After a decade of almost continuous slowdown, global productivity is beginning to recover. Following an uptick in 2017, global labor productivity growth will continue improving through 2018, according to the March 2018 release of annual productivity growth rates for 123 countries by The Conference Board, the global business research organization. The 2018 Productivity Brief, based on data from The Conference Board’s Total Economy Database, projects global productivity to improve

The Financial Wellness Think Tank at Financial Finesse, a U.S. provider of workplace financial wellness programs, in March 2018 released research that studies the relationship between an employee’s financial well-being and how they manage key life events. The report looked at the concept of life planning: the idea that the events which take place in our lives have certain financial implications that can be planned for, and even sequenced

Denizen Financial in March 2018 unveiled its global, border-less account for expat banking which allows customers to receive money in one country and pay it out in another immediately. This avoids international transfer fees and eliminates currency exchange fees. Designed for mobile populations, the Denizen global banking platform makes managing finances across borders fast, easy and more affordable. Expats, immigrants, and frequent world travelers are often forced to maintain multiple

MOVE Guides, a worldwide workforce mobility management company, in March 2018 announced the hiring of Susan Repo as its Chief Financial Officer. Reporting to CEO and founder Brynne Kennedy, Repo will lead MOVE Guides’ global finance, legal, business and sales operations. With Repo’s appointment to CFO, MOVE Guides achieves gender parity across its executive team and continues its commitment to promoting diversity in leadership. Repo comes to MOVE Guides

U.S.-based think tank The Conference Board in March 2018 released its global business cycle indicators for February 2018. The Leading Economic Index (LEI) for the Euro Area increased 0.6 percent in February 2018 to 112.3 (2016=100). The Coincident Economic Index (CEI) for the Euro Area increased 0.1 percent in February 2018 to 102.9 (2016=100). The composite economic indexes are the key elements in an analytic system designed to signal

U.S. health insurance start-up Oscar Health in March 2018 raised $165 million in a funding round led by Founders Fund to finance its expansion plans in four to five cities a year. This funding round was led by Brian Singerman and Founders Fund and includes 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, Thrive Capital, and others. Oscar Health claims it has generated an underwriting profit

LifeScore Labs, a wholly owned subsidiary of U.S. insurance carrier Mass Mutual, and global reinsurer Swiss Re, have announced a collaboration to support LifeScore360, LifeScore Labs’ standards-based algorithmic risk scoring solution. LifeScore360 will be offered as an additional analytics option for Swiss Re’s automated underwriting system (Magnum). In addition, Swiss Re will more generally support the use of LifeScore360 in life reinsurance transactions in the U.S. LifeScore Labs was

Swiss Re in March 2018 appointed Claudia Cordioli as managing director of the group’s reinsurance business in Western and Southern Europe, reporting to Jean-Jacques Henchoz, CEO reinsurance EMEA and a member of Swiss Re’s group executive committee. Swiss Re consolidates its France, Benelux and Switzerland operations with its Spain, Portugal, Italy, and Mediterranean unit, which has been led by Cordioli. Prior to that role, she was CFO reinsurance EMEA

Employers around the world report optimistic hiring outlooks in Q2 2018, according to the latest ManpowerGroup Employment Outlook Survey. Employers in 43 of 44 countries say they plan to add staff, with hiring confidence strongest in Croatia, Taiwan, Japan, Hungary and the U.S., followed by 17 countries including Canada, France, Germany and the UK. Employers in Italy, Switzerland and the Czech Republic report the weakest hiring prospects. “We are

Tax partner Michael Bussa has been named the national leader, U.S., for the Global Reward Services (GRS) practice of audit, tax and advisory firm KPMG. Bussa has more than 30 years’ experience advising organizations on the structuring, implementation, and tax and regulatory compliance of their global reward programs to his new position. According to him, “Globalization, technological advances, regulatory changes, the future of retirement, the shifting landscape of health

In March 2018, Dag Zwikker joined ASN, Advisory Services Network in Zurich, Switzerland, as Sales Area Manager and Business Development Advisor. Founded in 1995, ASN is a boutique consultant and licensed broker in Switzerland and Europe specialized in cross-border benefits advice to organizations that employ an internationally mobile workforce, to individual globetrotters and digital nomads. Dag’s broad experience in international employee benefits – in particular in group risk and

The Conference Board Employment Trends Index (ETI) for the U.S. increased sharply in February 2018, after also increasing in January. The index now stands at 107.74, up from 106.50 (a downward revision) in January. The change represents a 5.6 percent gain in the ETI compared to a year ago, “suggesting that strong job growth is likely to continue in the coming months,” according to Gad Levanon, Chief Economist, North

Zurich Insurance Group in March 2018 accelerated the growth of Cover-More Group, its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire providers of traveler assistance in Latin America. These acquired businesses operate under the Travel Ace and Universal Assistance brands. The transaction incorporates 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the

Global health care benefits provider Aetna International in March 2018 announced that it has acquired Canadian Insurance in Hong Kong, and is now licensed to offer health insurance in Hong Kong. The license allows Aetna International to market its products and services solely under the Aetna brand. Aetna’s history in Asia started in 2007 as a specialist health insurer in Hong Kong, via its acquisition of Goodhealth. Hong Kong

