Insurance Systems Insights

Legacy culture is the greatest impediment to insurance industry innovation, according to Capgemini’s Executive Vice President and P&C Insurance Leader, Seth Rachlin. “It’s legacy systems and legacy culture,” says Rachlin in response to diagnosing the greatest hurdle to partnerships between insurers and insurtech.... read more

With the increasing volatility of markets and complexity of products available for investors today, wealth managers are bound to use artificial intelligence (AI) as part of their overall strategy. There is a need to embark on new technologies in order to keep up with the ever-growing challenges faced by wealth managers and their clients alike.... read more

A divergence of regulatory approaches to recommendations for assessing how consumers could be helped by a new investment disclosure regulation for fund managers under the Packaged Retail Investment and Insurance Products (Priips) level 2 review could increase legal uncertainty and compliance costs for market participants, according to an insurance... read more

A recent report by PwC stated that “the urgent need for business and technology modernisation poses the greatest threat to the global insurance industry over the next two to three years”. Consultancy firms have a habit of drafting frightening summaries of the dangers that await insurers who fail to react to emerging market trends. And... read more

Pockets of panic are rampant among market participants as the reality of complying with IFRS 17 comes into focus, according to Mike Kelly, insurance sector lead at AutoRek. As part of bobsguide’s InsurTech video series, Kelly was speaking on a panel focused on preparations for the new rules. He added that a lot of firms are in “full... read more

Accelerators A venture or scheme that promotes and aids the rapid growth of selected new small businesses. Acquirer A company that buys the rights to another company or business relationship. Acquirers are also financial institutions which buy rights to a merchant account which allows them to service and manage the merchant’s... read more

By David Loeser, Senior Director of Product Strategy, Accuity Deceptive shipping activity is on the increase and is gaining the attention of US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The office is responsible for issuing and enforcing sanctions based on US foreign policy, and recently updated its advisory... read more

It’s official. Insurance has moved on. It is very big business and new technologies have changed how agencies offer their products – as well as how customers buy their cover. It’s a  revolution that demands modernization.   The $1.2trn insurance industry understands this need to modernize, with insurers spending... read more

At its peak in January 2018, the combined market capitalisation of cryptocurrency hit $830bn. While that figure has since declined to just over $113bn, many businesses and individuals have accrued fortunes into the hundreds of millions. The rapid escalation of cryptocurrency’s market capitalisation and popularity left regulators playing... read more

While a stern warning issued by the UK's Financial Conduct Authority (FCA) to the insurance sector affects a small slice of the industry, the regulator is displaying a welcome willingness to use innovation to drive change, according to market participants. “[The FCA] is being very proactive and working with the industry to ensure... read more