Jobs and Recruitment Solutions | Insurance | Financial Services | Technology

W1siziisijiwmtkvmdgvmtkvmdkvmzgvntgvnjkwl3nodxr0zxjzdg9ja18xmdy1nzqymjiwlmpwzyjdlfsiccisinrodw1iiiwimzawedmwmcmixsxbinailcjvchrpbwl6zsjdxq

Why does digital transformation need to be adopted in the insurance industry? If it is not broken don’t fix it, right?

The insurance industry, one familiar with handling risk, is at the beginning stages of its most vital digital transformation in nearly twenty decades. Insurance companies and banks alike are taking on the identity of IT driven organisations and with the assistance of IoT (Internet of Things), blockchain, artificial intelligence, machine learning and data analytics, many traditional names in the sector are having to adapt or allow start-ups to take to the floor. No matter the amount of industry knowledge and regulatory expertise, it now is not a case of who has the biggest cash flow; but simply that insurance companies can no longer afford to sit still. The change in consumer behaviour The main focuses for the modern-day consumers are speed, flexibility and a high-quality service. This development in consumer behaviour is being witnessed across multiple industries. Amazon ‘the online retailer’ for example, is an excellent advocate for creating such an offering to its customer base. Living in the digital world that we do, consumers want everything five times faster and real-time results when making a purchase for a service online. Digital transformation starts with people, and in the case of the insurance industry, it starts with the pain points those people experience when engaging with providers. The growth of insurance comparison sites has completely diminished consumer loyalty, which means the providers are able to present their product with ease and clarity. Despite these differences, one thing is clear: both insurance products and providers need to respond effectively to digital change to create competitive advantage and drive long-term growth. The influence of Insurtech While it is not unheard of for companies to develop their own specific technology, many are utilising the specialised minds from Insurtechs to support their (much needed) digital transformation. If we are looking across the entire insurance sector, the areas that need to be developed are vast. It may be a complex mind-boggling field but many insurers are now creating their own trials of the applications. Whether it be insurers purchasing Insurtech start-ups to join forces and limit competition, or building their own teams of tech-savvy professionals that can provide thought-leadership and innovation to their legacy technology state, one thing is for sure digital transformation is high on the agenda just about everywhere within the insurance sector currently. Contrary to what has been expressed so far, it is not only the insurers that are now pushing for change but policyholders themselves who see technology as a differentiator between a company that can produce time reducing, efficient results and those stuck in their ways. Claims processing for example, which has been huge on the agenda in recent years, once digitalised provides a timely resolution for claims and reduces the need for policyholder interaction. Insurtechs are a viable approach to closing that innovation gap, a gap that will only grow if companies do not match the pace of change in technology and keep up with customer demands and market trends. What is next? For the rest of 2019 and beyond; disruptive technology is inevitable. Whether the changes are created by insurers themselves or in partnership with Insurtech companies, the driving force behind this change is what customers expect. It is essential that insurers place the customer at the centre of their agenda moving forward and listen to what customers want for technology and moving quickly to invest in the right areas – wasting time will undoubtedly result in customers going elsewhere. It is a balance of innovating and transforming company foundations, while staying alert to the rate of disruption and security risks that can come with big changes. What will happen to those insurance companies that do not jump on this high-tech train into the future? Who will lead the way in making the switch from traditional legacy systems to innovative, modern day insurance firm?

W1siziisijiwmtkvmdgvmtyvmdkvmtyvmzgvmzu3l3nodxr0zxjzdg9ja180mtawntc3mtauanbnil0swyjwiiwidgh1bwiilcizmdb4mzawiyjdlfsiccisim9wdgltaxplil1d

Are we going to see women fairly represented in cyber security?

