A self-driving car insurance requirement was introduced in the UK government’s Technology and Aviation Bill yesterday to cover both the motorist and the automated vehicle.
The threat of cyber attacks is the top concern for businesses worldwide according to a paper published today by the Business Continuity Institute (BCI) in association with the British Standards Institution (BSI).
It has been found that global insurers increasingly regard investment in digitalisation as a priority, with 49% expecting to acquire new technologies through mergers and acquisitions (M&A) over the next three years.
Growth in Peer-to-Peer (P2P) transactions could see the UK’s sharing economy value reach £140bn by 2025, up from £7bn in 2015 and £13bn in 2016, according to research from PricewaterhouseCoopers (PwC).
According to a joint paper from Infosys Finacle and Let’s Talk Payments, over 80% of bankers expect to see commercial adoption of blockchain technology by 2020, with 50% of financial institutions either already investing in it or planning to this year.
BT has launched a competition to find ideas from small and medium-sized enterprises (SMEs) as to how best to protect the UK’s critical infrastructure from cyber attacks.
Combining the most influential technology solutions has substantial potential to move countries towards zero-emission economies over time, according to PricewaterhouseCoopers (PwC).
Last year saw the largest single cyber fraud recorded since 2008, bringing the total fraud value recorded by the UK’s court system to a five-year high of £1,137m according to KPMG.
A group of seven European banks have collaborated to produce a blockchain-based trade finance and supply chain platform called Digital Trade Chain (DTC).
Two-thirds of UK business leaders say recruiting people with digital skills is difficult in comparison to just over half of their global peers according to PricewaterhouseCoopers (PwC).
A new wireless network providing gigabit speeds will be rolled out over the ‘Square Mile’ of the nation’s capital in spring this year, eclipsing services found in New York according to City of London Corporation (CoLC).
Almost three quarters of UK automotive executives believe that more than half of today’s car owners will not want to own a vehicle by 2025, as self-driving technology as a service takes priority.
Adoption of cyber insurance increased by more than 50% for over two-fifths of UK companies in 2016 according to research by CFC Underwriting.
Younger customers are most likely to switch insurers if they are not provided with up-to-date technology as a communication channel, according to DST Systems.
Six firms have been chosen to develop the technology for a new Pensions Dashboard, which will allow members of the public to see all their pension savings together in one online service.
The government has unveiled the new Academic StartUp initiative today, intended to help academics develop the next generation of cyber security technology.
Online investment and advice services are failing to communicate to customers how they work according to the Financial Services Consumer Panel.
Revenues for FinTech platforms, such as blockchain, are set to approach $235bn (£189bn) by 2021 through supporting the insurance industry, according to Juniper Research.
Despite cyber attacks being one of the most prominent emerging risks for UK businesses, 82% have not altered or increased their insurance cover as a result of technological change, according to research by RSA.
A new £7m programme has been launched to arm young Londoner’s with the required skills to access jobs in the digital, technology and creative industries.
The Association of British Insurers (ABI) will hear arguments for highly automated vehicles to have to collect basic core data at their annual conference today.
The European technology industry has already seen six mergers and acquisitions (M&A), each worth more than $5bn (£4.05bn), in 2016, compared to five in the last five years combined, according to analysis by Magister Advisors.
Blockchain technology will be widely used in financial markets for security services in the near future according to Deutsche Bank
Institutions are unaware or under-reporting the frequency of cyber attacks according to a report by governance, risk and compliance company, MetricStream
New measures to protect the UK economy and citizens’ privacy from cyber attacks have been announced by the government today.
Electric vehicle chargepoints will be made more widely available and convenient for motorists in plans put forward by the government to be included in the Modern Transport Bill.
Some 37% of insurance firms are unhappy with their financial planning tools, according to research from business services provider Accountagility.
Many major businesses continue to underestimate the potential impact of a cyber event on their operations, warns a survey of nearly 350 senior European executives by Lloyd’s, the London insurance market organisation.
UK motor insurers should adopt broader data-driven and customer-focused strategies in order to overcome the impact of more costly claims on operating performance, a new report suggests.
The Institute and Faculty of Actuaries (IFoA) has responded to the House of Lord’s Select Committee on the sustainability of the NHS with a series of suggestions including looking at raising the state pension age and making better use of telehealth and wearable technologies.
Welcome to the first issue of Predictions, a supplement and dedicated microsite produced by The Actuary magazine, and sponsored by Willis Towers Watson, exploring the challenges and new opportunities technology presents for the financial sector and the actuarial profession.
The first test model of a digital interface where people can view all their retirement savings will be developed by March 2017, economic secretary to the Treasury Simon Kirby announced today.
An increasing number of couples are not making any provision for pension payments to continue to their other halves in the event of their death, a study has found.
More than two thirds (66%) of people would feel safe in the seat of a driverless car, according to a survey.
Around 12% of men and women give up work before reaching state pension age due to ill health or disability, the Trades Union Congress (TUC) said today.
Senior executives across the insurance profession have created a committee to examine the risks faced by women.
Insurance is no longer one of the top three sectors with the worst customer experience, according to a survey by service design consultancy Engine.
More should be done to simplify the decision-making process for consumers accessing pension freedoms, the Institute and Faculty of Actuaries (IFoA) has said.
Savers will be able to take up to £500 out of their pensions tax-free to put towards the cost of financial advice from April 2017, economic secretary to the Treasury Simon Kirby has said.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.