Weekly News Round Up – 15th January

Hope this miserable weather (well in the UK anyway) is not getting you down but don’t worry lots of exciting things going on in the industry to take your minds off the rain. The predictions for 2021 continue to be pumped out by the consulting behemoths and the use of ‘insurance ecosystems’ (i.e. a network of companies collaborating together) are tipped to be the key to success this year.

Read on to find out more:

Ecosystems in insurance – three steps to a winning strategy (Source: EY)
EY’s latest research demonstrates how the ecosystem business model can make insurers more ‘digital, efficient and agile’.

The word of the year is ecosystems (Source: Insurance Thought Leadership)
According to Paul Carroll (the editor) the ecosystem concept will change 2 main areas for insurers – 1) interaction with customers and 2) company collaboration and internal process improvement.

Designing a digital insurance ecosystem (Source: Insurance Thought Leadership)
Uber is the king of ecosystems and in this article you can deep dive into why the insurance industry should be emulating what they do to get that competitive edge.

10 trends that will shape insurance in 2021 (Source: Accenture)
There are a wide range of predictions here from betting that niche products will be peak interest to ‘phygital’ becoming the new norm.

Insurtech industry 20201 – what can we expect? (Source: Kasko)
A number of key insights including that the type of products entering the market will reflect the world we now live in (for better or worse).

Cyberscout reveals its 2021 predictions for the UK cyber insurance sector (Source: Insurance Business Mag)
Continued home working will only increase the importance of cyber insurance over the next 12 months.

and finally…

CPU Group lifts the lid on new tech offering (Source: Insurance Business Mag)
Improved service provision by validating claims through AI 24-7 is a game changer for our very own CPU.


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