RDT Blog

    The importance of choosing the right insurtech partner


    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'


    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


    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


    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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