Insurance Systems Insights
18th January 2019
The combined effects of Open Banking, the General Data Protection Regulation (GDPR) and developments within artificial intelligence could see banks offering life insurance.
“The real challenge is synchronising banks’ data into the old and archaic insurance processes in the old insurance offices and ensuring incumbent insurers are... read more
18th January 2019
Last September, the UK's Citizens Advice Bureau (CAB) filed a super-complaint with the Competition and Markets Authority (CMA) calling for more to be done to tackle the ‘loyalty penalty’ being paid by longstanding customers in five markets: mobile phone contracts, broadband, cash savings, home insurance and mortgages. The... read more
7th January 2019
The exciting story of crypto currency trading has seen many businesses and individuals amass huge fortunes over the last few years. Notable examples include Chris Larsen, cofounder of Ripple (crypto net worth: $7.5bn - $8bn) and Changpeng ‘CZ’ Zhao, CEO of Binance (crypto net worth: $1.1bn - $2bn), according to Forbes.
The continuing... read more
3rd January 2019
Insurance renewal rules by the UK’s Financial Conduct Authority (FCA), which were created to encourage consumers to shop around as contracts approach expiration, have failed to have any significant impact according to Phoebe Hugh, CEO of insurtech, Brolly.
“The biggest challenge for insurtechs is that consumers are inert in insurance... read more
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