Recently, JLT Specialty released the spring edition of Whiteboard – their publication for UK corporates. This edition of the magazine covers the latest news and developments along with the following topics:
Harnessing data and analytics: Big data is growing and it is being used by organisations of all sizes. It is also increasingly seen as a leveller, helping UK mid-market businesses compete. According to a report by market research firm IDC in March, worldwide revenues from big data and business analytics will grow more than 12% this year to reach USD 150.8 billion by the end of 2017. This article details the benefits of big data and analytics for both insurance companies and businesses – big and small. It also enumerates the dangers associated with gathering data.
What could Brexit mean for UK employers: According to the Chartered Institute for Personnel and Development (CIPD), there were 2.26 million EU nationals working in the UK in September 2016, up nearly 10 per cent on the year before. If the final Brexit deal restricts the free movement of workers into the UK, several sectors will see a major shift in workforce dynamics; a significant reduction in EU migrant flow into the UK labour pool will force wages to rise, destabilising the workforce and potentially exposing thousands of businesses to increased risk. This article provides information about how the Brexit vote has negatively affected certain sectors in the UK; it also enumerates the consequences of significant reduction in EU migrant workforce.
Reimagining reinstatement: Although insurance aims to put a business back to where it was before the loss, following a fire or a flood policyholders don’t have to reinstate the affected property exactly as it was before. This article provides a few examples in which alternatives to reinstatement proved beneficial for policyholders.
Reputation risks: Most companies acknowledge the importance of reputation. “In today’s world, where products are becoming a commodity, it is more about who you are as a company than what you sell,” says Kasper Ulf Nielsen, Executive Partner at Reputation Institute – a research and advisory firm. Nielsen says that protecting reputation means first recognising the factors that it is built on; anything that casts doubt on a major contributor to reputation will carry the risk of a big impact to the business. This article explains why reputation risks are different for different businesses and the need for reputation risk management.
Keeping up with technology: As per PwC's March 2017 UK Economic Outlook report, 30% of UK jobs are susceptible to automation – such as AI and robotics – by the early 2030s; the sectors most likely to be affected by this are wholesale and retail, transport and manufacturing. Even some of the more traditional sectors such as agriculture and construction will be transformed. This article talks about the benefits of technological transformation; it also explores the risks and issues that could arise because of it.