InsurTech - Digital disruption and innovation in insurance (July 2023)

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.

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.

Please be advised:
The Insurance Institute of London and those individuals who give lectures and/or produce papers under its auspices are mindful of the need for such material to be as complete and accurate as the occasion requires and permits. However, such material is not represented to be a full and authoritative statement of the law or practice relating to any of the issues covered and no liability for any error or omission or for any opinion expressed will be accepted by the speaker or writer, their employer or the Institute.

If you are a contributing author to this publication, to obtain a more advantageous discount, please contact Susan Phillip - susan.phillip@cii.co.uk