Insurance Systems Insights
28th December 2018
2019 is set to be a year defined by collaboration in the insurance sector. In an October Capgemini survey, 96% of respondents said they were looking to collaborate with insurtech firms in some way. 77% said that “partnering to develop a new solution” was their preferred approach. When asked of the impact fintechs might have in the... read more
18th December 2018
The global insurance market has remained more or less untouched by philosophical shifts for decades. Yet thanks to a flurry of recent tech innovations, an influx of investment from venture capitalists and sky-high demand for bigger, better and faster insurance products, the sector is now engulfed in a proverbial evolution.
That evolution... read more
5th December 2018
The insurance market is “tough” and the product “isn’t loved in anyway shape or form”, according to Matt Poll, CEO of Neos.
Speaking at Fintech Connect, Poll underlined the fact that customers do not traditionally trust insurance providers, thanks to low and negative engagement, dysfunctional pricing strategies, and... read more
12th November 2018
It is fascinating that 10 years on from the collapse of Lehman Brothers, the Client Assets sourcebook (CASS) is still high on the regulatory agenda.
The Financial Conduct Authority (FCA) has repeatedly scrutinised CASS and enhanced standards, starting with the issuance of ‘PS14/9: Review of the client assets regime for investment... read more
6th November 2018
For those who’ve seen it, complaints data published by the FCA for H1 2018 doesn’t make pleasant reading for banks and other financial providers. The total number of complaints reached a record level of 4.13 million, a 10% increase on the previous six months. This was the fourth successive half year increase.
Once again, PPI was a... read more
4th November 2018
The gap between the product and service offerings of the US’s biggest retail banks and its smaller community players is set to become much more pronounced, says Tyrone Canaday, managing director and global head of innovation at Protiviti – the New York based consultancy.
“You look at the budgets and the amount of... read more
31st October 2018
Insurtech entered common vernacular in the market towards the end of 2015, but it’s been slow to take off compared to disruption in other areas. A report last year by the European Insurance and Occupational Authority (EIOPA) said that digitisation had not yet reached the point of truly disrupting the insurance sector.
For some, the... read more
22nd October 2018
The real-time underwriting space provides a great opportunity for insurance market participants, an audience at this year’s Money2020 conference heard. But while current “rigid” corporate structures among incumbents are holding those players back, the industry is facing a pivotal moment in embracing new technologies.
Scott... read more
21st October 2018
The news that the UK's Citizens Advice Bureau (CAB) has filed a super-complaint with the Competition and Markets Authority (CMA) over what it describes as a £4bn ‘loyalty penalty’ will have sent shockwaves across impacted markets. The CAB calculates that the loyalty penalty across mortgages, savings, home insurance, mobile and... read more
9th October 2018
Starling has acquired 10,000 business customers and 210,000 current account customers to date, with the TSB crisis reportedly bringing in eight times the number of switches to the digital only bank.
That’s in an industry where stickiness and customer profitability is key and where it has never been easier for customers to switch banking... read more