AltFi News - 13.04.18

 
The latest news from the world of Insurance and InsurTech
 
 
In the news this week
A report by Lloyd’s has revealed that consumers appreciate the convenience of the sharing economy, but a lack of insurance is putting people off. 58% of consumers in the US and the UK said that sharing economy platforms are too risky to use. The report suggested that only by having insurance can sharing economy businesses put consumers’ worries to rest. Elsewhere, AXA UK has partnered with InsurTech start-up By Miles in order to target occasional drivers.
 
 
 

 

 

A new report from Lloyd’s found that consumers appreciate the convenience of sharing economy businesses. Not all of them offer insurance, however, and many consumers prefer that they do. The report surveyed 5,000 consumers from the US, the UK, and China. (Insurance Business)
 
AXA UK has partnered with a pay-by-mile insurtech start-up targeting motorists who drive less often. By Miles measures each journey using a matchbox-sized black box device called a Miles Tracker, with drivers able to access the cost of each trip through a... (Insurance Times)
 
 
 
 
Insurers need be wary of one of the biggest traps in new product development – building it because you can, not because you should, when it comes to blockchain. Neil Edwards, CEO of The Marketing Eye, explains why to succeed this technology needs to prove it has the potential to meet and exceed customer needs. (InsurancePOST)
 
 
 
What we’ve seen in Search
We’ve noticed an increase in breakdown cover searches since mid-February – most likely as result of the increase in potholes on the roads caused by the poor recent weather.
 
 
 
 
With last year’s slew of catastrophes, it’s no surprise that 2017 emerged as among the costliest years for major claims. Naturally, given London market insurers’ exposure to significant catastrophe losses, the majority of them were hit by underwriting losses – except for two firms. (Insurance Business)
 
 
 
 
With fast-moving InsurTech innovators entering the industry, our expert panel discusses how brokers can react and prepare for more changes. The InsurTech agenda has changed from disruption to partnerships – why? (Insurance Age)
 
 
 
Stat of the Week
71% of consumers from the US, the UK, and China said that they are more likely to use sharing economy services if insurance was available
 
 
 
 
New data from GoCompare has revealed the most expensive places in the UK to buy car insurance. The price comparison website found that West Londoners have the highest car insurance premiums – with drivers paying more than double the UK average of almost £827. (Which?)
 
 
 
Tweet of the Week
 
 
 
The Marketing Eye says
 
 
In our previous Open Banking post, we laid out the case for raising awareness and trust of the new digital banks through marketing communications. The recent survey by...
With ISA season closing last week, we thought it was the perfect time to start looking at how ISA search volumes have evolved over time. We were curious about search volumes against previous...
 
 

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