REG Reviews
1st August 2024
Last month, the FCA urged financial firms to improve their treatment of politically exposed persons (PEPs), a major IT outage led to a potential rise in claims, the UK motor insurance sector faced major underwriting losses due to the current economic and political climate, and the insurance industry is supporting $19 trillion in net zero investments by engaging in greener projects.
Read these articles and many more as we bring you all the important news and views in the insurance and financial services world…
The FCA has recently conducted a review of crypto businesses’ adherence to new financial promotion rules aimed at ensuring that consumers understand better the risks associated with investing in cryptocurrency.
While these rules were launched in October 2023, they’ve seen thorough consultation and legislative modifications.
The review assessed how companies are carrying out key aspects such as personalized risk warnings, a 24-hour cooling-off period, client categorization, and appropriateness assessments.
Below are the key points to take out of this review:
On 19th July, the world witnessed a major IT outage which affected many financial firms and airports around the world, particularly Microsoft systems.
The good news is that the IT security company Crowdstrike’s Chief Executive, George Kurtz, reassured the public that the IT outage was not due to cyberattack, but has been triggered because of an update that impacted windows hosts.
From a customers’ perspective, this has resulted in cancelled flights or longer waiting times as many planes were stuck to the ground and couldn’t depart.
From an insurance firm’s perspective, this could mean hugely increased claims. According to Blink Parametric Chief Executive, Sid Mouncey, this increase in claims could be linked to a prior technical failure that took place in August 2023 which also caused flight delays, cancellations and a “surge in claims activity.”
Therefore, he suggests that in order to avoid the same fate, the insurance market must “reinvent itself” and implement parametric methods.
Optimistically, Sid adds that; “The market has begun to provide specific solutions to cater for these risks in recent years, but the recent rise of systemic events shows we need to go further and faster.”
While this incident wasn’t due to a cyberattack, it surely led to a huge sum of insured losses affecting cyber insurance companies, which Cybercube predicts to be between £400 million and £1.5 billion. This loss has been ruled out even though some insurers trust that it was too early to estimate the global insurance loss.
Cybercube also added that; “The scale of loss could make the event the largest single insured loss event in the history of the affirmative cyber insurance industry over the past 20 years,” as stated in Insurance Insider.
Besides, the company elaborated that it believes carriers will see irregular losses in portfolios heavily exposed to large corporate clients.
On another note, Aon, who’s one of the largest insurance brokers told the Financial Times that this outage was set to become “the most important” cyber insurance catastrophe since the NotPetya malware attack in 2017.
However, this is not the end of the story, and more will be unveiled about the IT upheaval.
In their latest blog, Property Casualty 360 addresses how insurance businesses can leverage TikTok to increase business growth.
It states that insurance professionals already recognise the importance social media plays in communicating with existing and prospective clients in 2024, and many are using LinkedIn and even Instagram.
As for TikTok, all insurance leaders need is a little push and some advice to start integrating the platform into their business models.
While TikTok’s active users are still behind Facebook and Instagram, it engages more 1.04 billion users a month in 2024, according to Backlinko.
With this number of users, TikTok can be a crucial opportunity for the insurance market.
TikTok, together with the Content Marketing Institute, have recently hosted a webinar aimed at helping marketers and advertisers maximise the use of the social platform, and insurance marketers were not excluded.
As Antonio Reyes, TikTok’s strategic partnership manager confirms: TikTok is a place where brands of all sizes and industries can be seen, grow their following, foster connections and achieve big results.”
Back in March, the U.S House of Representative passed a law that could lead to TikTok being banned, which could heavily impact insureds that rely on TikTok for insurance coverage options.
Although most of the insurance sector doesn’t rely on TikTok, there are still some insurance businesses that leverage the platform for educational purposes and generating leads among the younger generations.
Here are some of the key points insurers need to know about TikTok:
So, will these takeaways convince insurers and insurance marketers to incorporate TikTok in their business model?
The pressure is mounting on UK motor insurers as they experience huge underwriting losses for a second consecutive year.
These losses are majorly due to the current economic and political climate, notably inflation, regulatory laws and the prices that insurers have previously been charging which haven’t caught up to the actual cost of claims they have to pay.
The net combined ratio for car insurers, which represents claims and costs as a percentage of premiums, reached 112.8%, the highest level since 2011 according to recent data from consultancy EY. A ratio above 100% indicates an underwriting loss. In comparison, the ratio was 111.1% in 2022.
