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GlobalVision Launches Digital Color Inspection System

In partnership with Pantone, provider of professional color standards for the design industry, and X-Rite, global leader in the science and technology of color and appearance, GlobalVision proudly announces the release of the world’s first digital Color Inspection system for print & packaging. This unique technology revolutionizes color inspection by creating a digital environment for the color evaluation process for PDFs and printed components.
“We are excited to release the first product that digitally checks for color changes. Adding Color Inspection to our quality control platform delivers a complete solution for detecting errors on print & packaging,” said Reuben Malz, CEO of GlobalVision. “Partnering with Pantone and X-Rite ensures our customers work with the familiar, industry standards they depend on every day.”
GlobalVision Color Inspection compares Pantone Colors as well as references that use LAB, CMYK, and RGB color models. First, users select color points to compare against the printed component; then the software reports any estimated color differences beyond a defined threshold. Instead of manually checking colors by eye, users can detect and communicate potential color differences with color reports alongside proofs for further evaluation and approval.
When combined with text, graphics, and barcode inspection capabilities, the platform can now be used to inspect the entire package.
GlobalVision Color Inspection makes use of multiple Pantone Publications to evaluate color within PDFs or scanned proofs and printed materials. The system utilizes a calibration chart and an X-Rite eXact spectrophotometer to improve the color precision of the scanner, making the evaluation of Pantone Colors more reliable. This allows users to check all specified colors on scanned materials at once, further accelerating the quality assessment process.
“We are excited to partner with GlobalVision to incorporate the universal Pantone Color Language into its Color Inspection System and offer users more reliable and efficient color inspection solutions for print and packaging,” said Adrian Fernandez, VP and General Manager of Pantone. “Building on our commitment to helping make color communication easier and further integrating physical references with digital tools, the GlobalVision Digital Color Inspection System enables users to anticipate color variances and ultimately reduce the time and resources spent on multiple proofs.”
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UK regulators need global ‘competitiveness’ remit, says UK Finance body

By Huw Jones
LONDON (Reuters) – Keeping the City of London competitive should be an “across the board” objective for Britain’s financial regulators after Brexit, a UK banking industry body said in a paper published on Monday.
Britain’s finance ministry is consulting on future financial regulation after the UK’s departure from the European Union cut the City off from the bloc’s financial markets but left it free to set its own rules as it competes with New York, Singapore and, indeed, the EU.
UK Finance, which represents high street banks, said the international competitiveness of UK banking would be enhanced by more proportionate regulation.
Mindful that the Bank of England is opposed to a formal competitiveness objective which would require it to consider the ability of UK banks to compete globally, the finance ministry has suggested some activities could be subject to less red tape like burdensome reporting requirements.
“The sector is of major importance to the UK economy, and this calls for international competitiveness to be a principle to which the regulators must have regard across the board and not just in respect of specific activities,” UK Finance said.
Consumers have faced a string of financial scandals, from pensions to the mis-selling of payment protection insurance, piling pressure on regulators to better protect them.
However, UK Finance took a more qualified stance, saying regulators should also remind consumers that they bear responsibility for their decisions.
Britain’s regulators are funded by levies on financial firms and UK Finance said annual requirements have risen by 11.5% over the past four years to nearly 900 million pounds.
“We therefore believe there is merit in reviewing the overall cost of regulation, in particular compared to that in other major financial centres, to ensure it does not act as a disincentive for firms to do business in and from the UK,” it said.
Any significant divergence from EU regulations could scupper attempts to secure an ‘equivalence’ ruling which would allow some UK banks and financial institutions to directly serve clients in the bloc again.
(Reporting by Huw Jones; Editing by Kirsten Donovan)
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How do you adapt your insurance pricing strategy in the face of increased price competition?