With evidence from recent surveys (and the past two decades), it is clear there is a shortage of women working in cyber security. This is an ongoing market characteristic that, finally, many companies are now aiming to disrupt. Women currently represent 20% of the technology industry as a whole and just 11% of that in cyber security. This has not changed since 2017 and has barely made a move in either direction for the past 20 years. What is preventing and delaying women entering and staying in the industry? Diversity and inclusion making noise in the right places Doing the maths leaves 80% of the technology industry being male, which is not a balanced number. Whether it is a paucity of necessary skills, a need for cultural change or company diversity awareness, the need for the shift towards an even gender split is beginning to make noise in the right places. At the beginning of 2019 the UK government introduced new funding to help drive forward diversity in the cyber security industry. “Diversity encourages a culture where divergent opinions can be brought together to develop innovative solutions to solve some of the toughest problems our nation faces today” according to the National Initiative for Cybersecurity Career and Studies. Society is pushing for diversity, which would lead you to believe that changes are now more possible than ever. It isn’t unreasonable to believe that individual CTOs and tech leaders aren’t consciously opposed to females in their industry, however, might it be the case that women are not being presented with opportunities the right way? What challenges do women face in the cyber security sector? History of the cyber security industry has dictated a male dominated reputation, with some organisations still living to this stereotype. Not that this has been done intentionally, but unfortunately, we are still in a transition period for companies to invite tech savvy modern-day men and women into their ranks. Cyber security as a whole is overcoming its own hurdles within the industry, especially in trying to separate itself from the ‘IT’ title that it has been associated with. As the number of cyber-attacks in the UK continues to rise, on average a 40% increase from 2018, companies are now paying attention to the potential workforce that was previously overlooked; women. Tech is not slowing down in its evolution, so a constant appreciation for new ways of thinking and a diverse work force can only contribute to both men and women wanting a future career within it. What are we witnessing here at Eames? From a recruitment perspective we are seeing a consistent majority of men applying for cyber security positions, and unfortunately a pattern is emerging that the more technical the role becomes, the more male dominated the applicants are. Companies are crying out for more women to join their ranks, not to fill a quota, but to add a necessary diversity to an adapting sector that is currently experiencing a candidate shortage. We as an industry now need to focus on the next generation of tech talent and make sure gender equality of opportunity exists. What can be done to change these statistics? I am interested to hear your thoughts on why women are not applying for cyber security roles in as a great a volume as men. How do you interrupt the industry and its attraction for women to make a career in it?

W1siziisijiwmtkvmdgvmtuvmtivmzyvndavntuyl3nodxr0zxjzdg9ja182mtmwntaxnzauanbnil0swyjwiiwidgh1bwiilcizmdb4mzawiyjdlfsiccisim9wdgltaxplil1d

Full speed ahead: the insurance industry considers the impact of automated vehicles

Autonomous vehicles are not far off being a prominent addition to our roads, but the insurance industry is about to come under a lot of scrutiny as to how it navigates this new phase of the car sector. Driverless cars are a technology innovation that the typically-traditional insurance market is embracing. “The industry fully supports the development of automated vehicles,” says Rob Cummings, head of motor and liability at the Association of British Insurers (ABI). “This technology has the potential to dramatically improve road safety, revolutionise our transport systems and make it easier for people who cannot drive to get around.” This new approach to insurance has a promising forecast for the UK and the government has predicted it will bring 27,000 jobs to the industry and be worth £28 billion to the economy. How far along the road are we with this new technology? With most ‘futuristic’ ideas, autonomous vehicles are thrown into the same mix as technologies that seem much more suited to sci-fi novels rather than real life implementation. However, with driverless cars set to travel on UK roads as early as 2021, the sector is on track for making a very prominent impact on our everyday lives. In 2018 we saw the Autonomous Engineered Vehicle Bill come into situ, which confirms that if an automated vehicle was to cause an accident, the insurer is liable for any and all damages, including injury to the “driver” of the car. This is just one of the aspects insurers now need to take into consideration and with a forecast that by 2060 three quarters of the vehicles on the roads will be fully autonomous, insurers are looking now at getting their affairs in order. Companies are trialling the vehicles and it was announced at the beginning of August 2019 ‘Optimus Ride’ is operating six autonomous shuttle service vehicles on private roads in Brooklyn, NYC. The main obstacle to now tackle is the knowledge that as-a-service (AAS) models will render an insurers business redundant, and technology takes no prisoners when it demands an adaptive and accepting market. What changes will hit the industry? What difference are we going to see in insurance packages and premiums for those who choose to avoid autonomous cars? We can only presume that as the technology continues to evolve and improve with new vehicles being manufactured at an accelerated rate the disparities could reach new levels where only a few individuals choose not to make the change. In this new market, it is highly probable that car manufacturers will have more of a say in the insurance of their product. Recent research from KPMG predicts, after a number of industrial analyst’s reviewed the plans, that the continued success of autonomous cars could reduce the companies within the insurance sector by 71% by 2050. The only obvious way this can be altered is for insurers to evolve what they will offer to consumers to suit their future needs. How do you insure a car when the driver does not have their hands on the steering wheel? The subject of liability becomes a whole new ball game when autonomous cars are travelling alongside non-autonomous vehicles. If we go by the 2018 Automated Vehicle Act the insurer of the automated car is liable for damages, and who ever owns the vehicle is in charge of keeping the software maintained and updated. “Policies are likely to focus more on an individual’s driving habits or routines, rather than on speed or driving abilities as autonomy levels our driving standards. Converting this data into relevant and actionable insight for insurers, and importantly customers, will become ever more important,” says Mr Howard Collinge, director at specialist telematics firm insurer Coverbox. How can insurers adapt to this new era of technology? The question will always remain in the back of everyone’s minds as to whether this is just another trend or phase of the industry. Will a new law come into play that prevents the autonomous vehicles from ever reaching the roads? Either way insurers need to be prepared for the drastic change that will come to their existing infrastructure. “While driverless cars are often the focus of many discussions surrounding the future of insurance, current technologies such as telematics have the potential to make huge differences in the industry,” says Adam Gooch, commercial director at Insure Telematics Solutions, a telematics company that uses artificial intelligence and machine-learning to develop black-box software. Insurers can use advanced telematics to build risk profiles that take into consideration driver data including acceleration, location and braking etc. to determine the driver’s individual risk away from the car’s technology. These models will allow insurers to make real-time estimations on policies. The question remains that, as times are changing and technology is moving forward so rapidly. How will insurers keep on top of it or be ahead of the curve?