According to UK insurance partner at EY, Mat Wheatley, the insurance sector suffered two of its worst years in terms of underwriting results.
In order to keep up with the increasing cost of claims, motor insurers have blown their prices, which is now having a serious financial impact on motor insureds and car drivers across the UK, causing a daunting car insurance crisis.
While experts’ optimism that the motor insurance issue will get solved by itself as early as 2025 thanks to a highly competitive and robust market, the damages cannot be neglected.
Premium motor insurance prices have skyrocketed with some drivers seeing their premiums double, even triple in some cases.
As an example, shared by Financial Times, a Mercedes-Benz C-Class Estate driver who travels less than 5000 miles a year pays £1,780 to insure his car even with no claims. This is a jump of £1,120 in only two years.
Moreover, he told the FT that he; “struggled to see how an almost tripling of premiums in two years could be justified by underlying costs.”
EY reports that premiums increased by around 25% in 2023 and it predicts that this will rise even further before starting to stabilise in 2025.
While other insurance areas are also affected, the underwriting crisis hit motor insurers harder.
In fact, UK motor insurers had to pay £1.13 in claims in 2023 for every £1 they earned in premiums.
Despite the industry’s struggles, consumers and politicians are still heavily criticising the soaring prices. To address this, the newly elected Labour government has reassured the market that it’ll address the “soaring cost of car insurance.”
Insurers must also prove that their increase in premium finance prices is in accordance with the Consumer Duty law and that they always have their customers’ best interests in mind.
As the FCA states, it doesn’t “set or control insurance prices” but is “monitoring the market closely to ensure customers are getting fair value cover.”
Following the Labour Party’s victory in the UK’s general election on July 5th, the new Prime Minister and party leader, Keir Starmer, states that the UK has voted “decisively for change and for national renewal” and that he will “start work immediately by putting the country first.”
Although Starmer said it’ll take time to see positive changes in the country, he is determined to reconstruct the UK’s “infrastructure of opportunity … brick by brick.”
With the newly elected labour government comes responsibility towards every industry, and insurance is a crucial one.
After congratulating the party, The British Insurance Broker’s Association (BIBA) is striving to combat its manifesto issues, which was initiated on 10th January in the House of Parliament alongside MPs, ministers, insurance professionals, senior government officials and the media.
According to BIBA’s CEO, Graeme Trudgill; “Our 2024 manifesto is all about managing risk, increasing resilience and growth [and] placing the role of insurance brokers at the heart of this. We will raise the value of insurance brokers and highlight member issues and our priorities. Above all else, we look forward to showcasing the skills and expertise of the sector in finding solutions to some of the biggest risks we are facing and will face in years to come.”
BIBA reinforces the fact that insurance brokers can assist with managing risks for companies and people.
To stay aligned with the Labour party’s policies, BIBA is working on introducing a Regulatory Innovation Office and urges the party to increase its regulatory investigation efforts.
Moreover, BIBA is urging the new Labour government to enact secondary legislation related to the Leasehold Reform Act. This change would ensure that broker commissions and fees continue to be recognised as allowable insurance payments.
BIBA has outlined several other key priorities, including enhancing resilience for small and medium-sized enterprises (SMEs) against flood and cyber risks and addressing market capacity challenges in Northern Ireland.
BIBA plans to collaborate with the Labour government on issues related to motor insurance premiums and broader insurance cost concerns, including the cost-of-living crisis and protection gaps.
Additionally, the association intends to push for changes to the apprenticeship levy and enhance access to insurance clients in the EU.
Generative artificial intelligence (GAI) is revolutionising industries with its ability to integrate complex data into understandable media, but in the world of insurance is this technology really a straight forward solution?
In a recent discussion with Insurance Times, Alana Robertson, Data Analytics Lead at First Central, emphasised that GAI should not be viewed merely as a straightforward, “black box” solution within the insurance industry.
This term, derived from engineering and computing, refers to systems or devices that output useful information without disclosing their internal mechanics, which poses transparency challenges – particularly with AI.
The surge in AI technology, including prominent language models like ChatGPT, has brought both heightened interest and scrutiny. Critics often question the opacity of AI systems, which is a significant issue given the potential for these technologies to be misunderstood or misapplied.
