Industry News

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.

Text-based insurance firm raises $2m in funding

A car insurance comparison service has raised $2 million with an offering that allows users to use text messages to buy insurance.

Tech helping insurers meet customer preferences

Insurers will continue to adopt technology as pressure on operating margins increase during 2016, according to a study by financial information firm S&P Capital IQ.

Design will be more significant than driver behaviour in future car insurance

Automobile design will be more significant than driver behaviour in future car insurance, according to Stephan Appt, partner at law firm Pinsent Masons.

Blockchain to become major insurance technology

Blockchain – the technology behind digital asset and payment system bitcoin – will become a major technology in the insurance ecosystem, according to Abizer Rangwala, MD of Accenture’s insurance IT strategy.

Disruptive tech will ‘brutally expose’ inefficient insurers

Inefficient insurers should expect to see their margins impacted by disruptive technology, according to a report by management consultancy Marsh & McLennan Companies.

Insurers’ use of customer information driven forward by Big Data technology

The use of customer information by insurers is seeing huge growth, according to Adam Hamm, chairman of the US National Association of Insurance Commissioners' cyber security task force.

Aviva launches £100m tech investment arm

Aviva is set to invest £20 million per year until the end of the decade in digital insurance technologies.

Automated underwriting putting insurance jobs under threat

With insurers increasingly looking towards the integration of data and technology into their processes, one expert has warned of the cost of automated underwriting on young talent.

Underwriter claims cybercrime is biggest threat facing UK companies

Cybercrime has become more common than any other form of crime, according to Graeme Newman, chief innovation officer at underwriters CFC.

Insurers are failing to make use of technology to meet customer needs

The insurance industry is falling behind other sectors in using technology to meet customer needs, the CEO of insurance consultancy Ingenin has claimed.

New mobile device launches prompt spike in insurance fraud

New mobile device releases are triggering spikes in insurance fraud, according to Dave Ashton, head of New Zealand’s Insurance Council’s Insurance Claims Register.

Technology is helping insurers identify potentially risky policies

Customers trying to take out insurance policies are finding that technology has made it more difficult to be accepted, according to one Australian life insurer.

The digital revolution is key for slashing health insurance costs

The UK’s digital revolution is giving health insurers opportunities to reduce costs, speed up claims and slash premiums, according to a new study by online GP service PushDoctor.

Black box devices could be used to penalise drivers in bad weather

Weather-based factors like rain, snow and hail could soon be used to adjust insurance premiums for drivers using telematics technology, according to Octo Telematics.

Driverless cars raise liability concerns, says leading underwriter

Insurers and brokers need to dedicate more time to thinking about liability in regards to driverless cars, according to David Williams, head of underwriting at AXA.

Drone insurance takes off in the U.S.

With an estimated 160,000 drones expected to be airborne within the next ten years, insurer AIG has launched a new product to cover firms flying unmanned aircraft.

High profile cybercrime attacks force up insurance premium

A number of recent high profile cyber attacks on companies like AshleyMadison and TalkTalk have driven up cybercrime insurance premiums, according to Marsh.

Technology is driving a dramatic shift in a ‘broken’ insurance industry

Technology is causing a dramatic shift in the fundamentals of the insurance industry, according to Brian Duperreault.

One fifth use telematics technology to contest insurance claims

Nearly one in five UK companies have contested an insurance claim with data generated from telematics devices, according to a survey by RAC Business.

UK insurance industry in the ‘Stone Age’, says Aviva chief

The UK insurance sector is industry in the ‘Stone Age’, according to Mark Wilson, chief executive at Aviva.

Tech investments crucial to insurer profitability

Insurance providers should prioritise investments in technology if they want to drive profitability, according to research from management solutions firm Interim Partners.

Insurer uses Big Data to ‘fill gaps’ in health care

A San Francisco health insurance start-up has embraced Big Data in order to ‘fill gaps’ in patient care and improve clinical outcomes for senior citizens.

The insurance market can no longer ignore the cost of cyber risk

The cost of cyber attacks and data breaches can no longer be ignored by the insurance market, according to one cyber risk expert.

Four in five insurers believe the industry needs to innovate

An overwhelming 83% of insurance professionals believe the sector’s future success is dependent on its ability to innovate, according to new KPMG research.

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