W1siziisijiwmtkvmdgvmtuvmdkvntqvndivnzqwl0vdie5fv1mgsevbrevsielnqudflmpwzyjdlfsiccisinrodw1iiiwimzawedmwmcmixsxbinailcjvchrpbwl6zsjdxq

EC News (15 August 2019)

Round-up of the weekly news and developments from the global (re)insurance market with stories from AXIS Re, Tysers, Allianz and more. AXIS Re appoints Gino Smith as head of property EMEA and LatAm AXIS Re, the reinsurance business segment of AXIS Capital Holdings, has named Gino Smith as head of property for Europe, the Middle East and Africa (EMEA) Latin America (LatAm), effective November 2019. Based in Zurich, smith will oversee the firms Property Treaty reinsurance business in EMEA as well as LatAm. Smith will report to Andy Hottinger, president EMEA LatAm. He will join AXIS Re after 19 years with AXA XL RE, most recently serving as head of property retro from International RE and chief underwriting officer of XL Re Europe SE, based in Zurich. Prior to this, he was chief underwriting officer of XL Re Latin America, based in Sao Paulo, Brazil. Smith also held several senior underwriting roles for XL Re in Argentina, Colombia, Mexico and Bermuda, commencing his career in Buenos Aires as a property treaty underwriter. Hottinger, shared: “Gino is a talented underwriter with a diverse professional background and underwriting experience that spans multiple geographies, including Europe, Latin America, the Caribbean and the United States. He is well-respected by his peers and brings leadership and people skills that will benefit our EMEA LatAm Property reinsurance team and our clients.” Lloyd’s broker Tysers announces new hub in Bermuda Specialty Lloyd’s broker Tysers announced the launch of its new Bermuda-based affiliate and names Richard Tomkins as managing director to lead the new operations. Tomkins has relocated from London to Bermuda to become managing director of Tysers Bermuda. He previously served as managing director of reinsurance at Tysers. He has over 3 decades of insurance brokerage experience, covering both mainstream and specialty areas, predominantly in the treaty and binding authority lines of coverage. As a result of Tomkin’s move to lead Tysers Bermuda, Nick Harrap will become the new managing director of Reinsurance for Tysers. Tomkins, said: “I’m excited to build the Tysers Bermuda office. Tysers Bermuda will provide access to additional insurance markets for our independent broker relationships globally. We see particularly attractive opportunities that will complement our specialty focus in both insurance and reinsurance, along with providing additional capacity for our clients globally, where other markets are not responding to the demand. Overall, this will provide our clients with the best possible solutions. We are also actively seeking to build our broking capabilities and expertise in Bermuda to match our needs as we grow the office.” Jason Collins, co-head of Tysers, said: “Tysers sees the expansion of the office in Bermuda, to serve its worldwide clients, as an important part of our overall strategic plan. Our commitment to Bermuda is demonstrated by moving Richard, an important leader of Tysers, to lead this new venture. He has supported the growth of our London business over the last 13 years and is the ideal person to execute this part of our strategy.” Alastair Warren-Upham joins Allianz as new London markets manager Following the retirement of Martyn Davenport, Allianz Insurance has appointed Alastair Warren-Upham as new London markets manager. In his new position, Alastair will oversee the distribution strategy for Allianz’s London branches and engagement with the London market. He joined Allianz in 2009 on the corporate management programme and since then he has moved up through the business. Starting in the market management team, he then progressed to property, casualty and motor underwriter in London, followed by distribution manager for Allianz London Market Real Estate (LMRE), before becoming key account manager for the London region. He most recently served as a strategic account manager, where he managed and set the strategic direction for the relationships with some of Allianz’s largest broker accounts at a national level. Nick Hobbs, Allianz’s director of broker markets, said: “I’d like to thank Martyn for the fantastic contribution he has made to our business during his 19 years here. We wish him all the very best for the future. He is well succeeded by Alastair who has done a sterling job as a strategic account manager, playing a key role in some very significant initiatives and projects.” Tom Leonard, regional manager, London, added: “We are delighted to welcome someone of Alastair’s