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

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Inmeres Solutions Limited
Inmeres Solutions Limited

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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2012 REVIEW: TECHNOLOGY AND INSURANCE IN THE UK
JANUARY 2012 Aggregators race to telematics motor insurance Strong start to the year as insurance aggregators (comparethebox.com, gocompare.com) in the UK are trying to differentiate themselves by adding telematics motor insurance to their online comparison offering. Looking back, telematics will turn out to be a constant theme in 2012. http://www.flickr.com/photos/elbragon/5455327639/
FEBRUARY 2012 Cyber risk becomes high profile As more and more business is conducted online, insurers are preparing products to cater for cyber threats. This month QBE unveils their “Cyber Response” product (For UK businesses, 100m+ turn-over). They join CyberRisk from Marsh,CyberEdge from AIG and others. This follows the EU Data Protection Directive which was announced earlier this year, as we move closer to what will eventually be a mandatory data breach disclosure. http://www.flickr.com/photos/s_w_ellis/3877534599/
MARCH 2012 Google buys BeatThatQuote to develop their UK insurance offering Google is increasing their online insurance offering in the UK by adding an aggregator: Surprise surprise, when you enter “car insurance” in google.co.uk their offering is here, in first position, at minimal costs to them. Google can afford to play the long game on this one. http://www.flickr.com/photos/scobleizer/4249731778/
APRIL 2012 Experian Fraud report out : Insurance Fraud up 23% Record-breaking year for fraud in the UK is blamed on the difficulties that people face in the current economic climate. Interestingly first-party fraud is up, third-party fraud is down, suggesting technology is improving. http://www.flickr.com/photos/anonymous9000/4279510297/
MAY 2012 OFT refers motor insurance market to Competition Commission The Office of Fair Trade (OFT) has referred the motor insurance market to Competition Commission. The way the market is structured means that costs (repairs, courtesy cars) and premiums are higher than they should/could be. The estimated cost across the industry is an additional ?255m. http://www.flickr.com/photos/valeriebb/2225441940/
JUNE 2012 Hackers steal 6.5m Linkedin passwords Pretty much all of the UK insurance professionals are on Linkedin, and therefore potentially affected. If you haven’t changed your password on Linkedin, do it now. http://www.flickr.com/photos/sheilascarborough/6290003115/
JULY 2012 Insurers to access DVLA database to fight fraud The DVLA will start building a platform funded by the insurance industry to reduce inaccurate declarations regarding driving history. DVLA will perform the check by asking for the driving license number of the (would be) insured. http://www.flickr.com/photos/beglendc/447917515/
AUGUST 2012 Aviva trials smartphone app for car insurance telematics In what is sure to be a growing trend amongst insurers, Aviva trials a smartphone app (ios and android) scoring driver behaviour (according to acceleration, braking, etc..), potentially giving premium discounts for good drivers. The main advantage over a black box is that no installation is required, making this a much more accessible proposition. http://www.flickr.com/photos/steevithak/2522859451/
SEPTEMBER 2012 Summer floods hit insurers hard 2012 was the wettest year on record – As insurers face up to ?1b in claims, they are at loggerhead with the Government over the replacement of Statement of Principles http://www.flickr.com/photos/martinrp/697980923/
OCTOBER 2012 Solvency II implementation date moved back Prehaps not surprisingly the FSA announced that Solvency II requirements have been pushed back again and will come into effect one year later on the 1st January 2014. http://www.flickr.com/photos/59937401@N07/5857331527/
NOVEMBER 2012 SSP/Aggregators under hacker’s attack The Software provider SSP was forced to temporarily pause its services on all insurance aggregator sites (SSP is sitting behind a few aggregators in the UK such as confused.com, gocompare.com and Moneysupermarket.com) after an attack on the integration process with Google compare. http://www.flickr.com/photos/dasqfamily/1142424516/
DECEMBER 2012 EU Gender directive comes into force The rules that specify that insurers cannot use gender as an underwriting parameter came into force on 21st December. The impact on premiums is yet to be seen (although signs are that women’s premiums will go up rather than men’s going down). http://www.flickr.com/photos/anonymous9000/4279510297/
www.insurengine.com team@insurengine.com +44 (0)1245 501 000 http://www.flickr.com/photos/anonymous9000/4279510297/

