Set against the backdrop of a period of unprecedented change in our industry, the ABI’s 2014 Motor Conference will be a unique opportunity to discuss the latest developments. Topics such as whiplash reform, fraud, the evolving distribution model and the CMA investigation will all be debated by our excellent line up of expert speakers.
But above all – and indeed a key theme running through the conference – will be a focus on the future and how concepts that were once thought of as distant challenges are now beginning to have a direct and substantial impact on the industry. Is the change we thought was coming actually with us today?
The increased use of data is significantly enhancing operational efficiencies, increasing revenue opportunities and improving the customer’s experience. But faced with quality and privacy issues and cyber threats, how can insurers make sense of this change, continue to improve underwriting and make the most of the opportunities provided by ever more data?
The concept of the motor insurance product is rapidly changing and so too are consumer expectations of it: Increasing automation within cars - not least the onset of driverless cars - and in-vehicle technology will bring new insurance products to market. The telemetry data provided in vehicles combined with more personal data available to insurers, will increasingly lead to greater personalisation of risk and pricing.
But what does this mean for the industry? As well as the headline topics of today, these are some of the questions the key plenary and breakout sessions will consider at the conference. Speakers will grapple with issues such as whether customers will value privacy over price, what the likely demand will be for new vehicle technologies and what the future regulatory challenges facing the industry will be in light of these seismic shifts.
Turning change into opportunity
Fundamentally, the UK has a highly competitive motor insurance market and this competition drives innovation. UK motor insurance customers will expect to continue to reap the benefits of this over the coming years, and the industry will be racing to keep up with the challenge.
Looking ahead to 2nd December, I am looking forward to debating what action we should be taking to ensure we cope with, and take advantage of, the huge changes we face. Don’t miss out on your opportunity to join us for what should be a thought provoking day.
You can book your place at the conference on the ABI website.
James Dalton is Head of Motor at the ABI.