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    The year ahead for insurtech

    06/02/2018

    2018: What’s next for insurtech

    Insurtech has now become as firmly established as fintech. In the past three or four years, digital technology has been changing the insurance industry in the same way that it has transformed banking, and incumbents are finding themselves competing in a changed marketplace.  

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    How insurance apps are improving the customer journey

    14/12/2017

    It’s not the destination, it’s the journey. We’ve all heard variations of that familiar phrase, and it rings true in commerce as much as in life. Consumer brands such as Amazon and Apple have built their reputations on technology that improves the customer experience, and insurers are following their example by creating insurtech apps to shorten journeys and smooth the route from applications through to claims.

    Unlike consumer goods, insurance is a grudge purchase. This often makes price the deciding factor, although convenience and the customer experience are also important. Because buying insurance is a hassle, we want any purchase to be as quick and easy as possible. And if we can get the best price at the same time, so much the better.

    All this is possible with the new breed of insurance apps which focus on pleasing modern consumers, who have come to expect digital interaction and on-demand service.

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    What effect will the Ogden rate changes have on insurers

    07/09/2017

    Insurers are breathing a sigh of relief today after the Ministry of Justice announced a softening of its drastic cut to the Ogden Rate. The original change, from 2.5 per cent to -0.75 per cent, caused dismay in the insurance industry when it was announced earlier this year. However today the MoJ said the rate will instead be set between 0 and 1 per cent.

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    CDOs and insurtech specialists can be powerful partners for digital change

    01/08/2017

    The rising number and growing importance of chief digital officers (CDOs) is a sign of how high up digital change is on the business agenda. And as a study by PwC reveals, insurance is leading the field.

    PwC strategic consulting group Strategy& has released the findings of its 2016 chief digital officer study of the world’s largest 2,500 public companies. The study showed that 19 per cent of companies have a CDO, up from 6 per cent in 2015.

    Meanwhile 35 per cent of insurers have appointed a CDO, putting insurance ahead of all the industries examined in the study. In second place is communications, media and entertainment (28 per cent), followed by banking (27 per cent) and consumer products and retail (27 per cent).

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