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

  • 1. 2012 REVIEW: TECHNOLOGY AND INSURANCE IN THE UK
  • 2. JANUARY 2012 Aggregators race to telematics motor insurance Strong start to the year as insurance aggregators (comparethebox.com, gocompare.com) in the UK are trying to differentiate themselves by adding telematics motor insurance to their online comparison offering. Looking back, telematics will turn out to be a constant theme in 2012. http://www.flickr.com/photos/elbragon/5455327639/
  • 3. FEBRUARY 2012 Cyber risk becomes high profile As more and more business is conducted online, insurers are preparing products to cater for cyber threats. This month QBE unveils their “Cyber Response” product (For UK businesses, 100m+ turn-over). They join CyberRisk from Marsh,CyberEdge from AIG and others. This follows the EU Data Protection Directive which was announced earlier this year, as we move closer to what will eventually be a mandatory data breach disclosure. http://www.flickr.com/photos/s_w_ellis/3877534599/
  • 4. MARCH 2012 Google buys BeatThatQuote to develop their UK insurance offering Google is increasing their online insurance offering in the UK by adding an aggregator: Surprise surprise, when you enter “car insurance” in google.co.uk their offering is here, in first position, at minimal costs to them. Google can afford to play the long game on this one. http://www.flickr.com/photos/scobleizer/4249731778/
  • 5. APRIL 2012 Experian Fraud report out : Insurance Fraud up 23% Record-breaking year for fraud in the UK is blamed on the difficulties that people face in the current economic climate. Interestingly first-party fraud is up, third-party fraud is down, suggesting technology is improving. http://www.flickr.com/photos/anonymous9000/4279510297/
  • 6. MAY 2012 OFT refers motor insurance market to Competition Commission The Office of Fair Trade (OFT) has referred the motor insurance market to Competition Commission. The way the market is structured means that costs (repairs, courtesy cars) and premiums are higher than they should/could be. The estimated cost across the industry is an additional ?255m. http://www.flickr.com/photos/valeriebb/2225441940/
  • 7. JUNE 2012 Hackers steal 6.5m Linkedin passwords Pretty much all of the UK insurance professionals are on Linkedin, and therefore potentially affected. If you haven’t changed your password on Linkedin, do it now. http://www.flickr.com/photos/sheilascarborough/6290003115/
  • 8. JULY 2012 Insurers to access DVLA database to fight fraud The DVLA will start building a platform funded by the insurance industry to reduce inaccurate declarations regarding driving history. DVLA will perform the check by asking for the driving license number of the (would be) insured. http://www.flickr.com/photos/beglendc/447917515/
  • 9. AUGUST 2012 Aviva trials smartphone app for car insurance telematics In what is sure to be a growing trend amongst insurers, Aviva trials a smartphone app (ios and android) scoring driver behaviour (according to acceleration, braking, etc..), potentially giving premium discounts for good drivers. The main advantage over a black box is that no installation is required, making this a much more accessible proposition. http://www.flickr.com/photos/steevithak/2522859451/
  • 10. SEPTEMBER 2012 Summer floods hit insurers hard 2012 was the wettest year on record – As insurers face up to ?1b in claims, they are at loggerhead with the Government over the replacement of Statement of Principles http://www.flickr.com/photos/martinrp/697980923/
  • 11. OCTOBER 2012 Solvency II implementation date moved back Prehaps not surprisingly the FSA announced that Solvency II requirements have been pushed back again and will come into effect one year later on the 1st January 2014. http://www.flickr.com/photos/59937401@N07/5857331527/
  • 12. NOVEMBER 2012 SSP/Aggregators under hacker’s attack The Software provider SSP was forced to temporarily pause its services on all insurance aggregator sites (SSP is sitting behind a few aggregators in the UK such as confused.com, gocompare.com and Moneysupermarket.com) after an attack on the integration process with Google compare. http://www.flickr.com/photos/dasqfamily/1142424516/
  • 13. DECEMBER 2012 EU Gender directive comes into force The rules that specify that insurers cannot use gender as an underwriting parameter came into force on 21st December. The impact on premiums is yet to be seen (although signs are that women’s premiums will go up rather than men’s going down). http://www.flickr.com/photos/anonymous9000/4279510297/
  • 14. www.insurengine.com team@insurengine.com +44 (0)1245 501 000 http://www.flickr.com/photos/anonymous9000/4279510297/