calibre back to London. He will be instrumental to further developments for Allianz in the London region.” TransRe announces regional leadership reshuffle TransRe has announced multiple changes to its regional leadership teams and global business development function within Latin America and Continental Europe. In a recent press release TransRe said the changes are designed to better position the company to take advantage of current and future market opportunities. Louise Rose has been appointed chief executive officer of TransRe London limited, effective 1 September 2019. She will succeed Geoff Peach, who is retiring after 27 years with TransRe. Rose joined TransRe in 1997 from the National Vulcan Engineering Insurance Group. Since then she has held several roles across multiple lines of business. In those roles she has been responsible for setting and executing the underwriting strategy, business planning, staff development and customer relationship management for TransRe London. In addition, she has been increasingly involved in regulatory and governance matters. Kyle Rhodes has been named as chief executive officer of TransRe Asia Pacific, a newly created position. He will be responsible for overseeing TransRe’s four regional offices and he will support the regional team as they develop and grow their customer and broker relationships. He joined the business in 2006 from Employers Re where he formed and led the National & Specialty team at TransRe’s US Custom division before leading that division from 2012 to 2016. Most recently Rhodes created and led TransRe’s Business Development unit, where he concentrated on co-ordinating relationships with large global reinsurance buying groups. Both Rose and Rhodes will report to Paul Bonny, president of TransRe’s European, Middle Eastern, African and Asia Pacific businesses. Additionally Francesca Marc-Antonio joins TransRe as global head of business development, taking over from Rhodes. Marc-Antonio joins from JLT Re, where she served as global head of client relationship management. Prior to that, she spent 17 years at Swiss Re as head of marketing for the U.S. Property & Casualty Broker team, as well as head of the Global Broker Group. In her new role, Marc-Antonio will work with all regions and all lines of business to drive data-based, profitable growth. She will report to Mike Sapnar, president and CEO of TransRe. Globe Underwriting appoints Peter Rossell as head of engineering underwriting UK based managing general agent (MGA), Globe Underwriting has named Peter Rossell as head of engineering underwriting. As part of its strategy to broaden its offering to clients, Globe is building up an engineering portfolio that will focus on construction and operational power business. Rossell joins Globe Underwriting with over 40 years of engineering underwriting experience and brings a deep knowledge of the sector and a strong network of contacts. He most recently served as an underwriter at Pioneer within its engineering division. Rossell has previously held roles at Axa Re, GE Frankona, Beazley and ANV. Rossell, commented: “I’m delighted to be joining Globe. It’s exciting to be building a new team and a new product that will offer exceptional value to our clients and contribute to the further growth of Globe.” Beazley announces the appointment of Will Roscoe to lead smart tracker syndicate Specialist insurer Beazley has appointed Will Roscoe as head of Beazley’s ‘smart tracker’ special purpose syndicate 5623. Roscoe joined Beazley from Willis in 2011 as an underwriter in the London based open market property team. He will now be responsible for setting the syndicate’s growth strategy, underwriting the portfolio and working closely with brokers to create new facilities. In his new role he will report to Beazley’s chief underwriting officer, Adrian Cox. The smart tracker syndicate, which was set up in 2018, provides investors with the opportunity to track Lloyd’s market business whilst also providing returns that aim to be less volatile and consistently above the Lloyd’s average. Adrian Cox, CEO, said: “Will has been closely involved in the development of the smart tracker and brings a deep knowledge of the London insurance market. His appointment will enable us to develop the syndicate’s role as a source of attractive low volatility investment opportunities for third-party capital.” Roscoe, said: “I am excited to take on this new role and look forward to building on the momentum we’ve seen since launching Beazley’s smart tracker in 2018. We have written more than $50mn in gross premium so far this year, and we have ambitious growth plans.”

