How can we manage the dynamic nature of cyber-risk?

How can we manage the dynamic nature of cyber-risk?

Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioural change and risk transfer solutions can help reduce risk to a manageable level.

February 2017

Powered by the IoT, auto insurance is poised for a revolution

Powered by the IoT, auto insurance is poised for a revolution

Connected cars, the Internet of Things (IoT) and other new point-of-sale data sources pose challenges for usage-based insurance (UBI) carriers but ultimately promise to make car insurance more precise, personalised and convenient.

January 2017

InsTech and the innovation boom

InsTech and the innovation boom

‘InsTech’ is growing at a rapid pace, says Paolo Cuomo, as he outlines what companies are doing to take advantage of the innovations in technology available in the industry

December 2016

Want to get an insurer’s attention? Just say blockchain

Want to get an insurer’s attention? Just say blockchain

Certain insurance innovation and technology topics have commanded attention over the past six months, and blockchain is one of them. The discussion around unicorns – private companies valued at $1 billion or more – new players and start-ups trying to disrupt insurance has shifted from ‘who?’ to ‘what?’ and ‘how?’. Social media hashtags such as #fintech and #insurtech are increasingly connected with #blockchain.

November 2016

Tip of the iceberg: creating digital customer-centric strategies

Tip of the iceberg: creating digital customer-centric strategies

Insurance customers today, whether direct end-consumers or intermediaries, are becoming increasingly demanding. Their expectations are changing at a significant pace, driven by exponential advances in technology and innovations in other industries that are dramatically raising the bar for what good customer service looks like. 

September 2016

Learning the art of data science

Learning the art of data science

Mark Lee and Matthew Evans provide an introduction to data science for actuaries and consider how it can provide insurance companies with a competitive advantage

September 2016

Towards machine pricing

Towards machine pricing

Pietro Parodi looks at the development of machine learning, and the impact on pricing

September 2016

How telematics is driving success

How telematics is driving success

Rutger van der Wall examines how telematics can be used to understand the risks of driverless cars

September 2016

Rise of the robo-investors

Rise of the robo-investors

Paolo Sironi looks at the role of robo-advice in wealth management and how artificial intelligence is transforming business

September 2016

The blockchain attraction

The blockchain attraction

Blockchain technology is viewed with interest by governments and financial markets. Some believe it could hold considerable disruptive powers. Gary Nuttall provides an overview and separates the hype from the reality

September 2016

News

New insurance rule for self-driving cars announced

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.

 

Thursday 23

February 2017

Risk of cyber attacks tops list of concerns for business continuity experts

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).

 

Tuesday 21

February 2017

New ‘wave of M&A activity’ expected as insurers look to digitalisation

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.

 

Friday 17

February 2017

UK sharing economy could be worth £140bn by 2025

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).

 

Monday 13

February 2017

80% of bankers expect to see commercial adoption of blockchain technology by 2020

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.

 

Tuesday 7

February 2017

New competition launched to find most innovative technology to improve cyber security

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.

 

Friday 3

February 2017

Five technological innovations identified to tackle climate change

Combining the most influential technology solutions has substantial potential to move countries towards zero-emission economies over time, according to PricewaterhouseCoopers (PwC).

 

Friday 27

January 2017

Value of UK fraud passes £1bn barrier for first time in five years as cyber crime soars

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.

 

Tuesday 24

January 2017

Seven large banks join forces for blockchain project

A group of seven European banks have collaborated to produce a blockchain-based trade finance and supply chain platform called Digital Trade Chain (DTC).

 

Thursday 19

January 2017

Digital skills gap for UK businesses

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).

 

Wednesday 18

January 2017

New London Wi-Fi service to surpass New York’s

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).

 

Tuesday 10

January 2017

‘Robot taxis’ to revolutionise transportation

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.

 

Monday 9

January 2017

‘Huge exposure’ to cyber-attacks sees insurance cover soar in 2016

Adoption of cyber insurance increased by more than 50% for over two-fifths of UK companies in 2016 according to research by CFC Underwriting.

