RDT Blog

Why mobile technology is a double plus for insurers

15/06/2017

The increasing popularity and value of mobile devices, particularly smartphones, has created a lucrative growth area for so-called gadget insurance. And at the same time, there’s an emerging marketplace for cover that’s arranged through phone apps. The result is a virtuous circle where insurers can connect with their customers through mobile technology and also insure the gadgets that provide that connection. 

Market research consultancy Finaccord estimated that the global mobile phone insurance market was worth about US$13.3billion in 2015, and would reach close to US$17.6billion by 2019. That’s small in comparison to motor and home insurance but it’s already larger than the travel insurance market, and Finaccord says it’s likely to increase at an annual rate well ahead of motor and home insurance.

So this makes a significant opportunity in a market that barely existed a decade ago, and a double plus for insurers who are already playing to the needs of smartphone users and particularly the millennial on-demand generation.

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RDT are attending TINtech in London

12/06/2017


RDT has been at the leading edge of general insurance software for over 25 years.  From the outset we've been pushing boundaries, producing disruptive solutions and investing in technology and people.  We are fiercely proud of our achievements but we're never satisfied, and constantly seek opportunities to accelerate our technology.  Insurtech is transforming the industry and to stay competitive insurers must adopt new techniques and practices; innovation has become a strategically essential target.  Collaboration is one of our guiding principles and we work closely with our clients to define tomorrow's challenges and tackle them before they become problems.

We are delighted to announce that we are attending TINtech, the Insurance Network's technology conference, on 15th June in London.

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How mobile technology is shaping consumer behaviour and redefining insurance

12/06/2017

The beginning of 2017 marked 10 years since the launch of the iPhone. During that time, thanks to the proliferation and growing power of smartphones and tablets, ‘mobile first’ has become a rallying cry for all businesses as they cultivate online relationships and respond to changes in consumer behaviour. Insurance is no exception.

With fewer and fewer of us doing business face-to-face or over the phone, there is less need for physical offices and employees. Instead insurers are focusing on web-based channels, which today must include a clear strategy for mobile devices.

Be there, be useful, be quick
Mobile technology is changing consumer behaviour and expectations in ways that no business can afford to ignore. We live our lives online and on the move, and according to Google, our days are punctuated by ‘micro-moments’ when we expect suppliers to ‘be there (on demand), be useful (relevant to my needs), and be quick’ (respond swiftly to those needs). Retail and travel were the first to act, but financial services are catching up, with banking and insurance targeting the mobile market through digital wallets, apps and other innovative tools that connect instantly and directly with customers.

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Does legislation for penalty points need to be reformed?

30/05/2017

Up to 10,000 motorists are legally driving on British roads despite having excessive points on their driving licence, a BBC report has revealed.

There is a standard limit of 12 points on a driving licence before a motorist is banned from driving, however magistrates have the power to waive a ban. Sheena Jowett, deputy chairman of the Magistrates' Association, told the BBC: ‘Automatic disqualification can be avoided or reduced in cases of exceptional hardship. The process is a robust one and the concept of hardship must be proved to an exceptional level.’

Most of the 10,000 motorists had a maximum of 18 points on their licence, however there were 203 with more than 18 points. The most startling case was that of a man from West Yorkshire who was allowed to drive with 62 points on his licence, most of which were accumulated from speeding on a motorway.

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