W1siziisijiwmtkvmdgvmduvmdcvmjivntyvndyvc2h1dhrlcnn0b2nrxzc4njk3nta1nsaomskuanbnil0swyjwiiwidgh1bwiilcizmdb4mzawiyjdlfsiccisim9wdgltaxplil1d

3 technology innovations pushing Switzerland to the forefront of the financial services sector

It is no secret that Switzerland is leading the way across three key technologies including, blockchain, Fintech, cryptocurrency. There are numerous countries known for their strides in these sectors and it seems to be every other week there is a 2.0, 3.0, 6.0 version of these technologies. These types of disruptive technology may come in like a bull in a china shop and completely reshape the way a company or country operates, but its primary focus is to create its own market and allow those who want in on the race to play catch up. Switzerland has been offering a place of refuge, a Garden of Eden you could say, for start-ups wanting to build their empire in these three industries. The countries President, Heinz Tännler, suggests that due to its legal security, it can offer a world-class infrastructure and the ‘Crypto Valley’s’ strong, growing ecosystem. The evidence available not only suggests professionals should make the move, but urges them to stay ahead of the times and to jump in at the pinnacle point in Switzerland’s history, as it continues to rise and adapt in the disruptive technology fields. I will be looking at these three technologies and assessing the reasons behind their success in Switzerland and what we can expect for the future. Blockchain This year is a fundamental time in block chain’s history; the Swiss government is implementing continuous plans to update its corporate and financial regulations to support blockchain developments. Across the board, Switzerland’s financial sector is the leading charge in blockchain and offers the most diverse opportunities for those willing to take the plunge. Switzerland’s Stock Exchange is responsible for building and growing building a trading infrastructure for any and all digital assets using blockchain technology. This allows start-ups operating in the country and wanting to make the move there, able to sell digital crypto tokens to investors online across the globe. “Switzerland is a global leading ecosystem for blockchain technology. To establish that, you have to work on all dimensions: start-ups. Investors, governments, corporations, R&D etc. You have to bring them together.” States Oliver Bussmann, President of the Crypto Valley Association. Blockchain technology is not a finished product; it is being developed and fine-tuned every day with a seemingly endless amount of opportunity for it to grow not only in itself, but how it cultivates new innovation within its market. Fintech Fintech. This word has been bouncing around the industry for some time and Switzerland currently holds an impressive percentage of global Fintech enterprises housed in its mountain walls. This is a country in which younger generations are purposely studying technology and engineering to kick start their careers, and the Swiss government is creating new laws and initiatives to support Fintech growth – you cannot say they are not covering all bases. New talent within the industry can be held responsible to the first-class education received in Switzerland for technology and engineering. A smart move for almost guaranteeing the countries continued rise in technological innovation. The country is a leader in financial services coupled with its forth coming attitude to embracing new technology. The country is currently the home to 10% of all European global Fintech enterprises, with Zurich keeping these companies comfortable and welcomed. You may see a trend developing with regards to the deciding factor to why Switzerland is ahead in these fields is its support. Switzerland supports Fintech innovation and offers attractive low tax financial market models for start-ups. The government is streamlining its processes when welcoming new start-ups including the taxes in place and how obtaining the appropriate licence can be made so much easier. They are laying out the red carpet and taking away any stress for these new businesses, along with providing a high quality of life, local and international talent opportunities and its continued interest in growing its Fintech legacy. Cryptocurrency Finally, the third technology sector that Switzerland is dominating and evolving is cryptocurrency. We have up until recently scene countries across Europe implement this with some forms of success but mostly a lot of new articles on scams, bodge-job replicas and failed start-ups who bet everything too soon on this being a success. Switzerland on the other hand, is not having any of these issues. There a few locations in Switzerland that are worth paying attention to and Zug, is one of them. Zug is the infamous ‘Crypto Valley’ and one of the fastest growing cryptocurrency hubs. There have been billions invested over the last few years and it has acted as a game changing initiative to providing decentralised services and revolutionising the financial sector. If that was not enough, Zug has implemented low tax rates so the entire canton charges 14% corporation tax, making it accessible and ideal for starting up a new business. Zug has become the first region in the entire world to accept bitcoin as a form of payment for political and government services. The benefits of not just cryptocurrency but across all three of these technologies, are building their presence and reputation for benefiting companies and citizens outside of the financial sector. Switzerland is not slowing down in its progressive and innovative attitude, which begs the question; will they stay at the front of the disruptive technology movement or will another country find a way to utilise this tech for greater results?

W1siziisijiwmtkvmdcvmzevmtqvmzkvntevmtqxl3nodxr0zxjzdg9ja181nzgymtczntguanbnil0swyjwiiwidgh1bwiilcizmdb4mzawiyjdlfsiccisim9wdgltaxplil1d