Generative AI, known for creating diverse media forms like text and images, has especially captivated attention. Yet, Robertson warns that the appeal of AI’s advanced capabilities shouldn’t overshadow the importance of understanding the specific risks it entails for insurance. She argues that while AI can perform tasks such as algorithmic underwriting, it does not simplify the inherent complexities of risk assessment in insurance settings.
Robertson advises that companies keen on integrating GAI need a thorough understanding of how these models operate, the data they are trained on, and the nature of their outputs. Without this knowledge, there is a risk that firms could face unforeseen outcomes, turning these sophisticated tools into risky ventures.
Echoing her caution, Nicholas Robert, Emerging Risks Modeller at Lloyd’s, and Iryna Chekanava, Senior Manager at Lloyd’s Lab, also highlighted the need for balanced optimism about AI. They stress the importance of fully grasping AI’s capabilities and limitations, and ensuring ethical, secure, and safe implementation before its integration into business practices.
This approach will help mitigate potential risks and enhance transparency, guiding the insurance sector towards more informed and effective use of AI technology.
“While generative AI has been an unmatched technological breakthrough, the insurance sector must use it with caution. Every piece of technology has its advantages and disadvantages, and one way to ensure both an insurance firm and its employees are safe is to plan properly by investing in comprehensive training on how to leverage generative AI in the safest way possible without leaving anything to chance.
Generative AI has the capacity to simplify and automate a lot of the firm’s manual processes, such as underwriting. However, with the increased regulatory scrutiny by the FCA and other watchdogs, the insurance market must consider the ethical, compliance and security repercussions that it could pose to businesses and their customers. This is particularly crucial as insurance companies tend to handle a huge amount of confidential data.”
As global efforts to combat climate change intensify, the insurance industry is under significant pressure to support the $19 trillion investment aimed at achieving net zero.
According to a recent study by Howden and Boston Consulting Group, an estimated $10 trillion in new insurance coverage will be necessary by 2030 to support crucial sectors like energy, transportation, and construction. This includes large-scale projects like offshore wind farms, solar energy developments, and retrofitting buildings with improved insulation.
The necessity for expanded insurance coverage is urgent as the transition to renewable energy gains momentum worldwide.
Rowan Douglas, the leader of Howden’s climate team, described the report as a critical alert to the insurance industry about the increasing demands and the role of insurance in facilitating this global energy shift.
The sector faces challenges due to the novelty and complexity of risks associated with new green technologies, which are often more difficult to assess and underwrite due to limited loss data.
Insurance companies are already expanding their services to cover innovative areas such as hydrogen fuel, electric mobility, and advanced hybrid materials. However, there is a cautious approach towards new risks, with a preference for investing better understood and more profitable ventures.
Collaboration with green technology firms is also strengthening, aiming to mitigate risks associated with renewable energy installations. For example, insurers are working on strategies like repositioning solar panels to avoid damage from severe weather conditions, which have recently increased in frequency.
Despite the shift towards greener projects, the report indicates that the volume of insurance coverage for fossil fuel ventures is unlikely to decrease significantly by the end of this decade. This is due to the ongoing need to manage the risks from natural disasters, which continues to strain the industry’s capacity.
This changing environment highlights the insurance sector’s role in the transition towards sustainable energy, underscoring the need for adaptability and strategic foresight in working with these unprecedented challenges.
In an era marked by increasing digital connectivity, the surge in supply chain cyberattacks is a growing concern for businesses. These attacks exploit vulnerabilities within networks, targeting less secure third-party vendors and service providers, leading to significant disruptions and financial losses.
Cybersecurity Ventures predicts that by 2025, 45% of organisations will have experienced attacks, with potential global costs reaching $138 billion. The financial damage is expected to increase by 15% annually.
One notable incident involved CDK Global, a software provider for car dealerships, which faced cyberattacks impacting several dealerships. Despite no confirmed ransom payments, the disruption highlighted the broad implications of supply chain vulnerabilities. Dealerships are particularly vulnerable due to the sensitive customer data they process.
Kirsten Mickelson from Gallagher Bassett emphasises that supply chain attacks produce high returns for cybercriminals by affecting numerous downstream businesses. Yet, many SMEs underestimate these risks, with about 90% of cyber risks remaining uninsured, largely due to a lack of awareness about the actual costs involved.
