Harnessing the power of blockchain technology could transform the way protection insurers create products, making them more relevant and appealing to younger people.
Small firms are increasingly looking to interact with their insurers online, suggesting the market is set to experience a similar digital transformation to the one seen for personal insurance.
The global cyber insurance market was valued at $3.4bn (£2.5bn) last year, but is set to more than quadruple to $16.9bn by 2023, according to a report from P&S Market Research.
Enhancing the next generation’s technology skills has the potential to “super-charge” social mobility and economic growth, according to a new report by BT and Accenture.
The UK economy could receive a £100bn boost if businesses were to more widely adopt proven technologies like the cloud, e-purchasing, and mobile technology.
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.