RDT Blog

    More power to insurtech, but collaborate wisely


    Insurtech is continuing to strongly influence the direction of the insurance industry, according to a report. It also reveals how necessary it is for insurers to collaborate with technology firms who, while being innovative, also understand the culture and values of traditional insurers.

    Accenture’s The Rise of InsurTech discusses the growth and value of deals in the insurance technology space in 2016 and examines the relationships between traditional insurers and insurtech providers.

    A key finding is that almost half of all investments in insurtech were for the development of artificial intelligence (AI) and the internet of things (IoT). The number of deals for both areas rose by 79 per cent in 2016 – in 2015 they attracted a mere 10 per cent of money invested.

    Insurers view AI and the IoT as ways to personalise their offerings, improve the customer experience, and gather more meaningful data – with insurtech providers facilitating the digital transformation. A whopping 86 per cent of those polled believe they must innovate immediately to remain competitive, and must do this by collaborating with technology partners.

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    Smartphone apps are changing the way we buy insurance


    Early in April it was reported that one of the new-style phone app insurance providers had secured $45million funding, bringing its total backing to $85million.

    This level of funding underlines an important growth area for insurtech – one that draws on the lifestyles of the millennial generation, the needs of the sharing economy, and in particular the power and ubiquity of mobile phones and apps.   

    Trov, the company in question, is trying to develop a solution for on-demand insurance that will enable users to buy cover for specific products and timeframes through a smartphone app. Another company, Trice, is about to go live with a similar concept that enables consumers to buy annual and temporary cover after answering only a handful of questions.

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    Marketing campaign management module for policy administration system


    The campaign management tool is an independent, web-based module integrated with Landscape, RDT's flagship policy administration system.

    The module provides functionality to complete the campaign hierarchy, from the marketing plan all the way down to the incentives, for a specific scheme.  The incentives within a campaign can range from premium discounts at a scheme or cover section level to discount vouchers or gifts.

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    Digital distribution and the rise of the 'nomad'


    Accenture has highlighted the rise of a distinct group of insurance customers whose focus is resolutely digital and mobile.

    In a report released last month titled The Voice of the Customer: Identifying Disruptive Opportunities in Insurance Distribution, the consultancy firm identify a growing number of people – particularly so-called millennials – who want to purchase insurance in the same way they buy consumer products.

    Accenture surveyed more than 30,000 people and divided them into groups according to digital experiences and preferences. The term ‘nomad’ was used for the most digitally active group, who wanted speedy access to insurance through smartphones and other mobile technology.

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    This could be a rollercoaster year for motor insurance premiums



    It looks like 2017 could be a rollercoaster year for motor insurance premiums. We began the year with news from the ABI that premiums had reached their highest recorded level. The insurance body said the increase was caused by the combined effect of a rise in repair costs, increases in Insurance Premium Tax, and a continued rise in whiplash-style claims.

    It meant that the cost of motor insurance rose by more than five times the rate of inflation in 2016, with the average premium costing £462 by the end of the year.

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