Insurers are facing technological disruption

Insurers are having to come to terms with the fact that technology is changing their industry, but more importantly the everyday experience of their customers. The industry is undergoing what could be described as an ‘ecosystem disruption’ with tech savvy players entering the insurance sector and leading with evolving, innovative and opportunity-led goals. While there should be excitement for the potential of technology that can change the industry, there is an urgent need to be mindful of the challenges that both Insurtechs and Insurance companies need to overcome, together. It is not surprising that it won’t be simple; traditional insurers (some that are more than 300 years old) and 87% of companies agree that technology is climbing at an exponential rate. It is one thing to jump on board and spot a popular trend, but to make it profitable for your company is a different ball game altogether. Being at the forefront of new technology will lose its impact if it is short lived Innovation can be risky. Insurance is a data-hungry sector in which advanced analytics and AI will act as a key factor in improving the customer-centricity. It is not unheard of for organisations, including Insurers, to focus their efforts on a short-term revenue goal. Sure, you can implement a tech heavy piece of software that looks good on the business sheets and puts you ahead of a competitor, but without the correct data set up and delicate approach to an already established system – it can go wrong. Equally, Insurtechs need to understand how they can integrate themselves into an industry that does want to change, but doesn’t know how to just yet. The Insurtech sector is shiny, new and full of promises with technology that is on another level compared to that of traditional Insurers, including legacy platforms that are vital for system integration; and lack such cutting edge capabilities. Insurance companies will be going on their own ‘transformation journey’, trying to break down the walls of a traditional, decentralised house. Innovation can only go so far unless it is embraced on a daily basis. Insurtech is not a magic wand that spontaneously solves all problems; it requires commitment to implement it into the everyday workings of the company. There is no opportunity to be scared of new technology, this attitude can have a crippling effect on other aspects of the business if innovation is self-contained to just one area. An effective recipe that includes a strong company culture, financial backing, an innovative strategy and an open mind are all important. Is tech innovation enough to entice new tech talent into the sector? According to a report issued by the Insurance Journal, the beginning of 2019 saw a 66% increase in insurance companies looking to increase their staff size focused on tech savvy masterminds. The insurance industry has often held the perception of being a traditional, corporate workplace and it is in a fundamental state of repositioning itself as a forward thinking and progressive sector. For young tech savvy professionals to see themselves working in insurance, there needs to be a focus on building an image that is accessible and attractive to the next generation. These tech ambitious individuals want to make an impact and creating such a culture will allow them to see career opportunities available to them. Retention of staff and recruiting skilled talent still remains a fundamental part of an insurer’s success; a connected and thriving organisation needs good people. A machine can only function to its full potential if all the cogs are turning in the right direction What do we need to take away from this? A widely developed, well supported and innovative tech strategy will be a huge benefit to insurance companies taking their plans out of the draft stage and into production. Moreover, the support from Insurtechs is needed to help the traditional Insurers with not just their leap of faith into new technological advances but, also their adjustments in cultural functions and company outlook. Another step forward in acknowledging the cultural shift is most importantly leaving behind the old mind-set and perception of the insurance industry to fill the demand with emerging talent that is missing from insurance. Insurers need to embrace innovation across the all areas of the business and cannot feel threatened by new start-ups- who at the end of the day are designed and built on a structure completely different to theirs.

W1siziisijiwmtkvmdcvmjuvmtavnduvmzavmzywl3nodxr0zxjzdg9ja180ntq1nju0mdquanbnil0swyjwiiwidgh1bwiilcizmdb4mzawiyjdlfsiccisim9wdgltaxplil1d

[BLOG] Is it safe to say Blockchain is no longer just ‘hype’?

When you think of software developments within the one country that is filled with high-tech companies, a forward-thinking atmosphere and an infectious vibe to stay ahead of the competition, it is not surprising, when you hear technology and Germany in the same sentence, it instantly makes sense. Germany has a reputation of being the start-up centre of Europe and certainly within the rest of the world. Alongside FinTech (financial technology), health technology and machine learning are also big on the German start-up front. Heard of blockchain? Good, of course you have In 2017 Blockchain technology and the bitcoin digital currency, were just beginning to establish themselves in the German market. Questions were flying around including; will jobseekers be interested in blockchain technology? How far are we going to see this new tech integrate into German companies? If recent events have not cleared up the above questions, as of March this year there were 170 Blockchain start-ups. To top off the Blockchain evolution that seems to be happening in 2019, within the next month, the German government will be introducing a blockchain strategy in the country. This is with the sole purpose to develop and grow the FinTech sector. Maybe it is something in the water; Germany is ahead of the game It is official; Germany is jumping on the Bitcoin band wagon. As mentioned already, the German government has created a consultation process in an effort to formulate a blockchain comprehensive strategy within the following month. What are the key takeaways from the German blockchain market we have so far? Companies are predominantly looking in these six cities for Blockchain experts: Berlin, Munich, Frankfurt, Dresden, Hamburg and Stuttgart. As it stands the majority of Blockchain job opportunities are for software developers Since 2017 the number of Blockchain job postings has increased rapidly In 2017 Bitcoin recorded huge price gains and even though later in the year there were price fluctuations, the hype and interest from companies in Blockchain technology did not decrease (including interest from jobseekers). The German Ministry of Finance has announced along with its Blockchain initiative, that it has no plans to tax its users when it comes to cryptocurrencies. The German government will regard bitcoin as though it is equivalent to legal tender for tax purposes when used as a means of payment. (Germany is really in support of making this a success!) Germany has long held the title and reputation as the start-up capital of Europe, with its youth bumping up the numbers of those professionals wanting a career in Blockchain. “It is not surprising that a demographic whose lives have been characterised by smart phones, internet and social media, see the attractive functionality cryptocurrency provides as an instant and decentralised means of transferring value.” German consumer centre of Hesse and Saxony Survey What effect does this have on recruitment? Traditional bankers and companies are approaching blockchain with suspicion, afraid that the tech will disrupt the financial system, and ultimately shift their position as the frontman overseeing financial transactions between different parties. This is expected – at no point in history has a new piece of software not been met with questions and caution, plus influencers of this next step will be motivated by the opportunity to challenge the dominance of a long-standing way of doing things. Breaking the mould and influencing change. What will employers going to need to do to get candidates interested in building this function within their company? The best question would be to ask; what are candidates looking for: The opportunity to work on new and interesting projects, utilising new technology to its full unmanaged potential Flexible / remote working, 70% of candidates will be looking for this within their contracts, especially when it comes to working on new tech Unsurprisingly, being paid for their contribution at a fair rate whether it is to trial blockchain for a set amount of time or to come into the company on a permanent basis The ‘Nachfrageboom’, or ‘demand boom’, whittles down to the fact that there is, at the moment, a very tight candidate market, due to a lack of skilled talent and an abundance of jobs, which poses problems for companies looking to implement this new tech at full steam ahead. Let’s wrap this up for now Germany is regarded by those in and out of Europe as an example of success within the finance industry and its boldness to take the lead in trying new technology. Blockchain is making its appearance almost everywhere whether there is a huge question mark by the idea or open arms to take on this tech. Cities are following the ambition of places like Berlin, including many FinTech and crypto start-ups in Hamburg, Munich and Cologne. The German government is making it efficient and accessible for the growth of its FinTech sector. “Bitcoin and other cryptocurrencies are a good example of how the digital age is able to change the financial world. This is not so much about the individual currency itself as it is about the underlying blockchain technology. It will have an impact on the whole economy.” – Bitkom CEO Bernhard Rohleder

