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    Mobile phone apps are a natural fit for selling travel insurance

    13/06/2018

    ‘To travel hopefully is a better thing than to arrive,’ said Robert Louis Stevenson. But optimism can quickly evaporate if you travel without insurance, as many discover after losing belongings or going through a medical emergency abroad.

    Insurance is often the last thing you think of before going away, and because it’s not compulsory it’s all too easy to be cavalier about it. Research from ABTA shows that 25 per cent of holidaymakers went away without insurance in 2017, up from 22 per cent in 2016, and that younger travellers are the least likely to buy travel insurance. ABTA reports that 40 per cent of 18 to 24-year-olds, and 38 per cent of 25 to 34-year-olds, travelled uninsured between May 2016 and May 2017.

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    How prefill and data enrichment are reshaping insurance

    25/05/2018

    Applying for insurance has traditionally involved filling out a long form or spending an age on the phone with the insurer. But consumers are now coming to expect insurance to be sold like everything else is - whenever they want, wherever they are, and without any fuss or faff.

    Very often a prospective insurance customer does not have the answers to all the questions being asked of them, meaning they have to guess, or worse, deliberately lie to get a better deal. This is where data enrichment and prefill combine to create a much-improved user experience and more efficient underwriting. With prefill, consumers provide only a small amount of information, such as name and address, and data enrichment takes over to automate the process. 

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    Why insurers must be insurtech entrepreneurs

    06/04/2018

    A report by IBM highlights why insurers must collaborate with insurtech providers. The report, Friend or foe? Insurtechs and the global insurance industry, draws on the views of 1,200 insurers, insurtech businesses and venture capitalists.

    Focusing on a digital future

    With insurtech now as established and accepted as fintech, 81 per cent of “outperforming” insurance businesses are said to be either investing in or already working with insurtech businesses. The report identified the following as key areas of focus:

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    Creating the best customer experience with insurtech

    27/03/2018

    ACORD, the global standards-setting body for the insurance and related financial industries,  explored the importance of customer experiences in a symposium in London on March 8 which was co-sponsored by RDT.

    Discussing the findings of its ‘Best Digital Customer Experience’ study of UK personal lines, ACORD focused on 1,200 carriers, brokers and aggregators and the services they provide to insurance shoppers. The study highlighted top performers and strategies for building successful digital businesses and strengthening customer relationships.

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