Industry News

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.

High-tech drones could be used to evaluate insurance claims

High-tech drone aircraft could be used to evaluate insurance claims in the near future, according to US insurer USAA.

Wearable technology could become prerequisite for insurance policies

It could be impossible to get life cover without a wearable device in the next five to 10 years, according to Swiss Re.

Insurers need to conduct cost analysis on Internet of Things

Insurers exploring the possible benefits of the Internet of Things (IoT) will need to carry out careful cost analysis, according to Microsoft’s Tony Jacob.

Insurers’ digital initiatives lack of customer focus

Digital initiatives in the insurance industry are being threatened by a lack of focus on customer experience, according to a survey by Forrester.

Demand for cyber insurance policies increases by 50%

Demand for cyber insurance policies rose by 50% in the first quarter of 2015, according to Lloyd’s syndicate Barbican.

Insurance needs to ‘up its game’ when it comes to digital innovation

The insurance sector needs to ‘up its game’ when it comes to digital innovation if businesses are going to survive and succeed, according to Aviva’s chief digital officer.

Wearable tech has huge potential for the insurance industry

Wearable technology has ‘tremendous potential’ for insurers, according to Gregory Bailey senior vice president of the annuity firm of Athene.

Predictive tracking technology could transform the insurance sector

Predictive tracking technology could give insurers a genuine understanding of an individual’s risk, says Direct Line Group’s marketing director.

The internet of Things is likely to reshape insurance

The Internet of Things is likely to radically reshape the insurance industry, according to the head of Morgan Stanley’s European technology software and services equity-research team.

Insurers need to do more to embrace digitisation

The potential value of digital technology is not being fully exploited by insurance companies, a new report by McKinsey & Company has claimed.

Insurance carriers under pressure to upgrade tech infrastructure

Insurers are coming under increasing pressure to upgrade their technology infrastructures, according to a report by Novarica.

Insurance brokers need to anticipate future technology trends

Insurance brokers must anticipate and adapt to future technology, according to David Smith, chief executive of Global Futures and Foresight (GFF).

The insurance sector will become ‘unrecognisable’ as technology continues to evolve

The insurance industry will be ‘unrecognisable’ within a few years as technology continues to change the way firms operates, according to Julien de Salaberry, CIO and founder of investment and advisory firm The Propell Group.

Insurers to invest heavily in digital IT during 2015

The insurance sector will make a ‘significant investment’ in digital technology during 2015 as firms seek to resolve a number of key industry issues, a new study by consultancy firm Ernst and Young (EY) has claimed.

Insurers are lagging behind in the adoption of big data technology

The insurance industry is getting left behind by others sectors successfully adopting big data technology to drive sales and profits, according to Catherine Barton, partner at Ernst & Young (EY).

Customers portals and policy administration systems a top priority for insurers

Customer portals and core policy administration systems are top technology initiatives for life and annuity insurers, according to a new Novarica report.

Technological change is a ‘systematic megatrend’ in the insurance industry

Evolving technology and the new digital landscape is having a huge impact on the insurance sector, according to Matt Cullen of the Association of British Insurers (ABI).

British firms trail behind US on cyber insurance

British businesses lag significantly behind companies in the United States when it comes to being insured against cyber-attacks, a new study has revealed.

Insurers need to take emerging consumer technology seriously

Insurers need to experiment with emerging consumer technology, according to analyst Denise Garth.

Advanced capabilities allow large insurers to ‘widen their lead’

Advanced capabilities are becoming the ‘new normal’ for large property and casualty (P&C) insurers, a new industry report has found.

Existing technology systems are a top concern for insurers

Outdated and inadequate technology systems are one of the biggest concerns facing the insurance sector in 2015, an industry survey has stated.

Insurance firm offers rewards to customers using wearable devices

A health insurance firm has begun to offer digital health devices to its customers to encourage healthier living.

Insurers can boost customer loyalty through mobile apps

Insurance firms need digital solutions that will enable greater interaction with customers, according to incentive experts One Loyalty.

Cyber-attack insurance is gathering momentum

The initiative is being rolled out by the insurance firm AXA which already has such policies in France and is looking to initiate them in the UK market.

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