RDT Blog

    How insurance technology still needs the human factor


    We often comment in our blogs about the threat of tech startups stealing market share, but what about the threat of technology to the people who work in insurance?

    A report in The Sunday Times last month revealed that Aviva is planning to consult its 16,000 employees on whether their jobs could be automated. Those who are considered to be most at risk are involved in calculating and setting prices, assessing customer ratings, and working in call centres.

    According to research by McKinsey, the next 10 years will see up to 25 per cent of full-time positions consolidated or replaced. And research by Oxford University warned that 35 per cent of UK jobs are in danger from automation in the next 20 years – with underwriters at the top of the list.

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    RDT partners with data provider When Fresh


    Insurtech innovator RDT has announced that it has formed a strategic partnership with cutting-edge data provider When Fresh.  The pairing means that RDT's clients will soon be seeing an even more accurate picture of their household customers, and improving the customer journey at application time.

    When Fresh will supply data services to support Equator, RDT's centralised rating platform, so that insurers can learn more about their customers and their property in real time at point of quote.
    View Full Press Release

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    What is RDT's role with innovation & regulation within Insurtech?


    When we describe new technology as disruptive, it’s not only because it can bring dramatic improvements and shake up an industry.  It’s also because it can challenge the legal and regulatory framework, and could undermine the rules and safeguards that protect consumers and businesses.

    Such is the caveat with Insurtech, whose breakthrough technologies include the internet of things, cloud computing, sophisticated analytics, telematics, artificial intelligence, and blockchain.  Collectively, allied to the power of big data, they provide new ways to identify, measure and control risks, which means we are now asking many questions about the boundary between public and private information.

    Big data provides a very revealing and accurate picture for underwriters.  Lawyers and regulators may contest the line between accuracy and intrusion, but there is no doubt that reliable data can protect and benefit consumers.  As a data enrichment specialist, RDT is continually finding new ways to harness and process data to help insurers and their customers, and is working very closely with insurers and regulators to develop the full potential of new technology.

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    RDT can help you embrace your Insurtech goals


    Did you resolve to embrace Insurtech this year, to reap the benefits of improved customer experience, get your products to market more quickly or simply resolve to be more efficient?

    With the first quarter of the year fast coming to a close, have you forgotten or are you ignoring those resolutions that you made at New Year?  You’re not alone, research shows that 63% of Britons have failed to keep a resolution and 66% of these didn’t manage to keep them - even for a month.

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