Industry News

Financial firms to boost cybersecurity spending

Companies within the financial services sector are planning to bolster security spending in order to combat the threat posed by cybercrime activities over the next two years, according to PwC.

Insurers must maintain a ‘sense of urgency’ when it comes to innovation

Insurance companies must embrace and adopt new and innovative technology with continued urgency, in order to drive growth and profitability, a new report from Strategy Meets Action (SMA) has stated.

Insurers team up with the Government to protect against cyber threats

The Government has started collaborating with the UK insurance sector in an attempt to address cyber security risk management nationally.

Technology skills shortages evident in the insurance sector

With many insurers rapidly implementing a range of new technology initiatives in recent years, a skills shortage has developed within the industry, according to the Chartered Insurance Institute (CII).

A ‘process-driven’ social media campaign is imperative for insurers

Many insurers and financial institutions have adopted an ‘impulsive’ approach to social media which is failing to meet their goals, according to Leah Pope of data management firm Synthesio.

Outdated manual processes are hampering insurance fraud detection, says report

Reliance on outdated techniques and manual processes is hampering European insurers when it comes to fraud detection, according to a new report.

Insurers plan to boost speed to market by upgrading internal systems

Insurers will increase spending on internal systems as they look to increase speed to market next year, a study by Novarica has found.

Insurers face disruption from threats outside the industry

Insurers are facing a disruptive future as non-insurers threaten their territory, the Economist Intelligence Unit has claimed.

Four fifths of insurers to go digital to woo customers

More than four fifths of insurers are planning to use digital technology to improve customer relationships over the next three years, according to a KPMG study.

Demand for technological expertise will see insurance outsourcing grow

Demand for technological expertise will lead to a large growth in outsourcing by the insurance sector next year, according to a new study.

Computing giant to freely share cyber-crime data with financial industry

Computing giant Microsoft is to freely share information with the financial services industry in an attempt to disrupt the activities of cyber criminals.

Insurers are increasingly relying on technology to counter fraud

Insurers are increasingly relying on technology to counter threats, such as underwriting scams, money-laundering and cyberfraud, according to a study by the Coalition Against Insurance Fraud.

Most insurers have not aligned digital initiatives with their business strategies

Just 37% of insurers have aligned their digital initiatives with their business strategies, new research by KPMG has found.

Leveraging data from legacy systems a challenge for insurers

Leveraging data from within legacy systems is a daunting challenge for many insurance firms, a new report by Deloitte has claimed.

Just 10% of insurers have completed their digital transformation process

Just 10% of insurers across Europe, the Middle East and Africa (EMEA) have completed their digital transformation process, according to a new report by Celent.

Insurers may be missing opportunities when it comes to technology

Insurers are less likely to see technological development as a way of generating additional revenues and strengthening their brand compared to other industries, a study has found.

A quarter of insurers are investing in big data solutions

A quarter of insurers are investing in big data solutions, according to a new study.

More than half of insurers to replace their claims system

More than half of insurers are planning to replace some aspect of their claims system this year, according to Celent.

Driverless cars could lower insurance premiums significantly

Driverless cars could significantly lower insurance premiums in the UK, according to Simon Douglas insurance director at the AA.

Report claims insurers need technology revolution, not evolution

Technology-enabled insurance firms are threatening to take market share from slow moving established players, according to a new study by KPMG.

Trend for integrating customer communications with policy administration systems

There is a discernible trend towards integrating customer communications and policy administration systems, according to a new insurance report.

Technology is crucial for customer acquisition and retention

The adoption of new technology and better leveraging of legacy systems is crucial for acquiring and retaining new customers, according to a new insurance industry study by Bain and Co.

Business intelligence solutions and refreshing core systems among top tech priorities

Business intelligence solutions should be a top technology investment area for insurers in the London Market, according to a report by Novarica.

Digital 'gold rush' is bringing new players into the insurance industry

As digital data becomes increasingly valuable to the insurance industry we can expect players from diverse backgrounds to enter the market, analyst Stephen Applebaum has claimed.

Insurance workers among the top users of smartphone technology

Banking, finance and insurance firms are the top users of smartphones for business purposes, according to a new report by Frost and Sullivan.

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