RDT Blog

    Smartphone apps are changing the way we buy insurance

    21/04/2017

    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

    12/04/2017

    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'

    07/04/2017

    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

    05/04/2017

     

    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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