W1siziisijiwmtkvmdcvmtkvmtqvmzgvmzavmjuvc2h1dhrlcnn0b2nrxzm2ndkwntywmi5qcgcixsxbinailcj0ahvtyiisijmwmhgzmdajil0swyjwiiwib3b0aw1pemuixv0

Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday, will be sufficient for tomorrow.

The future of the insurance sector is not guaranteed. New technologies are transforming the sector as we know it, and as much as these new technologies may threaten what we already know, it will also present significant opportunities. Companies are playing catch up as consumer expectations are increasing exponentially. Customers want a quicker response time, an efficient approach to problems and at the end of the day, more choice for their money. As new FinTech businesses diversify and continually grow, we are witnessing new tech innovations, such as blockchain, which is disrupting the market and creating a chance for reinvention and a greater opportunity to thrive. Despite this new technology seeming like a small risk that is worth taking, recent research shows that many companies are not ready for technology disruption. What if it doesn’t improve your company’s efficiency? What if you spend hundreds of thousands on new tech and your employees are not fully trained in how to utilise it? The edge of risk Small and large FinTech companies adopting and developing solutions that use digital technology to evolve the customer service, new competitors may threaten legacy institutions of all shapes and sizes. With any new technology, that will eventually impact the company regardless, this new shift in the industry is the storm on the horizon. Alongside the natural transformational changes every business will experience as time passes, there are developing technologies which include AI, blockchain and digital payments, just to name a few. Not only this, but cybersecurity is proving to be a greater challenge. KPMG reported in 2018 a 78% increase in business fraud, and FinTech companies in fact attract a higher risk of cybercrime. Even the word itself; ‘disruptive’ does not evoke the most reassuring of steps for a business to make, and it is in agreement that the next five years are going to be rocky – are businesses prepared for this technological leap of faith? A disruptive market for a disruptive way of thinking We are at the present time in a state of economic and political disruption which is only going to encourage uncertainty in companies looking to invest in new technology. The decision to embrace new tech needs to be implemented efficiently, swiftly and effectively. New start-ups are getting in on the act, naturally as they are founded on new technology. It is no surprise start-up hubs like Berlin are storming ahead especially when two of the world’s financial centres, the UK and USA, are reportedly not taking advantage of this technological age – 52% of businesses to be exact. The secret; start-ups are identifying opportunities amongst the chaos. Those sprinting ahead and others staying behind It is important to know what is considered ‘hype’ and what has proven its worth. AI is a form of technology that is sitting on the fence between becoming the next step for companies (30% of UK financial leaders have agreed with this) and being a piece of tech that won’t be ready for mass use for years to come. We are already seeing the genuinely authentic impact automation is having on a company’s way of working, as it takes on, not only the considered mundane tasks that employees fill their time with, but is impacting the fundamental structure of the company and allows for focus on goals that assist with the company’s progress. Blockchain and crypto currencies overall have a smaller impact but operate on a shorter timeline of implementation and we are able to bear witness to the results faster. For example; putting a name to one of those witnesses, HSBC are amongst the front runners to accomplish the world’s first commercially viable blockchain trade-finance transaction. This sounds like substantial progress, which it absolutely is, but any form of development especially in the technology space attracts an increased risk of cybercrime (we may have already touched on this, but cyber security is something worth mention two to three times over). With great new technology, comes great responsibility to handle it appropriately. What’s next? There is an argument to be had for whether or not ‘disruptive technology’ will disrupt the natural progression of legacy institutions or, if it will positively disrupt and encourage growth for a new level of success. It is all well and good talking about new technology and something that looks attractive, but most companies do end up falling into that awful trap of ‘its shiny and new, so let’s put it in there’ rather than actually taking a step back and looking at what they can already utilise within their business. The main qualifying question is; can this actually solve our business problem?

