The latest news from the world of Insurance and InsurTech
In the news this week
The Bank of England secretly warned the UK's courts of a potential deluge of applications from insurers seeking to avoid Brexit-related disruption this week. It’s believed that insurance firms are planning to secure new authorisations for existing entities, or transfer contracts to a new entity with the correct permissions. A survey by PWC revealed that 46% of UK-based SMEs have purchased insurance online, compared to 24% globally. Looking ahead to next year, we’re excited to announce that The Marketing Eye will be the 2018 Official Innovation Sponsor of Insurance Post’s Digital Insurance Collective.
Bank of England secretly warned courts over insurers' Brexit concerns
The Bank of England secretly warned the UK's courts of a potential deluge of applications from insurers seeking to avoid Brexit-related disruption. In the latest minutes from the Bank's Financial Policy Committee (FPC), it was revealed that Threadneedle Street was concerned that insurance firms were planning... (City A.M.)
DM me, small businesses tell insurers .
Here’s some bad news for insurance brokers. If figures from a recent PwC survey are anything to go by then it looks like digital is the way to go for insurers if they want to win the business of small- and medium-sized enterprises (SMEs). PwC’s survey of 2,100 small businesses across the world included...(Insurance Business)
Top insurtechs ranked in InsurTech Impact 25 power list
The InsurTech Impact 25 will be a definitive ranking of the top 25 technology-led businesses likely to have an impact on the industry in 2018, curated by advisory firm Oxbow Partners. “There are many InsurTech lists and landscape infographics,” says Oxbow Partners, but “What really matters is identifying the winners.” (Insurance Times)
FCA reveals third sandbox cohort
The Financial Conduct Authority (FCA) has unveiled the firms that were successful in their applications to begin testing in the third cohort of its sandbox innovation scheme. According to the regulator the sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place. (Insurance Age)
Zurich reveals it pays 99% of UK claims
Zurich Insurance has revealed that it paid out on 99% of UK general insurance claims during the first half of the year – for a whopping claims total of £958 million. According to the firm, it paid out on 54 claims worth £1 million or more. (Insurance Business)
In October it was revealed that Saga chairman Andrew Goodsell is leaving the travel and insurance service provider next year. Now there’s more news of departures. It has been verified that approximately 100 employees at the Kent-headquartered firm are being let go, according to ITV News Meridian. (Insurance Business)
UK insurtech Ripe expands into commercial insurance
Insurtech specialist Ripe Insurance has launched a new commercial insurance product targeting small business owners. The product aims to offer small business owners a policy tailored to their needs in a quick and simple way. (Intelligent Insurer)
The Marketing Eye says
Exciting news for 2018
We're thrilled to have been announced this week as the Official Innovation Sponsor of the Digital Insurance Collective for 2018. Our CEO, Neil Edwards, said: “As the UK's only marketing agency dedicated to FinTech and InsurTech, we are drawing...
Changes to Google Optimize
If you’re working hard to get the best efficiency that you can out of your marketing activity, you’ll be constantly tweaking and testing all aspects of your customer journey through the funnel to offer the best experience you can. With the best experience comes...
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