All articles by GlobalData Financial
GlobalData Financial
Sustainability is not rising in importance to SMEs despite increasing weather events
GlobalData’s 2023 UK SME Insurance Survey found that the majority of SMEs say that sustainability in general is important to them.
The jury is still out for almost 50% of UK SMEs on using AI to assess insurance needs
Almost a quarter of SMEs responding to our survey reported that they were not very comfortable or not at all comfortable with having AI assess their insurance needs.
The insurance industry is now pinpointing the key areas for positive impact from AI
Insurance industry insiders are increasingly of the opinion that artificial intelligence (AI) will have the most positive impact in the underwriting and risk assessment segment of the value chain. Over half of respondents to a GlobalData poll run on Verdict Media sites said that this discipline will see the most positive impact from the burgeoning technology.
RSA’s Direct Line deal highlights its refocus on commercial lines
RSA did not feature in the top five for any motor products, so this purchase immediately made RSA a much larger player in the commercial motor market.
YuLife’s AI-based metric can improve awareness of employee health and wellness
GlobalData’s 2022 UK Insurance Consumer Survey found that 46.6% of people would be open to using wearable technology to help them achieve wellness objectives and lead healthier lives.
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SMEs becoming more likely to turn to insurtech brands for cover since the pandemic
SMEs can often require niche or specialist insurance cover but at a relatively low price given SME turnover.
Growing SME fears around cyber risk is encouraging new players to offer cyber cover
Insurance companies need to be flexible and react to the shifting environment in a world where cyber threats are always expanding and becoming more sophisticated.
Motor and life most prominent for disruption by embedded insurance trend
Embedded insurance is becoming a growing trend in the industry as the growth of mobile and e-commerce presents better opportunities for insurers to get insurance products in front of customers at the right time.
Potential RSA sale set to shake up personal lines market in the UK
GlobalData’s UK Top 20 General Insurance Competitor Analytics notes that RSA was the second-largest insurer in the household insurance market in 2021.
John Lewis pauses electric vehicle insurance amid repair cost concerns
EVs feature complex technology, making repairs more expensive compared to traditional internal combustion engine vehicles.