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    Why home insurers need data and analytics


    A report on UK home insurance has underlined the benefits of data and analytics, and how technology providers can give insurers a competitive edge.

    The report*, by LexisNexis Risk Solutions, is based on a study of digital trends among a cross-section of insurance professionals. It says that the use of big data has become the industry norm, with nearly all home insurers (89 per cent) now using data and analytics somewhere along the insurance chain.

    However it found that only 57 per cent of them use data and analytics to price policies, while only 54 per cent use data to detect fraud.

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    The year ahead for insurtech


    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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    Time for UK insurers to catch up with insurtech, reveals industry study


    The insurance market is losing ground to insurtech startups and must focus on digital business to stay competitive.

    In its UK Insurance Underwriting Digitisation Study 2017, research firm LexisNexis revealed the opinions of 107 insurance professionals, most of whom spend more than 80 per cent of their time pricing and underwriting policies.

    The study examined the views of personal lines motor and home insurers on issues such as whether digitisation will create stronger business opportunities, and how their organisations are embracing new technology.

    Key findings

    • Just 4 per cent of personal lines insurers say their businesses are entirely or almost entirely digital, while 92 per cent recognise that digitisation has allowed new insurance providers to emerge and disrupt the market
    • 31 per cent of motor insurers and 25 per cent of home insurers are using mostly manual underwriting processes
    • 78 per cent believe digitisation is valuable for improved speed to market for new products 
    • 64 per cent consider policy history data as an important way to improve the customer journey 

    The need for speed

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    Does legislation for penalty points need to be reformed?


    Up to 10,000 motorists are legally driving on British roads despite having excessive points on their driving licence, a BBC report has revealed.

    There is a standard limit of 12 points on a driving licence before a motorist is banned from driving, however magistrates have the power to waive a ban. Sheena Jowett, deputy chairman of the Magistrates' Association, told the BBC: ‘Automatic disqualification can be avoided or reduced in cases of exceptional hardship. The process is a robust one and the concept of hardship must be proved to an exceptional level.’

    Most of the 10,000 motorists had a maximum of 18 points on their licence, however there were 203 with more than 18 points. The most startling case was that of a man from West Yorkshire who was allowed to drive with 62 points on his licence, most of which were accumulated from speeding on a motorway.

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