Insurtech - a new book from the Insurance Institute of London

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. Whilst some insurers have already established digital strategies, others are still in the early stages of development. There are also several influencing factors, including legacy systems, GDPR and cyber risks, which insurers must negotiate to build a robust digital strategy. Furthermore, InsurTech innovations are typically driven by customer or business requirements rather than the traditional IT model.

Aimed at those involved in the development of digital strategies who may not have prior experience in this area, this reference-style book supports on-the-job learning and professional development by providing quick access to the key information about the most important InsurTech topics. This book builds on existing publications that explore general and life InsurTech by focusing on the London Market. The topics encompass all aspects of the London Market, including broking, underwriting, claims, and reinsurance.

Written by a team of 28 volunteers from across the profession, under the leadership of Sally Blake FCII, the book is split into four parts to ensure ease of reference. The first part provides a general background to InsurTech, including key terminology. The second part introduces the core technologies by chapter and provides an overview and examples for each. Part three covers key regulatory and legal concepts to help with compliance queries. The final part considers how InsurTech might evolve in the future to equip readers for discussion and debate.

Study Leader Sally Blake FCII says:

"I’m delighted to support the IIL in bringing this publication to the London Market. It has been a pleasure to work with a diverse and talented range of contributors, building on their extensive and varied expertise to offer a robust study which will support individuals wanting to learn about this exciting and evolving component of our market."

Copies of the book can be purchased from the IIL website at £50 for members of the Chartered Insurance Institute and £65 for non-members. The book is sold as a bundle which includes a paper copy and a soft copy, for ease of portability and searchability. The book is 217 pages. ISBN 978-1-909687-01-1

Research Studies
Research Studies have become a well-established and important part of the Insurance Institute of London’s activities. Under the guidance of the Research Studies Committee, study groups are formed to examine and report on new or emerging subjects not covered by existing publications and which are seen as being particularly important and relevant to the insurance industry. These reports are highly regarded and are sold worldwide. They are acknowledged as providing a significant contribution to insurance education and much knowledge and experience can be gained from membership of a research group.

Want to get involved?
More than 400 volunteers contribute to the Institute’s programme as committee members,
speakers and facilitators. If you would be interested in finding out how you could become a volunteer, email Allison Potts, Institute Secretary (CEO), with your professional CV and a cover note describing what you think you may be able to contribute.