2016 was (among other things) a big year for Insurtech. It was a year of headline-grabbing investment in technology startups, rapid developments in big data, the rise of the internet of things and blockchain, and a host of other digital innovations that are on the brink of disrupting the insurance industry.
We are seeing this trend continue unabated into 2017. Disruption and Insurtech go together and, in the slow moving world of insurance, we’ve finally reached a tipping point. Traditional insurers must now either adopt the latest technologies or watch as their businesses are eroded by fast-moving newcomers.
Yet despite this potential threat there is also opportunity and continuity – both of which are provided by RDT. We have been at the forefront of insurance technology for more than 25 years and we’re the name behind some of the key developments that have transformed the industry. From the first real-time insurance purchasing website to the first truly agnostic data orchestration platform that allows insurers to price centrally for the whole market, RDT has been helping insurers move with the times and build their businesses.
And today, when everyone is preaching Insurtech and venture capitalists are bank-rolling startups, RDT is still ahead of the game. Not only that but it is an insurance partner, not a competitor. The distinction is important because RDT provides collaboration and stability that’s founded on deep industry roots. It combines an Insurtech pedigree with solid industry understanding and a proven partnership approach that startups cannot match.
In 2016, we strengthened our relationship with our customers such as Towergate, Markerstudy and the Royal Automobile Association of South Australia. We continued to refine our policy administration system, Landscape, and we enhanced our insurer-hosted rating platform, Equator. We further developed our software-as-a-service model with the launch of Quick Risk Score, a data-enrichment GUI for hard-to-place motor risks. And we were the only technology company to publicly contribute to the FCA’s report about the future of big data. At November’s Insurtech Rising conference we showcased our groundbreaking app with our newest client, TRiCE Insurance. The app, built with RDT technology, underlines RDT’s strength and focus as an insurtech accelerator.
As we look forward to this year we can take pride in RDT’s contributions, past and present, and remain committed to the future of our industry and the development of insurance technology that will benefit insurers and their customers.