Insurance Specific Employee Health & Wellbeing Opportunity
01-Jul-24
Our exciting new collaboration – Insurance Specific Employee Health & Wellbeing Opportunity Employee health and wellbeing is a massively important subject, and it’s great to see so many of our insurance clients taking this so seriously. To us, it’s a bit of a no-brainer; a happier, healthier team will lead to – Increased productivity Minimal lost hours to sickness Talent acquisition & staff retention A work force of high energy, company ambassadors that are engaged with your goals But where do you start? Not all firms have the time or budget to roll out their own inhouse programme, and let's face it - employee surveys may not be as honest if you know the person who is responsible for your pay review is going to be reading it! So, we’ve teamed up with the lovely Lisa Kempster, who may many of you know – she enjoyed a successful career as an insurance recruiter prior to setting up her own Health & Well being practice. Lisa’s got over 15 years’ experience of partnering with insurance businesses so understands the challenges of the job, the industry, along with the importance of return on your investment. To top that off, Lisa is partnering as a Consultant with West Yorkshire Business Boost, so you may be able to claim back 50% of the cost of your programme, regardless of where you are based (broker clients – you’ll be glad to know she won’t be adding VAT to your invoice either)!...
Cryptocurrency: A Wealth of Opportunity for the Insurance Market
01-Jul-24
Cryptocurrency: A Wealth of Opportunity for the Insurance Market Since the development of Bitcoin in 2009, cryptocurrency has been an innovative new player in the financial sector; a groundbreaking way to own wealth outside of fiat currency. With the growth of cryptocurrency, there has come an array of new risks, as cyber criminals have become aware that exploitation of this new arena can be highly lucrative. It is estimated that in 2022, there were about $3.7 billion in crypto losses.[i] Inevitably, this kind of risk has presented both a challenge and an opportunity for the insurance market, as insurers have the chance to work alongside the cryptocurrency sector, offering risk mitigation and financial protection. An opportunity While cryptocurrency has grown in leaps and bounds over the past 15 years, it appears that, for the moment, the insurance sector is playing catch-up. In 2023, Evertas, a large Cryptocurrency insurer, estimated that a mere 2-3% of crypto assets were insured globally.[ii] Now is the opportunity for forward thinking insurance organisations to step up to the plate in this arena; offering value for money insurance policies and support with risk mitigation to the businesses making their money from cryptocurrency. What type of insurance? Different companies make money from cryptocurrency in different ways; from mining new coins, to storing keys for themselves or clients, or managing transactions. A good insurance broker will need to look at exactly what services the business provides and at what volume. They can then offer advice on the optimum insurance policy, to ensure that the business is not underinsured, and that they have access to a value-for-money policy that covers all the risks. This offering is likely to be across a number of kinds of insurance which could include the following: Cyber insurance One of the most obvious insurance requirements for a cryptocurrency business is insurance against cyber-attacks. Naturally, a wealth which is ...
Aston Charles Sponsors Insurance Institute of Leeds 134rd Annual Dinner
02-May-24
Aston Charles Sponsors Insurance Institute of Leeds 134rd Annual Dinner Once again, Aston Charles sponsored the Insurance Institute of Leeds Annual Dinner. For many, the ‘Annual Do’ is the highlight of the Yorkshire insurance community’s calendar, and this year certainly didn’t disappoint. In a slight change to the usual format, the formalities were unexpectedly paused by the armouries’ staff to make a surprise announcement – only to reveal they were actually the musical group ‘The Singing Waiters’ who launched into an array of dancing-floor filling party favourites and, perhaps most notably, a conga-dance around the Royal Armouries’ New Dock Hall featuring the cream of the Yorkshire insurance market! The team were joined by guests from UK Global (Part of The Howden Group), Willis Towers Watson, CNA Hardy and Schofield Insurance Brokers (Ethos Broking). The event was raising money for the Chartered Insurance Institute’s ‘The Insurance Charities’ as well as IIL’s President, Kate Edmondson’s chosen charity for the year, Sue Ryder Manorlands Hospice. The event’s other headline sponsors include Marsh, Liberty Speciality Markets, and the Bespoke Group....
