View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 8, 2015

Exploit digital to beat competition, UK motor insurers warned

Insurance sector unable to keep up with big data, connected cars and other technological advances.

By CBR Staff Writer

The UK motor insurance industry is going through significant shifts in technology, regulation, economic conditions, and customer behaviour, with insurers urged to go digital to beat competition.

The revelation was made by Innovation Group’s report, ‘The Future Now Report – All change for the UK motor insurance industry’.

The report highlighted the current trends within the UK motor insurance market and its effect on the motor insurance sector.

The report said that the changes are throwing the insurance industry into a state of uncertainty, and with the increased competition from disruptive digital brands, the market share of insurance providers are likely to be hit.

These changes are expected to force many insurance providers to re-think the way in which insurance is provided as a service now and in future.

The emergence of new technology such as big data and advances such as connected cars has raised consumer expectation and is posing challenges to the insurers to keep up with the changes.

UK Motor at Innovation Group Managing Director Chris Ashworth said: "One change is difficult enough but four at the same time is incredibly challenging for insurers.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

"The customer is currently in the driving seat when it comes to motor insurance.

"Digital transformation and increased competition have both helped push premiums down for sales teams and aggregators. As such, smart insurers must focus on delivering more value and a wider range of products to consumers.

"It’s not a threat, it’s very much an opportunity to embrace change and lay the foundations for future success, particularly in the claims arena."

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.