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    Finding the right strategy to reduce insurance fraud

    01/10/2018

    A few app pioneers have entered the marketplace for on-demand insurance in the past few years. Whether insuring cars, gadgets, homes or travel, these startups all promise swift and fuss-free protection.

    But in the race to digitise and meet customer expectations, some of these new brands have struggled when it comes to managing risks. The challenge for digital insurers is to speed up and improve the user experience while simultaneously ensuring they’re not making things easier for fraudsters. 

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    How insurance apps can be used to purchase pet insurance

    21/08/2018

    The vast majority of British pets are uninsured and at risk of costing their owners thousands of pounds, according to the Association of British Insurers.

    Up to 67 per cent of dogs and 84 per cent of cats – a total of 8.2 million pets­ – are not insured. With treatment costs continuing to rise, insurance is becoming a necessity rather than a luxury. the ABI cites a case in 2017 where it cost £10,000 to treat a dog’s broken bone, while the average cost for surgery is £1,500.

    According to UK Pet Insurance: Market Dynamics and Opportunities 2017, a report published by the digital media company GlobalData, the pet insurance sector is taking off both in terms of gross written premiums and in the development and application of insurtech. 

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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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