Industry News

Major tech firm invests $32.5m in insurance start-up

Google’s parent company Alphabet has made an insurance start-up its first major investment since forming in August.

UK insurers rank cyber risk as number one concern

UK insurers are feeling a ‘high level of anxiety about cyber risk’, according to a study by fiscal think tank the Centre for the Study of Financial Innovation (CSFI) and PwC.

Insurance sector needs to be more agile and creative

The insurance sector needs to find ways to create agility and product creativity to continue to prosper, the global head of reinsurer Swiss Re has warned.

Insurers need to keep pace with tech savvy intruders

A failure to keep up with rising customer expectations is putting insurers at risk of losing custom, Accenture research has revealed.

Investigators use smart technology to spot insurance fraud

Private investigators can now use smart technology to help spot insurance fraudsters, and do away with expensive stakeouts, according to Meridian Investigative Group.

Bank of England to examine insurers’ cyber defences

Following Bank of England governor Mark Carney’s call for insurers to be regularly assessed on their ability to cope with the ‘adaptive nature’ of cyber threats, the UK’s central bank is to conduct a survey to check progress in the industry.

Most disruptive insurance technologies revealed

Non-insurance technology providers are set to have the biggest impact on the insurance sector, according to new research by Insurance Times.

Technology enabling insurance brokers to better understand customer lifestyles

Technology enabling insurance brokers to better understand customer lifestyles

Driverless cars will shift liability

The nature of motor insurance will be shaken up by the rise of autonomous and semi-autonomous vehicles, according David Powell of Lloyd’s Market Association (LMA).

A quarter would buy insurance products from technology giants

Nearly a quarter of insurance customers say they would consider buying policies from online service providers, including technology giants, according to research by Accenture.

Surge in drone use creates multi-million pound insurance risk

As the use of drones becomes more commonplace, in both the commercial and consumer worlds, operators and manufacturers of the unmanned vehicles could face multi-million pound claims, insurance experts have warned.

Lloyds boss warns insurers of the risk of being ‘Uber-ised'

With a large array of companies, from Walmart to Google, poised to step into the insurance market, the chief executive of Lloyds of London has warned insurers to prepare to be ‘Uber-ised’.

In-car safety tech can reduce insurance claims by over a quarter

A seven year study has shown that in-car collision avoidance systems can reduce insurance claims for rear-end frontal collisions by 28%.

Majority of reinsurers planning major IT investments

More than half of reinsurers are planning to make major IT investments over the next 18 months as technological advancement becomes a necessity.

Technology more than a ‘nice to have’ in the insurance market

Technology is now much more than a ‘nice to have’ in the insurance market, according to Anand Vyas, head of financial services and insurance at test management firm SQS.

Insurance brokers could be ‘cut out’ of the market if they don’t embrace tech

Insurance brokers has been warned that failure to adopt technology in business practices could see them ‘cut out’ of the market.

Health insurers now offer customers medical assistance online

Health insurers have begun deploying tools which give customers and advisors more power to deal with health issues and policies online.

Most insurers not taking action to prepare for driverless cars, KPMG reveal

The vast majority of car insurers believe the potential impact of driverless cars is too distant in the future to begin preparing, according to KPMG.

Insurance brokers need to move quickly and stay ahead of digital trends

Insurance brokers need to be thinking faster to stay ahead of digital trends, according to Google’s product marketing manager.

Wearables to transform insurance industry

Connected technology, such as wearable devices, are set to transform the insurance industry, according to new research from Accenture.

Insurance start-up claims industry has been slow to offer cloud computing

The chief executive of an insurance start-up has accused the industry of lagging behind in its cloud computing offerings.

AA insurance chief claims technology is providing an opportunity for brokers

There are opportunities to be grasped by insurance brokers in the new age of the connected devices, according to Janet Connor.

Only a handful of insurers taking ‘strategic and systematic’ approach to digital

Only a handful of top insurers are taking a ‘strategic and systematic’ approach to digital, according to a new research from Comprend.

Telematics insurance policies see 9% boom

Car insurance policies using ‘black box’ telematics technology have seen a 9% rise since December 2013, according to new statistics from the British Insurance Brokers’ Association (BIBA).

One third of pay-as-you-drive insurance policies will rely on smartphone tech

Almost a third of pay-as-you-drive (PAYD) insurance policies will be based on smartphone apps, rather than in-car telematics by the end of the decade, according to a report by telematics firm Wejo.

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