Operations/tech

The newly installed CEO wants to build on the businesses the firm has and deliver a low 90s combined ratio.

As well as wheeling out the same old products, the sector manages new risks through exclusion and does a poor job of telling its story to insureds.

The investment firm said that pivoting to a pure-play insurance data business would unlock up to $20bn of value.

In some cases, sources said, wages have increased between 25% and 35% over the last 12 months.

Social media posts, campus recruiting and apprentice programs are all deployed to draw a new generation to insurance, but the broader industry is not focusing on refreshing the ranks.

The company said it would look to use its program skillset strategically to enhance and position some of its new product verticals.

As part of the revamp, Michael Chang has been named global head of customer and distribution.

Inside P&C’s news team runs you through the key developments from the past week.

The Hanover swung back to underwriting profit of $88mn after a cat-heavy Q3.

The program replaces the existing share repurchase program, which has $24.2mn remaining of the original $40mn.

Recently terminated Root employees took to social media platforms to announce their dismissals, after the company eliminated about 20% of its workforce.

The company termed the massive headcount reduction as an “organizational realignment”.