1x [Felweed]
|1x [Imbued Vial]
The recipe is taught by alchemy trainers.
This potion is also a reward from the quest [64] A Warm Welcome and was a reward from the daily quest [70] Escape from Skettis prior to patch 2.4.
This potion shares the same 1 minute cooldown as all other healing and mana potions, provided the imbiber is out of combat.
The volatile healing potion has the same healing properties as [Major Healing Potion], but requires a higher level to use.
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Community content is available under CC-BY-SA unless otherwise noted.


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Your cat offers you and your family years of unbridled joy, companionship, and love. Why not extend that for as long as possible? Below, your veterinarian Rochester, NY tells you about three ways to lengthen Fluffy's lifespan.
See the Vet
Have your cat examined at the vet's office on a regular basis. This way, your veterinarian can ensure that your cat continues to remain healthy as the years go by, and any health concerns can be caught and treated early on. It's recommended that your cat be seen by the vet at least twice a year.
Practice Preventative Care
Preventative care is essential for a long, healthy life. That means keeping your cat up-to-date on essential vaccinations, and having them wear a proper flea preventative. Talk to your veterinarian today if your cat is in need of these preventative measures. Your pet will thank you!
Feed a Great Diet
One of the best—and easiest—ways to lengthen your cat's life is to feed them a great diet. When your cat gets all the proper nutrients through her food, all body systems stay healthy!
Want a recommendation on a proper diet for your cat? Contact your vet in Rochester, NY.