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    Markerstudy's Gary Humphreys explains how insurtech will benefit MGAs

    23/10/2018


    Markerstudy's group underwriting director Gary Humphreys has spoken out about the future of MGAs and how technology will help them stay ahead of the game.

    Markerstudy, which underwrites more than five per cent of the UK’s motor market, became one of the UK’s biggest retail MGAs when it was acquired by Qatar Re earlier this year.

    Writing in Insurance Age, Mr Humphreys said: “Technology is helping to change the shape of the MGA space and the best MGAs are clever about how they use it. Embarking on a road of innovation and transformation will shape an MGA’s direction. 

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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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    How technology is driving new business models for motor insurers

    06/07/2017

    The combined effect of big data, artificial intelligence and machine learning has potentially huge implications for the future of motor insurance. Hardly a week goes by without research or an industry spokesperson highlighting the demise of traditional practices and the rise of insurtech.

    For example Insurance Times recently quoted AXA’s UK technical director David Williams’ suggestion that as much as 80 per cent of today’s motor insurance market will have disappeared by 2040. That’s not a death knell for motor insurers. Instead the market is likely to change, with insurance being defined and transacted differently. Insurers have time to react, and there is huge potential for technology to benefit the motor market.

    The advent of driverless cars, continued insurtech innovation, the impact of the sharing economy, the growth of consumer power and the expectations of millennials – these are some of the factors that will increasingly shape insurance products and the relationship between insurer and insured.

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    Semi-autonomous vehicles ‘too relaxing’ to be safe

    11/05/2017

    A report published by Bloomberg has highlighted an unexpected issue with the current crop of driverless cars being tested – their test engineers are becoming far too relaxed.

     

    Manufacturers such as Google and Ford have reported that doing nothing while being driven in semi-automated vehicles lulls testers into a false sense of security, meaning they often can’t react quickly enough if they suddenly have to take over the controls.

     

    Ford denies that any of their engineers have actually fallen asleep at the wheel. However the realisation that the semi-automated car experience reduces the urge to pay attention has led them to take the decision to move straight to a fully autonomous vehicle.

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