Brokers can play a crucial role in mitigating these risks by educating clients about realistic data breach costs and advocating for strong cybersecurity measures. Effective strategies include rigorous employee training, implementing Multi-Factor Authentication (MFA), and applying timely software updates.
Additionally, brokers are essential in helping clients understand the specifics of their cyber policies, especially concerning ransom payments. This guidance is vital for ensuring businesses are adequately prepared and financially capable of responding to cyber incidents.
By shifting the perspective from seeing cyber insurance as an expense to recognising it as a critical investment, brokers empower businesses to navigate digital threats more effectively, securing both their operations and sensitive client data.
The insurance sector is currently experiencing significant recruitment hurdles, leading to longer vacancy periods and higher salary offerings to attract qualified candidates.
Aviva’s latest Broker Barometer, released on 8th July 2024, highlights a notable increase in recruitment activity, with 94% of brokers now actively seeking new hires, a sharp rise from 71% the previous year.
This surge in recruitment efforts comes as a third of brokers indicate staff departures from the industry, while another 22% are filling positions due to retirements. Despite these efforts, about 40% of brokers report that some positions have remained open for four months or longer, an increase from 23% in 2023, reflecting a growing challenge in filling vacancies quickly.
The duration for which these positions are staying vacant has also increased, with the average vacancy now remaining open for three and a half months, up from just over three months in the previous year. The research for these findings, conducted by Censuswide in March 2024, involved 251 general insurance brokers, shedding light on the escalating recruitment issues within the sector.
Ryan Birbeck, Aviva’s Broker and Client Development Director, stressed the difficulties, noting that the departure of experienced brokers through retirement or career changes is prompting a critical question; “How can brokers and insurers collaborate to sustain the future talent pipeline of this vital industry?”
In response to extended recruitment periods, 72% of brokers admitted they had to offer higher salaries than anticipated to secure the right candidates, a significant jump from 58% last year. This trend correlates with data from job site Reed, which indicated a 4.7% increase in advertised insurance salaries in 2023, outpacing the UK’s inflation rate of 4%.
To address these challenges, Aviva has introduced several initiatives to support brokers in attracting and nurturing new talent. These include expert coaching, specialised recruitment guides, funded apprenticeships, and extensive career-focused learning and development programs. Birbeck highlighted the success of using apprenticeships, where Aviva’s levy funding has already supported over 90 broker apprentices, with a significant increase in funded places since the program’s inception in 2022.
This changing environment underscores the need for innovative solutions in recruitment and talent management within the insurance broking sector, as firms strive to mitigate the impact of these recruitment challenges.
Lisa Sturley, FCA’s Head of Department of Market Interventions, has cautioned insurance
businesses regarding outsourcing claims to third parties during an update keynote speech at the MGAA 2024 Annual Conference on July 10th.
There appears to be frequent unregulated cases when claims are outsourced to third party firms and MGAs, according to Sturley.
According to the Financial Ombudsman Service (FOS), car and motorcycle insurance acquired 4123 complaints between October and December 2023, which is a jump of 49% compared to 2022. Moreover, 1666 complaints were registered in building insurance in the third quarter of 2023, an increase of 28.25% since Q3 of 2022.
While there are huge benefits of outsourcing claims to third party entities, if executed badly, this could turn into an insurer’s nightmare.
As Sturley states; “When done badly, we see long delays and unhappy customers and firms losing sight of the end customer experience. This often results in inadequate oversight and firms abdicating responsibility.”
So what do these complaints mean in terms of fair value and Consumer Duty?
With these increasing complaints, it’s evident that many firms have failed to service their customers fairly; hence, failing to comply with the FCA’s Consumer Duty and Fair Value regulation.
Importantly, vulnerable customers, notably the elderly and the younger ones that don’t completely understand how the market works, have not seen an improvement in the way financial services companies treat them since the Consumer Duty law was published last year.
According to Smart Money People, 81% of customers believe they’re still being treated unfairly despite the implementation of the Consumer Duty rules.
They’ve also found that 48% of customers were affected by not having access to human support.
Concerningly, the study also discovered that 7% of consumers have experienced a declining level of service over the last year.
Sturley warns that the market should always examine and scrutinise the services and support they give to customers to ensure that everybody in the chain provide superior value to meet customers’ expectations.
The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are currently gathering feedback to assess the evolving role of digital wallets in the UK financial landscape.
As digital wallets like Apple Pay, Google Pay, and PayPal become integral to everyday transactions for over half of UK adults, understanding their impact is crucial for both consumers and businesses.
Digital wallets are not just facilitating easier payments; they’re reshaping the competitive dynamics among payment systems. The PSR and FCA are examining several key aspects: the advantages these technologies afford users, any potential drawbacks affecting payment efficacy, their influence on account-to-account payment potentials, and broader concerns around competition, consumer protection, and market integrity.
David Geale, PSR’s Managing Director, emphasised the importance of regulatory agility to foster innovation and ensure equitable benefits from digital payment solutions. Nikhil Rathi, CEO of the FCA, also highlighted the significant shift towards digital payments, highlighting the need to balance technological benefits with consumer and market protections.
Responses from a spectrum of stakeholders are invited until 5pm on Friday, 13 September, with a regulatory update anticipated by the first quarter of 2025. This initiative builds on the PSR’s and FCA’s ongoing focus on mobile payments and big tech’s financial activities, aligning closely with global regulatory trends and the recent UK Digital Markets, Competition and Consumers Bill, which aims to refine digital market regulations.
It has been one year since the FCA released the Consumer Duty and Fair Value Law, with a lot being learnt since its introduction.
Insurance firms were expected to turn their summary board report by 31st of July to prove to the FCA and other regulatory bodies that they’ve incorporated fair value in their strategies.
From an advice and investment performance, firms have been incorporating additional benchmarks to ensure they’re not neglecting their clients. Such benchmarks include increasing advice and support availability and enhance customer communication.
According to Professional Adviser, the Consumer Duty report is not a certification of compliance, but a chance for the FCA to assess firms’ progress and what should be done next to improve customer outcomes.
As part of the lessons learned from this law comes three main challenges as stated by Professional Adviser:
Professional Adviser suggests that business should: “stick to their normal internal board reporting framework when producing their first Consumer Duty report, noting that it should remain compatible for an external audience.”
The London insurance market stands on the edge of a leadership crisis, with an aging cohort of directors and a shrinking pipeline of young talent ready to take the reins. Current analyses reveal a clear age discrepancy among directors of London’s managing agents, underscoring an emerging gap in succession planning.
Despite the market’s reliance on experts, only a fraction of directors – approximately 10% – were appointed before turning 40, illustrating a significant generational gap in leadership roles. Moreover, a considerable segment of these directors are now well into their 70s and 80s, raising concerns about the sustainability of current leadership structures.
Data from the London Market Group’s 2023 London Matters report highlights that while half of the market’s workforce is under 40, this figure has declined from 57% in 2014, suggesting a deceleration in the infusion of young talent into critical roles. This situation is intensified by the fact that major firms are not recruiting enough young professionals annually, considering the size of the workforce and the strategic importance of fresh talent.
The analysis also points out a critical observation, most current directors were appointed in their 50s, indicating that the next generation of leaders if following current trends, may only step into these roles in their 40s or 50s. This projection predicts a potential talent shortfall as the current leaders retire, with insufficient prepared successors to take over.
To counteract this approaching crisis, the London Market Group has initiated measures like the Futures Academy to support the recruitment and development of young talent. This initiative aims to create a more dynamic and supportive environment for incoming professionals and ensure a steady flow of leadership ready individuals.
Addressing this leadership gap requires not only strategic hiring and nurturing of young talent but also a collective effort to reform hiring practices and broaden the scope for younger professionals to rise to senior positions. Without such changes, the London market risks a severe disruption in leadership continuity, which could impact its global competitiveness and operational efficacy.
We were thrilled to sponsor and participate in this year’s Managing General Agents’ Association (MGAA) Annual Conference, held on 10th July at Old Billingsgate. Embracing the theme, ‘Power of Partnerships,’ the event provided an invaluable opportunity to engage in critical discussions and explore ways to empower MGAs to enhance customer experience, increase trade, and accelerate revenue generation.
As the staircase and breakout room sponsor, we proudly conveyed our message: “Powering compliant trade one step at a time.” This theme underscores our commitment to supporting customers at every stage of the customer lifecycle – from streamlined and accelerated onboarding to continuous and reliable counterparty risk monitoring.
Our goal was to highlight the transformative potential of partnerships in staying ahead of the competition and driving the entire industry forward.
