Industry News

Security conscious financial services firms still not fully addressing IT risks

Financial services firms are more likely to take security precautions to protect their IT systems and devices than other sectors, according to a study by Aon Risk Solutions.

Insurance firms plan big technology spending increase

Two thirds of insurance firms are planning to increase their IT budgets next year, according to a survey held at Acord Loma insurance systems forum.

Technology helps insurers tackle fraud and improve customer experience

Technology and data sharing is helping insurers combat fraud and improve customer experience, according to John Marsden of Equifax.

Slow adoption of data strategies offers competitors opportunities

With many insurers still in the early stages of their data management strategies, competitors have an opportunity to gain a competitive advantage, according to Strategy Meets Action (SMA).

Three quarters of insurance sales influenced by digital channels by 2020

Three in every four insurance policies sold by 2020 will be influenced by digitals channels, according to a study by Google and the Boston Consulting Group (BCG).

Technology trends are changing insurance customer’s expectations

Technology ‘megatrends’ have changed customer expectations in the insurance industry, according to a Celent report.

Data and analytics tools are the number one priority for insurers

Data and analytics initiatives are the number one technology investment area for insurance companies, according to The Nolan Company.

Cloud offers ‘low risk’ solution for insurers

Cloud computing is offering the insurance industry a low risk way to deploy new solutions which will increase business value, according to Cisco’s Jeff Tumpowsky.

Insurers yet to fully leverage analytics for customer benefit

Although insurance firms have moved to a more customer centric approach the industry is yet to fully leverage its analytics tools when it comes to winning and retaining business, according to Strategy Meets Action (SMA).

Insurers should plan to replace new technology before it is even deployed

Technology in the insurance industry is changing so quickly that firms need to plan to replace new solutions before they are implemented, Rob Issacs of Novarica has claimed.

Two thirds would buy insurance products from non-insurers

Two thirds of insurance customers would consider purchasing insurance products from organisations other than insurers, research by Accenture has revealed.

The Internet of Things has the potential to transform insurance propositions

The Internet of Things (IoT) has the potential to transform insurance propositions, a new Equinix report has claimed.

The majority of insurers are struggling to manage data

More than half of insurance firms are struggling to manage the flow of data across their organisation, according to research by CEB TowerGroup.

Insurers facing as much change in next 5 years as they did in last half century

Insurers are facing as much change in the next five years as they have in the last 50 years, according to PwC.

Mobile technology has become an imperative for insurers

Embracing mobile technology has become an imperative for insurers, according to Ernst and Young (EY).

Digital technology is quietly revolutionising the insurance industry

Digital technology is quietly revolutionising the insurance industry, according to new research by Swiss Re

New technologies and innovation will be crucial for insurers over the next decade

New technologies and innovation will be crucial to the success of insurers over the next decade, according to SMA.

Insurer claims critical technology at risk from cyber attacks

A London-based insurer has claimed the technology running the world’s most critical infrastructure is increasingly at risk of cyber attack.

Insurance executives concerned by digital disruption

Insurance executives top the list of professionals who believe digital technology will disrupt their industry over the next 12 months, according to a new survey.

Consumer interaction with insurers has changed over the last two years

British consumers are fundamentally changing the way they deal with insurers, according to a new report.

The ‘age of the customer’ will force insurers to take a digital approach

Insurers are being forced to change how they interact with consumers in the ‘age of the customer’, according to Forrester analyst Ellen Carney.

Two reports forecast strong IT spending growth within the insurance industry

Spending on IT within the insurance industry is expected to show strong growth over the next few years, according to two new reports.

One third of insurance companies fail to provide positive customer experience

Almost one third of insurance companies are failing to provide customers with a positive experience, according to Efma.

Insurance technology investments are focusing on customers and growth

Insurers in the life and annuity market are actively investing in technology which can deliver new customers and drive growth, a new SMA study has found.

Ambitions for technology not matching the reality

Technology is seen as crucial enabler for the finance functions within all businesses but ambitions are not meeting reality, according to a study by Longitude Research.

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