2018: What’s next for insurtech
Insurtech has now become as firmly established as fintech. In the past three or four years, digital technology has been changing the insurance industry in the same way that it has transformed banking, and incumbents are finding themselves competing in a changed marketplace.
The boom continues
According to PwC’s 2017 Global InsurTech Report, 45 per cent of insurers are partnering with insurtech providers, while 94 per cent say they are prioritising the improvement of risk insights and customer engagement.
Although figures for the full year are yet to be reported, the first half of 2017 showed no let-up in investment. In August, Accenture and CB Insights said insurtech investment in the UK had grown nearly 3000 per cent in 2017, reaching £218m for the half year. There was also a steep rise in insurtech vacancies, with the meta search engine Joblift revealing that insurtech positions in the UK grew by an average of 22 per cent every month last year. All of which bodes well for another boom year ahead.
RDT and 2018
Whatever 2018 brings, RDT will strengthen its role as an insurtech enabler across the home and motor sectors, helping carriers transform their businesses and become comprehensive and competitive digital insurers.
Partnership for us means the development of creative solutions such as the app for TRiCE, which provides instant, no fuss personal lines cover; better data enrichment and ever-faster and more accurate pricing through Equator; new and improved functionality for Landscape, and cloud-based services that ensure easy implementation and a modular approach.
It’s sure to be a year of greater regulation for financial institutions, with PSD2 and GDPR defining both the boundaries and the opportunities for technology providers. And with the growing focus on omnichannel and mobile services, businesses will increasingly look for integrated technologies that prioritise customer experience and engagement.
To find out more about RDT and what’s happening with insurtech, come and talk to us at these events: