Welcome to the ABI InsurTech Spotlight blog, Week 1. Each week from Thursday 24th until Christmas I’ll be putting questions to one of the movers and shakers of the UK InsurTech arena – the leaders of exciting InsurTech businesses, InsurTech and innovation leaders within ABI member companies, InsurTech experts, commentators and investors.
As the ABI lead on digital and tech, I’ve spent a lot of time thinking about the impacts of the digital revolution on how our industry operates. But it doesn’t take a lot of brain time to realise that those impacts will be many and varied. Emerging technology is helping insurers operate more efficiently right across the value chain, improving transparency across general insurance and long-term savings, and facilitating a transition to insurance being as much about risk information and management as it is about financial risk transfer.
In this context, InsurTech has become the trendiest of trendy buzzwords, despite no one agreeing on how it should be spelt, and we’re not at the top of the hype curve yet. While incumbent insurers and established intermediaries look to innovate in order to remain relevant, swathes of new players are arriving on the scene, keen on making a difference and gaining a slice of the pie. An £86bn pie in the UK alone.
I hope you find the insights from the various guests interesting. If you would like to learn more about InsurTech, get an introduction to one of the people featured, suggest questions to put to them, or even feel that you yourself would make a good interviewee, please do feel free to get in touch.
And don’t forget to tune in next week to discover who the InsurTech spotlight falls on first!