All articles by GlobalData Financial

Duck Creek partners with Microsoft for generative AI insurance innovation

Duck Creek Technologies empowers insurers with a robust set of tools and suites designed to streamline the product development process.

Political risks are growing across the world as conflict and internal unrest simmer

Consumers are increasingly relying on credit for insurance purchases

According to GlobalData’s 2022 UK Insurance Consumer Survey, 44.1% of consumers aged 30 and above utilised credit to purchase home insurance.

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.

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.