RDT Blog

    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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    The importance of choosing the right insurtech partner

    25/05/2017

    Insurtech is where the smart money is going. Headlines shout about it and the figures prove it. Among the latest announcements two stand out: Munich Re has agreed to pump $45million into a phone app that provides on-demand insurance, while QBE is to invest $50million in partnerships with insurtech companies in four countries.

    In a report issued at the beginning of April, research consultancy Celent provides the backdrop to the global spend on insurtech projects. The report, IT Spending in Insurance: A Global Perspective 2017, analyses regional IT spending as a percentage of premium from a sample of 50 insurers worldwide. Celent estimates that global IT spending will reach US$185billion by the end of 2017, with insurers committing most of their budgets to data, analytics and cloud.

    Taking a longer view, the global insurtech market is predicted to grow at a compound annual rate of more than 10 per cent between 2016 and 2020. This is the view of the global technology research and advisory company Technavio in their report Global Insurtech Market 2016-2020. And, according to research from Garner in 2016, almost two-thirds of the world's 25 largest insurance companies have already invested in insurtech, and by 2018 the majority of insurers will have done so.

    Choose your partner carefully

    All of the above reflects the rise of insurtech and the imperative for insurers to invest in technology to remain competitive and be relevant to today’s consumers, particularly millennials, who expect digital solutions.

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    Insurance sector 'the most affected by technological change'

    23/05/2017


    After years of lagging behind other industries, insurance now tops the list of sectors that are most affected by technological change, according to a survey by PricewaterhouseCoopers. CEOs from 95 insurance companies contributed to the study and revealed that their biggest concerns were the speed of technological change, regulation, changing customer behavior and competition from insurance technology startups.

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    Government abandons Prisons and Courts Bill and whiplash reforms

    18/05/2017

    Only a couple of months ago the Prisons and Courts Bill was published ready for debate in Parliament.  However the snap general election meant the bill was dropped as there was no chance to debate it before Parliament was dissolved.

    The proposed whiplash reforms included in the bill were designed to limit fraudulent whiplash claims, and included an increase in the small claims limit to £5,000 for whiplash claims only.

    The whiplash measures were expected to cut motor insurance premiums by about £40 per year. With a year that started with record high insurance premiums, due in part to the rise in Insurance Premium Tax and the Ogden rate reforms, this potential saving was a rare piece of good news for motorists.

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    Semi-autonomous vehicles ‘too relaxing’ to be safe

    11/05/2017

    A report published by Bloomberg has highlighted an unexpected issue with the current crop of driverless cars being tested – their test engineers are becoming far too relaxed.

     

    Manufacturers such as Google and Ford have reported that doing nothing while being driven in semi-automated vehicles lulls testers into a false sense of security, meaning they often can’t react quickly enough if they suddenly have to take over the controls.

     

    Ford denies that any of their engineers have actually fallen asleep at the wheel. However the realisation that the semi-automated car experience reduces the urge to pay attention has led them to take the decision to move straight to a fully autonomous vehicle.

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    Insurance technology regulations need to encourage insurtech

    10/05/2017

    Insurance regulations should be developed in a way that encourages rather than hinders insurtech, according to a briefing by the industry body Insurance Europe.

    The report says that: ‘Insurance legislation, rules or guidelines should be digital-friendly, technologically neutral and sufficiently future-proof to be fit for the digital age and encourage digital innovation’.

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    Insurers are focusing on IT recruitment, but are partnerships a better option?

    08/05/2017


    With the explosion of big data and connected devices, insurers have begun looking to specialists to supply their technology. This is changing the traditional profile of an insurance business and, according to a study, many insurers are growing their IT teams in the hope of capitalising on insurtech and avoiding being overtaken by startups.

    The study, by Oliver James Associates and Vacancy Soft, highlights a rise in demand for user interface and user experience development staff so that insurers can digitise more areas of their businesses and build a stronger technology base.

    IT recruitment rises 35.5 per cent

    The report also reveals a 16.7 per cent rise in vacancies for insurance roles in Greater London in the 12-month period to 31 January 2017 compared to the previous 12 months. It also notes that IT professionals are in higher demand than those in marketing, accounting and actuarial science, and second only to insurance-specific professionals such as underwriters and claims specialists.

    IT recruitment has increased by 35.5 per cent since January 2016, underlining the growing focus on technology strategies and roles. Another sign of the times is the focus on app development, as insurers work to catch up in a growth area where insurtech challengers are becoming increasingly inventive.

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    Come and meet us at the TINtech conference in June

    05/05/2017

    RDT representatives will be attending the TINtech conference in London on June 15.

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