IBIS Academy organizer Gallagher in March 2018 published updates to the conference agenda, particularly significant to the IBIS Mobility track running 7-9 May 2018. Three sessions are of particular interest to global mobility managers. Important Updates in the World of Mobility Tax Managing Risk, Managing Compliance Roundtable “I don’t know – Send it to HR:” Employment Essentials for the Global Mobility Professional

In an assessment of the business costs of Brexit published in March 2018, Oliver Wyman and Clifford Chance have calculated the impact of tariffs and non-tariff barriers on companies if the EU27 and U.K. revert to a World Trade Organisation (WTO) trading relationship with each other. The cost of Brexit in red tape alone could total around £31 billon for EU exporters and around £27 billon for U.K. exporters,

In a year deemed by many to be both one of global economic growth and geopolitical uncertainty, Hong Kong-headquartered Crown World Mobility (CWM) in March 2018 announced the launch of its 2018 Global Mobility Trends report. According to CWM, “This year, we expect millennials to have an even greater influence on mobility trends. Talent has arguably never been more globally mobile than it is today, and millennials are hungry

Roger Ibbotson, economist and creator of the “Stock, Bonds, Bills, and Inflation” (SBBI®) chart, in March 2018 unveiled his latest research that analyzes the emerging potential of Fixed Indexed Annuities (FIA) as an alternative to bonds in retirement portfolios. Researched and written by Ibbotson and his team at Zebra Capital Management, the white-paper, Fixed Indexed Annuities: Consider the Alternative, suggests bond returns in today’s historically low interest rate environment

Efforts to increase workforce productivity have focused on upgraded technology, process improvement and better governance. A white paper released in March 2018 by Morneau Shepell suggests that it is now time to tackle the most complex element of improving workforce productivity: ensuring commitments to total health from employers and employees. Total Health: the last piece of the workforce productivity puzzle, by Dr. Bill Howatt, explains that workforce productivity, or

Global insurance brokerage Hub International in March 2018 announced that it has acquired the assets of Spectra Management. Headquartered in Sandy, Utah, Spectra specializes in helping companies create employee benefits packages that ‘achieve the delicate balance between financial goals and company culture’. Through its retirement division, Spectra provides 401(k) retirement services, fiduciary risk management services, investment due diligence, plan and compliance review, provider services and benchmarking, and wealth management.

Three months after the December 2017 announcement that CVS Health had purchased Aetna, their respective shareholders on March 13, 2018 voted to approve the proposed $69 billion merger of the companies at special meetings. As discussed in an earlier post, the acquisition sets the stage for a new type of company that will include a health insurer, a retail pharmacy, and a pharmacy benefits manager that negotiates prescription drug

Global consulting and actuarial firm Milliman in March 2018 announced that Samie Moore is joining the company’s Health & Welfare group as a life, absence, and disability (LAD) consultant in the U.S. Moore, formerly of Mercer and Hewitt, is a nationally recognized expert in LAD with 14 years’ industry experience consulting to Fortune 500 companies, with deep subject matter expertise in Family Medical Leave (FML), vacation, Paid Time Off

A pioneering study from Source Global Research and published in March 2018 by Odgers Connect, shows evidence of a growing ‘professional gig economy’ of highly-skilled, independent workers that is flourishing in both the U.K. and Europe. This growth is driven by companies that have cut back on core staff and which increasingly rely on outsourced professionals. Brexit and new regulations are the two factors that favor independent consultants because

According to the OECD’s Interim Economic Outlook released in March 2018, the pace of expansion over the 2018-19 period is expected to be faster than in 2017, as robust investment growth, an associated rebound in trade and higher employment drive an increasingly broad-based recovery. At the same time, tensions are appearing that could threaten strong and sustainable medium-term growth. The OECD projects that the global economy will grow by 3.9

In a paper published in March 2018, the Competition and Markets Authority (CMA), the UK’s anti-trust authority, has raised concerns about the level and nature of information provided by consultants and fiduciary managers, indicating that investment consultants and fiduciary managers are not clear enough about fees and performance, which suggests a lack of effective competition. The findings echoed those of the Financial Conduct Authority (FCA), which initially referred the

Massachusetts Mutual Life Insurance Company’s (MassMutual) international insurance holding company MassMutual International in March 2018 sold 85% of its wholly owned subsidiary MassMutual Japan to Nippon Life. MassMutual Japan, formerly known as Heiwa Life, was acquired by MassMutual in 2001. MassMutual will receive approximately USD 935 million in cash (JPY 104 billion) and retain approximately 15 percent ownership in MassMutual Japan. The transaction is expected to close in the first

Global insurance brokerage Hub International in March 2018 announced that it has acquired the shares of GMS Insurance. Based in Kitchener, Ontario (Canada), GMS Insurance is an independent benefit consulting firm that services clients in Southwestern Ontario and the greater Toronto area. GMS’s consultants address companies ranging from small start-ups to large national or international corporations. GMS Insurance will join Hub Ontario and Jonathan Shantz, President of GMS Insurance,