RDT Blog

    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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    More power to insurtech, but collaborate wisely

    24/04/2017


    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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