By Ketil Kristensen, Senior Advisor, Insurance, SAS
Many countries in Europe have in previous years experienced increased price competition for general insurance products. Especially in Southern Europe, the competition has been very fierce, fuelled by online price comparison websites. In Spain, Portugal and Greece, there has been a substantial drop in average premiums for products like motor, home and health insurance. This poses a real threat to the profitability of property and casualty insurers.
While some insurance products are highly specialised and almost impossible to compare, most common products have increasingly become commodities. Consumers can now easily compare them online.
When comparing insurance policy prices and details becomes as effortless as getting quotes for airline tickets or hotel accommodation on price comparison sites, more insurance companies will eventually enter the market. And thus price competition will increase.
Preparing for a price war
Once the price war starts, there is no way to avoid it. And insurers need to meet their competitors head-on.
To win a price war, insurers need to be meticulous when they set the premium levels. They might also need to rethink the definition of “profit” when they are making pricing strategies for the future. In a market where premium levels are volatile and the competitive situation may change rapidly, insurers also need the capability to evaluate potential future scenarios in a short period of time.
Setting the premiums right
In the fast-paced digital era, customers expect insurance prices to be easily available online. They will make inquiries for insurance covers for their cars or homes on price comparison websites and expect the prices to be available immediately. From an insurer’s point of view, the premium customers will see on their screens when comparing insurance policy prices is the sum of the insurer’s technical premium and the commercial loading.
The technical premium represents the break-even price that the insurance company would charge for the policy if it had no costs and no desire to make a profit. Commercial loading represents the sum of the insurance company’s costs and the profit it expects to make on the policy. Technical pricing is the subject of many actuarial textbooks. But as machine learning algorithms make their way into actuarial departments, we will need to rewrite those books. Modern pricing techniques that include machine learning algorithms are a notable improvement compared to traditional models. If applied properly, ML models will result in more accurate technical pricing given the same data.
But what about commercial loading? How much profit should the insurer aim for?
Every one of us has a different tolerance for how much we would pay for, e.g., a car insurance policy. Some customers don’t consider price to that important. Others will try to search for a better deal elsewhere, regardless of how much time the process would take. Most customers are somewhere in between.
Being able to price the insurance products analytically based on the “willingness to pay” is, for many actuaries, seen as the holy grail of insurance pricing.
Personalised premiums
Most insurers already do personal pricing to some extent today. For example, they give different discounts to policyholders with equal risk. However, there is often a great potential to do segmentation and price calculations in a more analytical manner. Ideally, insurers would like to set the premiums as high as possible, but not so high that customers move their policies to another insurer.
On the other side, insurers would like to move customers away from their competitors by offering low premiums – but not too low. The insurer must first determine the price sensitivity of insurance customers and then price each insurance policy so that it maximises the profit for the insurer. At SAS, we refer to this as portfolio optimisation.
Insurers that can quickly reoptimise changing prices in the online market will also quickly identify customers that are at risk for churn. They can then perform the appropriate actions to prevent this from happening.
Rethinking ‘profitability’
When insurers think “profit,” they usually mean the income statement for next year. This is about to change. The concept of Customer Lifetime Value (CLV) is becoming more and more common in the insurance industry. And many insurers are now refining their pricing strategy based on a maximisation of the CLV of all its customers, thus not focusing solely on the profit definition in the income statement. The CLV of an insurance customer is the net present value of this customer for the insurer, where behavioural effects like renewal, cancellation and cross-selling of other insurance products are considered for the entire lifetime of the customer.
To accurately compute CLV for a customer, the insurer will need data that describes the behavioural patterns of the customer. Most insurance companies have quite a lot of such data available – the problem is usually that it is not adequately structured. In practice, to quantitively identify the customer lifetime value, insurers need to integrate both actuarial and customer behaviour models. Once a system for this is in place, insurance companies will have a strong quantitative foundation to compute the customer lifetime value of their policyholders.
SAS and insurance pricing
Price competition is changing the insurance market right now. When a customer determines where to buy insurance, the price is the most important factor. Thus, to stay competitive and still run a profitable business, insurers need to set their premium levels just right. The evolution of price comparison websites – which provide real-time quotes on competitor prices and increased access to data that contains information about the customer’s insurance risk – has made the actuary’s job of calculating the premium more complicated.
Over the years, SAS has worked together with insurers to ensure that strong system support is in place to compute premium levels down to an individual policy level. These pricing systems have been put through the test in some of the most competitive insurance markets in Europe. They have turned out to be a valuable strategic tool for insurers to balance the desire for profit against the desire for market share. And maybe most important of all, they have enabled these insurance companies to effectively join the price war, fight it and still make a profit.
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European shares drop on inflation risk concerns; Lagarde speech eyed

(Reuters) – European shares fell on Monday as concerns over the risk of higher inflation due to a jump in commodity prices tempered optimism around a vaccine-led economic recovery.
The pan-European STOXX 600 index was down 0.7% by 0810 GMT, led by declines in technology companies and food and beverage stocks.
Germany’s benchmark stock index dropped the most among its European peers, down 1.1%.
Europe will decide whether to extend the suspension of its rules limiting budget deficits and debt, known as the Stability and Growth Pact (SGP), in coming weeks, the Commissioner for Economy Paolo Gentiloni said.
Britain’s FTSE 100 dropped 0.4%, as Prime Minister Boris Johnson plots a path out of COVID-19 lockdowns in an effort to gradually reopen the battered economy.
All eyes will be on European Central Bank President Christine Lagarde’s speech on stability, economic co-ordination and governance in the EU later in the day.
In company news, French car parts maker Faurecia lost 1.5% even after it targeted its sales close to 25 billion euros ($30.29 billion) and an operating margin above 8% of sales by 2025.
(Reporting by Shashank Nayar in Bengaluru; Editing by Sriraj Kalluvila)