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UK insurers urged to “overtake competitors by exploiting digital”
This new report from the Innovation Group UK Property Division explores the challenges and opportunities in the property claims sector during the next few years. The onset of technology, already well-established in motor claims, is now beginning to alter traditional property claims management practices and procedures.
The Internet is revolutionising the way in which consumers interact with financial services companies but many in the insurance sector still haven’t fully taken advantages of these changes, says Andy Roberts, Group CEO of business process services and software provider, Innovation Group.
Insurance has always suffered from an image problem with consumers, and quite a lot of it seems to be down to how we talk about what we do. Perhaps it’s no surprise: fortunate consumers only talk to insurers once a year when buying or renewing their policy, and otherwise only communicate at times when they might be under considerable stress. Consumers today don’t like opacity – and they increasingly demand transparency.
Climate change is a long-term challenge, but one that requires urgent action given the pace and the scale by which greenhouse gases are accumulating in the atmosphere and the risks of a more than 2 degree Celsius temperature rise. Today we need to focus on the fundamentals and on the actions otherwise the risks we run will get higher with every year.
Corporate Social Responsibility (CSR) has come a long way since the term was introduced back in the 1960s. It’s no longer about setting lofty and idealistic expectations, which compete with financial and business goals. The CSR program for the future-ready business works in harmony with these goals and is sustainable in all senses of the word: it ensures the future environment, customers, staff and profits of the company. It is developed through careful consideration of the range of benefits that CSR can bring to a business, and it must align with organisational culture.
This report looks at the trends currently shaping the South African motor insurance market and how these are expected to play
out over the coming decade. It is authored by Innovation Group, the South African affiliate of the global insurance software and
solutions provider. It uses a blend of its own proprietary data and industry insight with third party research and opinion.
The insurance industry is at the threshold of significant change, fuelled by opportunities and challenges which are creating pressure to evolve from a legacy paradigm. To be future-ready, today’s insurers need to embrace of the exciting new breed of technologies that are disrupting long-held industry traditions by streamlining the claims process and handing control and transparency back to the customer.
As Big Data gets bigger, and companies learn to translate this into useable insight, fraud detection levels will continue to improve – as seen in ABI’s recent figures. However, even the most advanced technology doesn’t get it right 100% of the time, which underscores the need to combine both human and machine insight, in the way that companies like Innovation Group are doing.
This report looks at the current trends within the UK motor insurance market, and how they will shape the industry over the next decade. It is authored by Innovation Group, the global insurance software and solutions provider, using our own proprietary data, industry insight and third party research from Consumer Intelligence.
Innovation Group’s The Future Now Report released on 20th February highlights the plight of UK motor insurance – a potential bright future pinned down by tired legacies, and uncertainty as to how to adapt to the new horizons dictated by the promise of wonderful new technology and the enhanced power of the consumer. Ian Bowen sets the scene
The recession of 2008/9 was a watershed for the Insurance sector as it heralded in a re-shaped landscape for providers and consumers alike. Innovation offers a unique combination of Technology and Services to help respond to these challenges.