A report by PricewaterhouseCoopers about technology in the global finance and insurance sectors is a clear wake-up call to insurers who are still not making use of the latest technology. Last month’s report, ‘How InsurTech is reshaping insurance’, reveals that 48 per cent of insurers fear that as much as a fifth of their business could, in the next five years, be lost to new fintech companies.
PwC’s global insurance leader Stephen O’Hearn said: ‘Insurers need to encourage a culture of innovation and creativity within their organisations to ensure that the progress being made is not squandered. There is a risk of missing an opportunity to deliver customers a similar experience to one they already receive from retail and technology companies. One size simply does not fit all in insurance anymore and, by working alongside insurtech companies, insurers can begin to reposition themselves at the cutting edge of customer interaction.’
RDT can, and is, making this happen. It provides the perfect blend of partnership and innovation leadership that insurance companies need today. The PwC report claims that ‘the insurance sector has not yet worked out a consistent approach to disruption… insurtech can be the facilitator, yet if not incorporated into core strategies, it might emerge as a serious standalone competitor, putting at least some of insurers’ business at risk’.
By working collaboratively with insurers and by using agile development to create its innovative technology, RDT is providing both the strategic direction and the technological application that the industry needs. A recent example of this is RDT’s development of a new decision-making support system that is improving Markerstudy’s risk assessment in niche motor markets.
By working closely with the industry, and focusing firmly on research and development, RDT is ensuring that technology will safeguard, rather than threaten, the future of insurance companies.