Industry News

Now is the time for core insurance system change, says analyst

The time for UK insurers to replace core systems has arrived, according to Novarica’s new associate research director Catherine Stagg-Macey.

Insurers are laying the groundwork for sustained growth with technology investments

The UK insurance industry is laying the groundwork for sustained growth as economic recovery stimulates demand, the CBI/PwC Financial Services Survey has claimed.

Insurance customers not ready for ‘Big Brother’ style marketing

Insurers should be careful how they use the data they collect from their analytics, Big Data and social technology projects, according to Celent.

Investments in insurance technology will deliver returns this year, report claims

Investments in insurance technology will begin to deliver returns as economic conditions improve in 2014, according to Conning.

Firms must align their insurance technology and marketing strategies

Steps must be taken to align insurance technology and marketing strategies, according to Accenture's insurance lead for the EMEA region Thomas Meyer.

New technology is the most crucial area of change required

The adoption of new technology is the most crucial area change required within financial services, a study by the Economist Intelligence Unit has found.

Technological advancement will be most transformative insurance trend

The advancement of technology in insurance will be the trend most likely to transform the industry over the next five years, according to CEOs.

Reputation of mobile solutions for insurance damaged by poor strategies

The reputation of mobile solutions for insurance has been damaged by a lack of strategic planning in their roll out, according to Forrester analyst Ellen Carney.

Regulations will encourage firms to invest heavily in insurance technology

Financial services firms will continue to invest heavily in technology over the next two years as they adjust to regulatory change, a study conducted by Longitude Research has found.

Cutting costs no longer the main driver behind new technology in insurance

Firms are wanting new insurance systems to enable new capabilities not just reduce costs, a study by Novarica has claimed.

Insurers should not wait for the economy to lift before investing in technology

Insurance firms should not wait for economic conditions to improve further before investing in technology, a new Deloitte report has claimed.

Firms must revise insurance systems to meet regulations over the long term

European firms will need to revise their insurance systems as they attempt to meet new regulations over the long term, according to Aberdeen Group.

Tech start-up plans to shake up insurance market after raising $75m

A technology start-up, which plans to shake up the insurance industry with a new digital offering, has raised £75m in funding during its first few months of operating.

Firms replace core insurance software as they prepare for agile future

Firms are replacing core insurance software as they prepare for a more agile future, a study by SMA has claimed.

Insurers must embrace digital technology if they want to reach customers

Insurers must adapt to digital technology if they want to communicate effectively with customers, a new report by Ovum has claimed.

Data technology increasingly important in business planning

Financial and operational data is increasingly being used to drive business planning decisions, according to research by American Express.

Emerging technologies considered vital for future growth in insurance

Insurance executives are increasingly seeing emerging technology as vital to the future running of their business, according to SMA.

The integration of digital technology in insurance is essential

Insurers should focus on providing a consistent level of customer service across all channels both on and offline, according to Accenture’s Insurance Lead for Europe.

Insurers advised to invest in transformative technology in 2014

Insurance companies need to seize an opportunity to investment in transformative technology in 2014, according to a report by Ernst and Young (EY).

Business intelligence will be a key technology for insurers through 2017

Investment in business intelligence and analytics will remain a crucial technology for insurers through 2017, according to research by Gartner.

Big data technology in insurance to rise 55%

Insurers and other financial organisations are expected to increase their spending on big data technology by 55% between 2014 and 2016, according to Celent.

Data systems will be a priority for insurance firms in 2014

Data analytics will remain a priority technology project for insurance firms in 2014, according to a study by Novarica.

European insurers to tackle legacy IT systems

The European property and casualty insurance market will renew its focus on tackling legacy IT systems over the next 18 months, according to Ovum.

Technology innovations are a pressing concern for chief claims officers

More than half of chief claims officers (54%) believe their most pressing concern is a need for technology innovations, a Towers Watson survey has revealed.

Poor data integration is limiting the effectiveness of insurance firms

Technology is critical for strengthening insurance underwriting but poor data integration is limiting its effectiveness, a new report by Accenture has claimed.

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