The Risks and Rewards of Investing in Insurance
21-Nov-23
The Risks and Rewards of Investing in Insurance For a number of years, investing in the insurance sector was a (relatively speaking) safe bet in the stock market. While not paying huge dividends, investors tended to have confidence that their investments would grow; after all, insurance is entirely necessary for almost every business and individual, regardless of what is happening in the wider economy. However, in recent years, a number of factors have seen some drops in profits, making investors question whether insurance stocks still hold the same low risk benefits as they did before.* A guide to insurance wealth Insurance companies make their money in two ways. 1) Insuring businesses and individuals for unforeseen events. The hope is that losses will not occur and then the insurance company will make a profit. This is the underwriting profit. 2) Money that is paid in by policyholders is known as a float, and insurance companies invest this float until it is needed to pay a claim. This is most usually invested in low-risk stocks and bonds. [i] The risks Insurance companies face a double risk at the moment. Firstly, world events over recent years have created an unstable environment for Underwriters to assess. Property and Casualty insurance has had an unprecedented number of claims. Secondly, the current economic downturn has meant that investments have not been as profitable as hoped. Car insurance has probably been one of the worst hit sectors of the insurance industry. Since the end of the travel restrictions brought about by Covid, there have been an increased number of car accidents, pushing up the number of claims. At the same time, an increase in the cost of parts and labour means that cost per claim payout has been increasing. In 2022, the car insurance sector announced a net combined ratio (NCR) of 109.5% - the poorest figure in a decade. The NCR denotes the cost of claims as a percentage of ...
eKarting – Who is the Fastest Insurance Professional in Yorkshire?!
28-Feb-23
eKarting – Who is the Fastest Insurance Professional in Yorkshire?! Following our highly successful joint initiative with the Chartered Insurance Institute last year where we held a charity Curling, Bowling and Pool evening, the team at Aston Charles have decided to hire out the eKarting facility at Xscape Leisure Centre in Castleford. The event is free of charge, but we are asking for a minimum donation of £10 per head with all monies being split between Andy’s Man Club and The Disaster Emergency Committee’s Earthquake Relief Fund for Turkey and Syria. The event takes place on Thursday 9th March, and everyone will be given a practice session, then a main race. The fastest 10 racers will then take part in the Grand Finale to see who is crowned as the Fastest Insurance Professional in Yorkshire! For firms with a number of drivers racing, we will also recognise the fastest team on the night too. The event is open to all, regardless of your seniority or employer! Knowing how competitive insurance people can be, and with serious bragging rights at stake, we are sure this will be a hotly-contested and very popular evening. As such, please register an interest as soon as possible with richardjones@astoncharles.co.uk...
Keeping the Team Mojo – Remote Working
14-Oct-22
Keeping the Team Mojo – Remote Working The last few years have seen a shift in working practices. Since Covid closed offices, many insurance companies (along with multiple other sectors) have decided to retain working-from-home options for their employees. This can reduce costs and allow employees greater flexibility in their working lives and work-life balance, increasing job satisfaction. As an Insurance Recruitment Specialist, Aston Charles has seen the many ways in which this has had a positive impact on recruitment and retainment. It has allowed people to pursue job opportunities that may otherwise not have been possible and has given companies a wider pool of potential candidates. A cost However, at the same time, there has been a cost in the general insurance market. People may feel isolated and disconnected from their job. There may be confusion about working practices or about the way the company works. New staff may find it difficult to integrate with their colleagues. Online team meetings can be stilted and awkward, without the pre-meeting banter that one commonly expects in face-to-face group gatherings. All these issues can lead to a lack of engagement. There is a correlation between engagement and a reduction in absenteeism, as well as a reduction in staff turnover, with some statistics showing 17% higher productivity and 21% higher profits where there are greater levels of engagement.[i] So how to ensure that the culture of your office is one of camaraderie and “pulling together” towards the company goals? Team building solutions – Real life · Consider choosing one day a week as an “anchor day” when you expect the whole team to be in the office; or at least be at a face-to-face team meeting. · Have fun together – plan team building days a couple of times a year. There are many organisations that specialise in team building, with a wide range of activities – from games and ...
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