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

    27/07/2017

    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?

    30/05/2017

    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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    Insurance sector 'the most affected by technological change'

    23/05/2017


    After years of lagging behind other industries, insurance now tops the list of sectors that are most affected by technological change, according to a survey by PricewaterhouseCoopers. CEOs from 95 insurance companies contributed to the study and revealed that their biggest concerns were the speed of technological change, regulation, changing customer behavior and competition from insurance technology startups.

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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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