Technology, internet and insurance in the UK : a 2012 review

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An overview of the UK insurance market, with a technology focus, brought to you by the team at www.insurengine.com, cloud solution for the insurance industry.

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Technology, internet and insurance in the UK : a 2012 review

  1. 1. 2012 REVIEW:TECHNOLOGY AND INSURANCE IN THE UK
  2. 2. JANUARY 2012Aggregators race to telematicsmotor insuranceStrong start to the year asinsurance aggregators(comparethebox.com,gocompare.com) in the UK aretrying to differentiatethemselves by adding telematicsmotor insurance to their onlinecomparison offering.Looking back, telematics willturn out to be a constant themein 2012. http://www.flickr.com/photos/elbragon/5455327639/
  3. 3. FEBRUARY 2012Cyber risk becomes high profileAs more and more business isconducted online, insurers arepreparing products to cater for cyberthreats. This month QBE unveils their“Cyber Response” product (For UKbusinesses, 100m+ turn-over). Theyjoin CyberRisk from Marsh,CyberEdgefrom AIG and others.This follows the EU Data ProtectionDirective which was announced earlierthis year, as we move closer to whatwill eventually be a mandatory databreach disclosure. http://www.flickr.com/photos/s_w_ellis/3877534599/
  4. 4. MARCH 2012Google buys BeatThatQuote todevelop their UK insuranceofferingGoogle is increasing their onlineinsurance offering in the UK byadding an aggregator: Surprisesurprise, when you enter “carinsurance” in google.co.uk theiroffering is here, in first position,at minimal costs to them.Google can afford to play thelong game on this one. http://www.flickr.com/photos/scobleizer/4249731778/
  5. 5. APRIL 2012Experian Fraud report out :Insurance Fraud up 23%Record-breaking year for fraud inthe UK is blamed on thedifficulties that people face inthe current economic climate.Interestingly first-party fraud isup, third-party fraud is down,suggesting technology isimproving. http://www.flickr.com/photos/anonymous9000/4279510297/
  6. 6. MAY 2012OFT refers motor insurancemarket to CompetitionCommissionThe Office of Fair Trade (OFT) hasreferred the motor insurancemarket to CompetitionCommission. The way the marketis structured means that costs(repairs, courtesy cars) andpremiums are higher than theyshould/could be. The estimatedcost across the industry is anadditional £255m. http://www.flickr.com/photos/valeriebb/2225441940/
  7. 7. JUNE 2012Hackers steal 6.5m LinkedinpasswordsPretty much all of the UKinsurance professionals are onLinkedin, and thereforepotentially affected. If youhaven’t changed your passwordon Linkedin, do it now. http://www.flickr.com/photos/sheilascarborough/6290003115/
  8. 8. JULY 2012Insurers to access DVLAdatabase to fight fraudThe DVLA will start building aplatform funded by theinsurance industry to reduceinaccurate declarationsregarding driving history. DVLAwill perform the check by askingfor the driving license number ofthe (would be) insured. http://www.flickr.com/photos/beglendc/447917515/
  9. 9. AUGUST 2012Aviva trials smartphone appfor car insurance telematicsIn what is sure to be a growingtrend amongst insurers, Avivatrials a smartphone app (ios andandroid) scoring driverbehaviour (according toacceleration, braking, etc..),potentially giving premiumdiscounts for good drivers. Themain advantage over a black boxis that no installation is required,making this a much moreaccessible proposition. http://www.flickr.com/photos/steevithak/2522859451/
  10. 10. SEPTEMBER 2012Summer floods hit insurershard2012 was the wettest year onrecord – As insurers face up to£1b in claims, they are atloggerhead with theGovernment over thereplacement of Statement ofPrinciples http://www.flickr.com/photos/martinrp/697980923/
  11. 11. OCTOBER 2012Solvency II implementationdate moved backPrehaps not surprisingly the FSAannounced that Solvency IIrequirements have been pushedback again and will come intoeffect one year later on the 1stJanuary 2014. http://www.flickr.com/photos/59937401@N07/5857331527/
  12. 12. NOVEMBER 2012SSP/Aggregators underhacker’s attackThe Software provider SSP wasforced to temporarily pause itsservices on all insuranceaggregator sites (SSP is sittingbehind a few aggregators in theUK such as confused.com,gocompare.com andMoneysupermarket.com) afteran attack on the integrationprocess with Google compare. http://www.flickr.com/photos/dasqfamily/1142424516/
  13. 13. DECEMBER 2012EU Gender directive comesinto forceThe rules that specify thatinsurers cannot use gender as anunderwriting parameter cameinto force on 21st December. Theimpact on premiums is yet to beseen (although signs are thatwomen’s premiums will go uprather than men’s going down). http://www.flickr.com/photos/anonymous9000/4279510297/
  14. 14. www.insurengine.comteam@insurengine.com+44 (0)1245 501 000 http://www.flickr.com/photos/anonymous9000/4279510297/

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