Businesses in Europe, the Middle East, and Africa (EMEA) are spending four times more of their budget on insurance for property, plant and equipment (PP&E) than they are covering cyber exposure.
Smart technology is expected to transform the home insurance industry, but a lack of consumers engaging with connected technologies is hindering progress.
Two-thirds of UK businesses have adopted at least one financial technology application, saving an average of £5,500 in the process, according to research from MarketInvoice.
Some 66% of UK businesses haven’t heard about, or don’t have any plans to comply with new General Data Protection Regulation (GDPR), despite potentially being fined millions.
Approximately 24% of UK business leaders in the finance and accounting sector believe a high level of jobs in their organisation will be automatable in the next decade.
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.