Engaging with industry leaders and showcasing our innovative solutions was a highlight of the conference. We gathered insights, fostered new partnerships, and discussed the challenges and opportunities within the market.
One of the key highlights was interviewing market leaders about the power of partnerships. These discussions delved into how technology can advance the insurance sector and enhance regulatory and compliance risk monitoring. Industry experts shared their perspectives on the regulatory challenges facing the market, providing valuable insights that will guide our ongoing efforts to support MGAs in navigating these complexities.
We are also delighted to share that we made the shortlist for the prestigious MGAA Awards 2024. These awards celebrate the outstanding achievements of individuals and firms in the MGA sector. Our nomination for ‘Service Provider of the Year’ recognises our commitment to delivering solutions that help MGAs realise efficiencies, improve service and profitability, and enhance their operational governance.
Being shortlisted for this award underscores our dedication to excellence and innovation in the insurance industry. By partnering with us, MGAs are empowered to operate more effectively, innovate continuously, and maintain a competitive edge in the market. We would like to say a massive congratulations to the winners of all the awards presented on the day!
We extend our gratitude to everyone who visited our stand and engaged in meaningful conversations about how we can help MGAs deliver exceptional value while maintaining regulatory standards. Together, we can power compliant trade, one step at a time, and create a stronger, more resilient sector for all.
Thank you to the MGAA for hosting such a fantastic event, we look forward to continuing our journey of innovation and supporting MGAs in navigating regulatory complexities and achieving operational success.
Last month, the growing threat of summer floods was highlighted, urging both policyholders and insurers to take proactive steps. The FCA's Market Watch 79 emphasised the importance of strong data management in surveillance against market abuse, firms were reminded that the Consumer Duty is not a 'one time requirement', but a continuous effort, and REG is excited to sponsor the upcoming MGAA Annual Conference and collaborate with MGAs about the value of partnerships…
Last month, the Consumer Duty Alliance launched a clarifying guide to assist firms preparing their annual board reports, premium finance requests soared amid cost-of-living pressures, the FCA set out measures to combat domestic financial abuse and REG achieved its ISO 27001 certification...
Last month, the FCA urged motor finance firms to allocate sufficient resources, financial institutions expedited technology adoption to tackle regulatory hurdles, underinsurance presented a pivotal challenge for brokers, and insurers came under the spotlight concerning environmental and social responsibilities...
Last month, the FCA urged financial advisors to review retirement income advice processes, whilst raising concerns within the motor sector regarding fair value, Lloyd's predicted generative AI to increase cyber threat risks, the UK Parliament released its much anticipated 'Sexism in the City' report, and REG launched its new Partnerships Programme...
Last Month, the FCA labelled fair value and pricing as the biggest challenge of Consumer Duty, pension funds drove a surge in UK corporate bond investments, insurers rallied for an investment boost with innovative partnerships and REG published its 2024 research report, exploring the evolving landscape of regulatory compliance and the use of technology...
Last month, The FCA and the UK Government invited feedback on three proposals designed to improve individuals' decision-making regarding investments and pensions, The IMF suggested that almost half of jobs will be impacted by artificial intelligence and the FCA has highlighted the importance of reporting cases of non-financial misconduct, even if individuals have signed non-disclosure agreements. Read these articles and many more, as we bring you all the important news from the insurance and financial services world...
Last month, the FCA unveiled an overseas funds regime and measures to improve accuracy of credit files, $420m was pledged to climate ‘loss and damage’ fund at COP28, the digital pound has been cautioned to pose risks to financial stability and the UK insurance sector advocated for relaxed regulations to better attract captive insurance companies.
Last month, the FCA urged companies to ensure Consumer Duty reports are a priority, the UK made headway following the publication of the world's first global guidelines for the secure development of AI technology, the UK government pushed regulators to prioritise economic growth and REG hosted its much anticipated Mind Matters panel event, focused on how we can work together to ensure mens mental health at work is supported...
Last month, BIBA introduced a fair value assessment framework, leaseholders have been prioritised under the FCA's buildings insurance reforms, Lloyd's of London warned on climate related losses and humanoid robots are driving workplace efficiency...
Last month, the Government announced modernised reforms to insolvency regulation, the Vesttoo scandal underscored the importance of enhanced due diligence among MGAs, asset managers sparked concerns of ‘green hushing’ and AI implementation saw revolutionary transformations to air traffic control and coral reef restoration!
