Industry News

ABI says UK insurers need a central database to lead the cyber insurance market

The Association of British Insurers (ABI) claims the UK can take the lead in the global cyber insurance market by establishing a central database of cyber incidents.

Motor insurance needs change as a result of driverless technology, claims roads minister

The suggestion that driverless cars will make motor insurance an obsolete concept has been dismissed as “a lot of pie in the sky” by roads minister Andrew Jones.

Homeowner technology already impacting insurance premiums

Technology has made the homeowner market a safer place over the last five years, according to Joanne Musselle, chief underwriting officer at insurer Hiscox.

Drivers fear insurance price rises as a result of driverless technology

New research from insurance market researchers Consumer Intelligence shows that many drivers are concerned about the impact driverless technology might have.

Insurers to benefit from individual monitoring technology

Insurers can benefit from the use of individual monitoring technology, if they can develop a high level of trust with customers, according to Quadrant Information Services.

Insurance Act could dampen broker enthusiasm for emerging markets, warns BIBA

Insurance brokers may not have enough knowledge to fulfil their obligations in emerging markets, when the Insurance Act comes into effect this August, according to the British Insurance Brokers Association (BIBA).

UK insurers should look to entertain customers with gamification

Insurance companies should look to entertain their customers to keep them interested in the digital age, according to Aviva’s chief digital officer, Andrew Brem.

Insurers target growth through technology investment

Insurance firms continue to invest in technology in order to fuel growth, according to a Celent report which looked into IT spending in the insurance industry.

Insurers are failing meet threat of digital disruption, says Forrester analyst

Forrester analyst Olivia Berdak has suggested that insurers are still failing to react to the threat of digital disruption.

Lack of time and resources are hold insurers back from innovating

A survey carried out by Insurance Times has found that that the primary reasons why insurers are not innovating is a lack of time, resources and the appropriate internal culture.

Artificial intelligence should be a priority technology for insurers, says PwC

Artificial intelligence (AI) has been identified as one of the top issues which insurers should currently be incorporating into their business strategy, according to PwC.

Volvo warns insurers to make preparations for driverless cars

Volvo has warned insurers to prepare for a period of change that will come with the introduction of driverless vehicles on UK roads. The motor vehicle manufacturer predicts that by 2021 we could have a number of autonomous cars on our roads, with likely widespread adoption expected over the next decade.

Insurer launches blockchain-based insurance solution

Insurance start-up SafeShare has launched a new blockchain-based solution, designed to help the ‘sharing economy’.

Fall in high profile hacks leads to reduction in cyber insurance rates

A reduction in high profile data breaches has led to cuts in cyber insurance rates for high-risk businesses in the first three months of 2016.

Wearable technology has the potential to overhaul workplace healthcare insurance

Wearable technology has the potential to overhaul workplace healthcare insurance, according to health insurer UnitedHealthcare.

Insurers need to add technology experience to their boards, says Novarica

A new report published by insurance research and advisory firm Novarica has found that treating technology as a risk stifles innovation and investment at the board level.

Insurance leaders take part in technology discussion at Downing Street

Downing Street recently hosted a roundtable event with Tech City UK in order to discuss the future of the insurance technology industry in the UK.

Insurers should introduce Amazon style ‘one-click buying’

Insurers should introduce Amazon style ‘one-click buying’, according to Aviva’s chief digital officer.

Insurers should introduce Amazon style ‘one-click buying’

Insurers should introduce Amazon style ‘one-click buying’, according to Aviva’s chief digital officer.

The Internet of Things is driving insurers to transform, says report

The continued evolution of the Internet of Things (IoT) is driving insurers to undergo significant transformation, according to a new report by Capgemini.

Drones could revolutionise the insurance industry, claims CEO

Drones could revolutionise the claims and recovery process for the insurance industry, according to Parker Beauchamp, the CEO of insurance firm Inguard.

Seven technology trends affecting insurance agencies

The Agents Council for Technology (ACT) has released a list of seven key technology trends affecting insurance agencies.

Insurers increase technology spending to fund transformation projects

Insurance firms’ technology budgets will continue to rise as many are in the middle of strategic transformations, according to an SMA report.

Revolutionary technology Blockchain won’t be regulated for insurers any time soon

Despite being tipped to become a revolutionary technology in the insurance industry, Blockchain is unlikely to be approved by the FCA in the near future.

Almost eight in ten insurance CEOs see cyber threats as a barrier to growth

Almost eight in ten (79%) insurance CEOs see cyber threats as a barrier to growth, according to a new report by PwC.

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