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InsurTech: a new book from the Insurance Institute of London
Lecture
Publication date:
11 July 2023
Last updated:
25 February 2025
Author(s):
Sally Blake, Diversity and Inclusion Manager, Zurich Insurance, Kevin Sookhee, Managing Director, Intrepid Tech Ventures Limited, Charlotte Gregory, Partner, Capital Law, Shân M. Millie, Founder, Bright Blue Hare
In this session, Sally Blake, Diversity and Inclusion Manager, Zurich Insurance, Kevin Sookhee, Managing Director, Intrepid Tech Ventures Limited, Charlotte Gregory, Partner, Capital Law, and Shân M. Millie, Founder, Bright Blue Hare, gave an overview on Insurtech. Over recent years, the insurance industry has seen the application of new technology such as automation, artificial intelligence, Blockchain, big data and chatbots. These offer benefits including reduced costs, improved customer experiences and greater accuracy in pricing, reserving and fraud identification.
As InsurTech proliferates into all corners of the insurance market, an increasingly diverse set of skills and backgrounds is required. Individuals with extensive market experience but limited tech knowledge are asked to support implementation, and newcomers to the market are keen to drive innovation.
Whilst some insurers already have established digital strategies, others are still in the early stages of ideation. There are also a number of influencing factors, including legacy systems, GDPR and cyber risks which must be negotiated in order to build a robust digital strategy. Furthermore, InsurTech innovations are typically driven by customer or business requirements, rather than the traditional IT model. This research offers a timely overview of the key topics to those involved in the development of digital strategies who may not have prior experience of InsurTech or IT. This book builds on existing publications which explore GI and Life InsurTech by focusing on the London Market. The research encompasses all aspects of the London Market, including Broking, Underwriting, Claims and Reinsurance.
Learning objectives:
- A general context to Insurtech including key terminology
- An introduction to the core technologies
- Key regulatory and legal concepts to help with compliance queries
- How InsurTech might evolve in the future
Duration: 39 minutes
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.