Insurance industry lags in GenAI adoption, says BCG & more…Keep up with what has been happening this week in our latest insurance news round-up…

Milliman launches Milliman Connect to unify data and systems for group and worksite insurers

Milliman, Inc., a premier global consulting and actuarial firm, is proud to announce the launch of Milliman Connect, a groundbreaking solution designed to seamlessly integrate disparate data and systems across insurers. This innovative platform empowers insurance carriers, voluntary benefit providers, MGAs, TPAs, and brokers, helping them unify their data, streamline operations, and drive informed decision-making.

Report outlines new rules reshaping Hong Kong insurance industry

The Hong Kong Insurance Authority (IA) has issued its latest Conduct in Focus, which includes significant updates for the insurance industry, such as new compliance regulations for brokers, the introduction of licensing fees, and refined standards for life insurance brokers, particularly in the context of referral business.

Insurance industry lags in GenAI adoption, says BCG

According to a recent report by Boston Consulting Group (BCG), the insurance industry is lagging behind other sectors in adopting generative AI (GenAI), with 40% of insurance companies showing minimal or no use of this technology.

Saudi insurance sector earnings surge 25% to $585m in H1 2024

Saudi Arabia’s insurance sector saw a 25 percent increase in earnings for the first half of 2024, reaching SR2.2 billion ($585 million) compared to the same period last year.

NFP acquires Orca Financial Group

Insurance broking and consulting firm NFP, an Aon company, has acquired Orca Financial Group.