 

Friday 6

January 2017

Insurance firms risk losing millennial customers due to poor technology

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.

 

Thursday 5

January 2017

FinTech companies announced for new ‘revolutionary’ Pensions Dashboard

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.

 

Thursday 22

December 2016

New programme to boost UK cyber security as part of £1.9bn government plan

The government has unveiled the new Academic StartUp initiative today, intended to help academics develop the next generation of cyber security technology.

Wednesday 21

December 2016

‘Robo-advice’ services failing investors

Online investment and advice services are failing to communicate to customers how they work according to the Financial Services Consumer Panel.

 

Friday 16

December 2016

FinTech revenues set to approach $235bn

Revenues for FinTech platforms, such as blockchain, are set to approach $235bn (£189bn) by 2021 through supporting the insurance industry, according to Juniper Research.

 

Tuesday 12

December 2016

82% of businesses have not altered their insurance despite growing cyber security risks

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.

 

Friday 9

December 2016

£7m Digital Talent Programme launched to boost London’s ‘tech talent pipeline’

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.

Friday 2

December 2016

Insurers call for driverless cars to share crash data

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.

Tuesday 22

November 2016

Europe’s technology industry ‘comes of age’

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.

Friday 18

November 2016

Blockchain to radically impact efficiency and security

Blockchain technology will be widely used in financial markets for security services in the near future according to Deutsche Bank

 

Friday 11

November 2016

Cyber security risk for financial service industry

Institutions are unaware or under-reporting the frequency of cyber attacks according to a report by governance, risk and compliance company, MetricStream

Tuesday 8

November 2016

National Cyber Security Strategy announced

New measures to protect the UK economy and citizens’ privacy from cyber attacks have been announced by the government today.

Tuesday 1

November 2016

Increased electric vehicle chargepoint capacity proposed

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.

 

Tuesday 25

October 2016

Planning tools must be capable of adapting to new policies

Some 37% of insurance firms are unhappy with their financial planning tools, according to research from business services provider Accountagility.

October 2016

Businesses complacent about cyber attacks says Lloyd’s

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.

September 2016

Big data can offset rising motor claims costs, says Willis Towers Watson

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.

September 2016

People living longer in poor health poses biggest threat to NHS sustainability says IFoA

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.

September 2016

Launch of the technology supplement and microsite

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.

September 2016

First pensions dashboard prototype due early 2017, says Treasury

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.

 

September 2016

More savers fail to leave their pensions to partners

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. 

September 2016

Two thirds feel safe with driverless cars

More than two thirds (66%) of people would feel safe in the seat of a driverless car, according to a survey.

September 2016

One in eight ‘too ill or disabled’ to work by state pension age, says TUC

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.

September 2016

Industry bosses join forces to tackle women’s underinsurance

Senior executives across the insurance profession have created a committee to examine the risks faced by women.

September 2016

Customer service in insurance sees improvement, survey finds

Insurance is no longer one of the top three sectors with the worst customer experience, according to a survey by service design consultancy Engine.

September 2016

Decisions under pension freedoms should be made simpler, says IFoA

More should be done to simplify the decision-making process for consumers accessing pension freedoms, the Institute and Faculty of Actuaries (IFoA) has said.

September 2016

Treasury announces plans for £500 tax-free pensions advice allowance

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.

September 2016

Events

Life Conference 2016

2-4 November 2016

The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance.

Whether UK based or international, the conference is open to anyone with an interest in the life sector.  It offers an ideal forum to meet and exchange ideas with a broad range of professionals.  If you want to get up to date on the latest thinking and innovation, this is the event for you.

Date : 20/09/2016 Time : 6:00 pm
Location : Edinburgh

White paper

  • Insurance big data – float like a butterfly, sting like a bee

    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.

    Download PDF

  • The new era of insurance analytics

    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.

    Download PDF

  • How can we manage the dynamic nature of cyber-risk?

    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.

    Download PDF