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Today's Headlines March 19, 2018

How Hippo Insurance Is Putting Homeowners Customers First

Remember when companies like Kayak, Netflix and Amazon quickly upended the travel, entertainment and retail industries? They created streamlined, user-friendly online experiences and found ways to put customers in the driver's seat. But traditional financial services—especially insurance—remain largely unchanged. Meanwhile, American homeowners are grossly underinsured and natural disasters continue to strike. To better serve their... read more

Actuarial Career Popular for Grads, But Mid-Level Talent Gap Snowballing

Although insurers are finding it a little easier to recruit candidates for actuarial positions than insurance technology jobs in 2018, "the actuarial arena is set to reach a breaking point in terms of mid-level talent recruitment," an insurance staffing firm says. The Jacobson Group tweeted the comment about the "breaking point" recently to highlight a... read more

Without Consumer Trust, Insurers Could Lose Out to Tech Companies

A future in which technology companies have access to online consumer data and data from the Internet of Things while insurers are shut out could emerge if insurers don't earn the trust of consumers. A research report, "Big Data and Insurance: Implications for Innovation, Competition and Privacy," published by The Geneva Association last week presents... read more

Data Misuse by Cambridge Analytica Not a Breach, Facebook Says

Facebook Inc. wants you to know: this wasn't a breach. Yes, Cambridge Analytica, the data-analysis firm that helped U.S. President Donald Trump win the 2016 election, violated rules when it obtained information from some 50 million Facebook profiles, the social-media company acknowledged late Friday. But the data came from someone who didn't hack the system:... read more

Growth of Crypto-Assets Could Cripple Financial System Stability: BOE's Carney

The rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to Group of 20 finance leaders. "Wider use and greater interconnectedness could, if it occurred without material improvements in conduct, market integrity and cyber... read more

Pinnacle Teaming Up With Carfax on Data Analytics Group for Auto Insurers

Pinnacle Actuarial Resources has teamed up with Carfax Banking & Insurance Group to deliver actionable, data-driven insights to automobile insurance carriers, the two said in a statement last week. The Auto Insurance Analytics Group, powered by the two partners, will help insurers benchmark their book of business against the broader market and identify adverse selection... read more

Former Citizens CRO Rollins to Lead New P/C Team for Milliman in Tampa

Milliman Inc., a global consulting and actuarial firm, has added a property and casualty team to its Tampa, Fla., office in response to the growing demand for the firm's property insurance analytics. It has tapped consulting actuary John Rollins to lead the team. As domestic property insurers expand throughout the Atlantic and Gulf coasts, the... read more

Median Pay for Berkshire Employees $53.5K; Just Over Half Buffett Pay

Berkshire Hathaway said on Friday that its median employee last year made a little over half the $100,000 salary that Chairman Warren Buffett was awarded for running the conglomerate that made him the world's third-richest person. In a regulatory filing, Berkshire said Buffett's salary, unchanged for more than a quarter century, was about 1.87 times... read more
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