Latest Blogs from a Technology Perspective

The re-invention of Insurance

15th August 2018

The traditional Insurance business model is cracking. Low interest rates and new capital rules are having a significant effect on profits while in many parts of the world, such as the UK, core insurance markets are mature, competitive and hardly growing. On top of this, applications of new technologies and ‘insurtech’ are focussed on change. Headlines such as “Why the insurance market is ripe for disruption” and “Digital disruption in Insurance” hint of a new breed of Insurers. The Aviva Chief Executive Mark Wilson summed the situation up in a quote on the Raconteur website “The dysfunctional market is a problem for the whole industry that requires an industry-wide solution.”

Fundamentally, these trends all point Insurers to one question, how to win back margin? Seemingly one answer to this problem is to diversify and to re-invent what ‘insurance’ means to customers. For some insurers, this involves offering additional services alongside the insurance product. For others, it is a fundamental shift in the business model towards preventing risk alongside insuring against it.

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The danger of the 24/7 Insurance Revolution

23rd July 2018

Before digital, insurance was personal. The sales mantra that ‘people buy from people’ was widely held to be true. As well as High Street offices, there was an army of financial advisers from a multitude of companies, such as The Prudential, The CIS and the Provident that were invited into the homes of their customers. They got to know the families and their personal and financial history. ‘The Man from the Pru’ was often synonymous with trusted service and products and they offered truly tailored solutions.

This has all changed. For the millennial generation, face to face business is mainly a thing of the past. They expect seamless access to financial products on digital channels …anytime and anywhere. By delivering this 24/7 digital service, there is a danger that the personal relationship is lost. Digital transactions are fine when things are going well and the products on offer fit the need perfectly. But what when things are not going smoothly? Customers still have an emotional relationship with their money and want to feel heard and understood.

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Leading by insight

21st June 2018

Today’s explosion of data is changing the way we work. This data focus can lead to new insights around how to save costs and drive efficiency through improved business processes. Importantly, these insights can also be used to improve customer engagement.

Everyone in Financial Services has an equal responsibility to make customers feel safe when they buy financial products. But trust has to be earned, it is not a right. Given recent damning headlines, one of the biggest challenges for the financial service industry must be winning back customer confidence. I touched on the woes of TSB last month. Their story was followed by problems at Visa when the payment system crashed, leaving people unable to transact.

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Cutting the wrong corners

30th May 2018

As if we needed reminding, brand reputation can be destroyed by the power of the media.

Earlier this month, one BBC news headline dubbed the recent problems at TSB as "The TSB Computer Fiasco", whilst the Guardian Newspaper reported that in some quarters "TSB stands for Totally Shambolic Bank" adding in a separate article that "Several readers have told us that they intend to close their accounts, suggesting TSB will suffer long-term damage from the IT fiasco". In an article called "TSB under growing pressure as MPs and tech experts accuse bank of rushing botched IT upgrade", the Telegraph reported that "MPs accused the bank of cutting corners on the IT upgrade".

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Is insurtech actually a thing?

24th April 2018

It is impossible to avoid insurance articles that refer, at least in passing, to something called insurtech. But... what exactly is insurtech? Is it really a thing?

We're probably all happy that the word is a combination of insurance and technology, inspired by the related fintech (financial and technology). But, other than that, what is it? On closer inspection, insurtech seems to be a rather imprecise catch-all term. There are a lot of people who can tell you very definitely what they think insurtech is. But they all seem to tell us slightly different stories.

Read more of: Is insurtech actually a thing?

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Latest Blogs

2018

August

The re-invention of Insurance

July

The danger of the 24/7 Insurance Revolution

June

Leading by insight

May

Cutting the wrong corners

April

Is insurtech actually a thing?

March

Blockchain - not just for the techies

Feburary

Build or Buy?

Janurary

AI, an insurance revolution – fact or fiction?

2017

November

Emerging technologies – risk and opportunity

October

What does the future hold for commercial insurance?

September

Insurance is changing – time to adapt and survive

August

Does AI deserve the headlines?

May

Seeing through the eyes of the customer

April

Insurance technology – simplify the complex

March

InsurTech, ignore it at your peril!

2016

December

It’s Crystal-Ball Gazing Time Again

November

How ready are you to combat fraud?

October

Actions speak louder than words

September

Efficiency, agility, and profitability

How can you be more customer-centric?

August

Old Technologies - It is OK to plug the gaps

New Technologies - Same Old Systems

June

Running to stand still

May

Is your business ready to adapt?

March

No, seriously, what can you claim about your claim systems?

What can you claim about your claim systems?

February

It's people that have the ideas

January

Separating the Movers from the Shakers in 2016

2015

November

The challenge to be different – it’s all about the people

September

Security, Simplicity and Speed - the future of Financial Services

July

The New Breed of Quote and Rating Modules

June

INSURANCE INNOVATION SUMMIT 2015 - Hosted by Ingenin Ltd

April

Speed and Personalisation – aspiration or reality?

March

Team spirit is an illusion glimpsed in the aftermath of victory... or is it?

January

David or Goliath?

2014

December

What's your New Year resolution? Here are three of ours

November

2014 Insurance Technology Event - Championing Innovation - Hosted by Post Events

The maverick in the ranks - how do we deal with the talented non-conformist?

September

Are you Responsible, Chilled, Sociable, or Happy?

August

A Customer for Life

July

Being different

June

Cloud computing – a huge opportunity for the Insurance Industry

May

Past failure is a threat to future success

April

It isn’t broken yet - is change too risky?

March

Today’s word is ENABLE

What is Value for Money?

February

How to make vision a reality – it’s not that difficult

The Challenge IS the Opportunity

January

Instil a culture of innovation and creativity

Three steps to success in 2014

2013

December

What customers want from the Life Insurance industry

Themes from Insurance Strategy Insights event

November

The need for competition

Insight must lead to action

What is disruptive technology?

October

Closing the insurance delivery gap

September

Reliability much more important than price

August

Where has all the creativity and innovation gone?

Is there too much fear in business?

July

"Simplicity" is not as simple as it looks

Time for Innovation

Standing out from the crowd

June

Insurers need to innovate and excite - or die

May

The danger of business inertia

April

The BIG Decisions

The work/life balance

Coping with exploding data

March

Trust and loyalty go hand in hand

February

Bold and brave

January

To stand still is to go backwards

2012

December

The year ahead in Financial Services

Love it or hate it, you can't ignore the influence of Twitter

When is it better to 'start again'?

November

Differentiation is the key

October

Solvency ll - may be delayed but certainly won't go away!

Better by the bundle?

Insurance and the net

Personalised technology

September

USA leads the way

August

Technology gold medals

New is not always better

Stand still and get left behind!

July

Social media blamed for poor data flow

Banks will abandon 50 per cent of branches in 8 years