W1siziisijiwmtkvmduvmzavmdkvntgvmzkvmtu5l0vhbwvzx1doyxrfrhjpdmvzx1lvds5qcgcixsxbinailcj0ahvtyiisijmwmhgzmdajil0swyjwiiwib3b0aw1pemuixv0

#WhatDrivesYou Launch Day

We have been spending some time trying to dig deeper into what it means to work at Eames. What ties us together as individuals and pushes us towards our vision of the sustained growth and development of relationships? We believe that is drive. An urgent, energetic ambition and desire to succeed that is inside all of us. That's our common goal. So we asked our team, what drives them? And can they put that drive into action? They showed us their competitive spirit and their camaraderie with a day on the go-kart track. What better way to launch our #WhatDrivesYou campaign? What Drives You? Head over to our careers site for a closer look into opportunities with Eames.

W1siziisijiwmtkvmdivmjevmtcvndevmzevndqwl0lnr182nduwlkpqryjdlfsiccisinrodw1iiiwimzawedmwmcmixsxbinailcjvchrpbwl6zsjdxq

Check out Matthew Eames on the RAG Podcast

Matthew Eames spent a little time in the podcast booth with Hoxo Media CEO, Sean Anderson talking all things agency growth. As part of Sean's newly launched Recruitment Agency Growth podcast, he digs into the minds of owners and leaders of recruitment agencies to discover the secrets to successful growth. Sharing his journey from a small office in Hammersmith in 2002 to an international team of 140, Matthew regaled Sean on the highs and lows of starting a recruitment agency and the passion and drive needed to make it a success. "You've got to love what you do!" An inspiring and engaging listen for anyone in the recruitment sector. Listen now: The RAG Podcast - Episode 7 - Matthew Eames

W1siziisijiwmtgvmtivmdmvmtyvmzivndavmjcwl3nodxr0zxjzdg9ja18ynjq4mzk0mdigkdeplmpwzyjdlfsiccisinrodw1iiiwimzawedmwmcmixsxbinailcjvchrpbwl6zsjdxq

Going Back to The Future

Over the past three weeks Eames has rolled out Lightning; the latest release of Salesforce across our offices in London and Asia. Arguably one of the best recruitment CRM systems on the market, Salesforce has increased our productivity in revenue terms as well as speed of access to information. It provides us with a customisable and cloud-based platform to underpin our growth plans and more crucially, our sales strategy and has made Eames a slicker and more efficient place to work. Technology and data are driving the business world and we believe the recruitment industry is no exception. We’re embracing data and technology more than ever before to enable us to become even more immersed in our specialist markets. We’ve got ambitious plans for growth; but this will be contingent on strong systems and swift access to high quality information. Salesforce is taking us Back to the Future. Enhancing our market-leading platform Driven and talented recruitment professionals can already expect to be supported by strong infrastructure at Eames. Maximising the benefits of Salesforce from the mobile app, to its speed and personalisation features will mean we're at the forefront of relationship-driven and innovative recruitment. A common approach to how we manage our business relationships is critical as the business grows. We believe passionately that building relationships underpins our success. We’re embracing Salesforce to support our sales strategy. Enable client and candidate engagement Having launched a new corporate website on the Volcanic platform in 2017 we have been committed to ensuring we deliver an outstanding user experience; be that to our candidates, clients or employees. We have always aimed to align to suppliers who not only share our passion for customer success but who also see the benefit in building strategic business partnerships. Working closely with Volcanic and the team at Salesforce we’ve been able to build what we believe to be the strongest platform to enable and nurture client and candidate relationships. I’ve encouraged the business to embrace Salesforce much like Marty and Doc and their trusty DeLorean. Drive it with all its intent, and with such opportunity at our fingertips, it’s hard not to be excited about the possibilities of what we can achieve.

CONNECTING TALENT

Insurance

Financial Services

Technology

Latest News

Technology

InsurTech

Why does digital transformation need to be adopted in the insurance industry? If it is not broken don’t fix it, right?

Cyber Security & Technology Risk

cyber security

Are we going to see women fairly represented in cyber security?

insurance

Technology

Full speed ahead: the insurance industry considers the impact of automated vehicles

smart tracker syndicate

ECNews