There were a record 66 InsurTech investment deals recorded in the first quarter of this year as insurers continued to look to start-ups to improve their claims handling and underwriting excellence.
Upgrading technology is the number one priority for insurers around the world, according to survey of senior executives by software provider AdvantageGo.
The insurance industry is increasingly struggling to find the right staff, with just one-quarter of workers in the sector prepared to use artificial intelligence (AI) systems.
Financial services companies are the most likely to be targeted for privacy requests following the introduction General Data Protection Regulation (GDPR) next month.
The majority of insurers around the world are failing to ensure the data that feeds their artificial intelligence (AI) systems is accurate, potentially undermining their business decisions.
South Korea, Germany and Singapore are the top three most prepared countries for integrating intelligent automation into their economies, with the UK in eighth position.
The average number of cyber attacks with the potential to cause damage or result in the loss of high-value assets more than doubled in the first month of this year per organisation compared to in January 2017.
Approximately one-third of UK business leaders would pay a ransom if they suffered a cyber attack, with one in ten willing to fork out £1m or more to get their systems and data back.
Financial institutions across the world are increasingly turning to technology to manage a growing number of digital threats and regulatory requirements.
Businesses around the world will increase their cyber security investment by a third over the next four years, reaching a collective annual spend of $134bn (£95bn) by 2022.